Wednesday, July 11, 2012
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION
* Bruce, aka THE MISSOURI TAXGUY, has a guest post with some good advice by Jen Carrigan that explains “How to Reduce the Chances of an IRS Audit”.
And while you are these be sure to check out the STORE.
* TAXPRO TODAY tells us that “IRS Announces Debby Relief” -
“The IRS has announced that victims of Tropical Storm Debby that began on June 23, 2012, may qualify for relief from certain deadlines. Certain deadlines falling on or after June 23 and before August 22 have been postponed until Aug. 22, 2012.”
* Kay Bell considers “Tax Deductions for Pets, Our Furry Little Family Members” – a topic I have discussed in several past posts here at TWTP – over at DON’T MESS WITH TAXES.
If I can add to her topic “Pets and charitable gifts” – see my post “Doggie Deductions”.
* Bill Perez discusses a “Tax Reform Proposal from the Bipartisan Policy Center” at ABOUT.COM.
“On June 19, 2012, Dr Alice Rivlin and Senator Pete Domenici testified before the Senate Finance Committee on the topics of debt reduction, tax reform, and federal spending. They presented a set of budget and tax proposals developed by the Bipartisan Policy Center's Debt Reduction Tax Force.”
While the plan does somewhat simplify the Tax Code, the major problem is that it has too many refundable tax credits. Refundable credits = tax fraud!
* Claudia Hill, of FORBES.COM’s Tax Watch blog, takes a look at “IRS Notices & Letters: It's Stop the Machine Time Again”.
The post provides “a checklist for the next time you find an IRS notice in your mail”. Her #2 point is most important -
“Don’t assume it is correct.”
Over the years I have found that more than 2/3 of all notices from the IRS, or state tax authorities (actually more like 75%), are wrong!
Commenter Bill Brown hits the nail on the head when he gives his #1 tip for what to do when you receive an IRS notice -
“Engage the services of a qualified tax professional. If you paid for that return to be prepared, contact the preparer.”
* And Janet Novak, also of FORBES.COM, gives us the word that “It's Official: Tax Gridlock Until After November Election”.
While BO would sign a bill to extend the “Bush” tax cuts for those with incomes under $200,000 ($250,000 for married couples) today, he “won’t sign an extension of the Bush era tax cuts for the wealthiest Americans before the election”. And the Republicans are in typical no-compromise stance – wanting all or nothing.
So, as expected, the idiots in Congress will do absolutely nothing on taxes, or any other issue, until after the election. And the IRS will be unable to properly “go to press” with 2012 forms and instructions in October. And the processing of 2012 tax returns will be delayed in 2013, causing inconvenience and agita for all.
Is there any doubt in anyone’s mind that the members of Congress are idiots – and that none of the current members should be re-elected in November?
* Tax pros – don’t forget my Special Summer Savings.
THE LAST WORD-
The editorial cartoon in Monday’s USA Today showed a mother yelling at her recently graduated son for spending his days lying on the couch and doing nothing. The father, reading a newspaper with a headline about the inactivity of the idiots in Congress, comes to his son’s defense and announces that he is preparing for a career in politics.
Tomorrow – more from the NATP National Conference in Baltimore!