* The Wall Street Journal’ WEEK-END
INVESTOR column tells us that “IRA Rules Get Trickier”.
“The
government lets millions of dollars in tax penalties on IRAs go uncollected
each year—$286 million in 2006 and 2007 alone for missed withdrawals and
contributions that break the rules. The reasons range from bureaucratic hurdles
to tax forms that don't provide enough information, according to a report by
the Treasury Inspector General for Tax Administration, the federal tax watchdog.”
What’s in store as the IRS begins to
investigate this potential money-maker –
“The
possibilities include additional paperwork that IRA owners would have to file
with their tax returns and stepped-up audits, mainly matching up distribution
reports from IRA custodians to individuals' tax returns.”
*
TAXPRO TODAY reports “Congress Plans Hearing on Reforming Capital Gains Taxes”.
“House Ways and Means Committee chairman Dave
Camp, R-Mich., and Senate Finance Committee chairman Max Baucus, D-Mont., said
Friday that the committees will hold a joint hearing June 28 to review the tax
treatment of capital gains in the context of comprehensive tax reform. Both committees have been holding a series of
hearings on tax reform since last year, in most cases separately. They
occasionally hold a joint hearing on matters of wide interest.”
I
expect Saturday’s BUZZ installment will include an item on the hearing’s
testimony.
*
Bill Perez talks about the FBAR (not to be confused with FUBAR, which is the
official acronym for the Tax Code) filing deadline in “Foreign Bank Account Reports
Due June 30th” at ABOUT.COM-TAX PLANNING: US.
Click
here for a FBAR “Decision Tree” flowchart.
* This week’s “Monday Map” at the Tax
Foundation’s TAX POLICY BLOG is “State Tax Collections Change, 2000-2010” – “a map showing the changes in tax collections
per capita”.
* The JOURNAL OF ACCOUNTANCY explains “IRS Suspends Issuing ITINs Without Original Documentation”.
“Beginning
June 22, 2012, and continuing until the IRS issues new rules (which it says it
will do by the beginning of the 2013 filing season), the IRS will not issue
individual taxpayer identification numbers (ITINs) unless the applicants
provide original documents such as passports or birth certificates, or
certified copies of those documents from the issuing agencies (IR-2012-62).
Previously, ITINs could be issued based on notarized copies of the required
documents. In addition, ITINs will not be issued based on applications
submitted through certified acceptance agents unless they attach original
documentation or copies of original documents certified by the issuing agency.”
I have never requested an ITIN for a
client, and, as I do not accept new clients, do not see this as being an issue
for me. It is just FYI.
* Kelly Phillips Erb, FORBES.COM’s Taxgirl,
has resurrected her weekly Getting To Know You Tuesday series.
“In
the series, I ask tax pros a series of questions, some serious, some not so
serious. It’s a great way to get to know tax pros around the world and discover
that we are (allegedly) human and we do (occasionally) leave the office.”
This Tuesday she interviewed “Brad Garland”.
* Tax pros – did you hear about my special
summer offer? A great savings! Click here.
THE FINAL WORD –
Tax cheat Chuck Rangel is running for
re-election again.
While when it comes to the idiots in
Congress I tend to support a general policy of GRIP (Get Rid of Incumbent
Politicians) – because these idiots have done nothing to justify letting them
keep their jobs. However in the case of
this crook, a proven tax cheat, it is essential that we send a message by
sending him packing.
The idiots in Congress should have sent him
packing when it was determined he was guilty - instead of just making him stand
in front of the class while the teacher announced that he was bad.
TTFN
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