Saturday, July 28, 2012
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’
Today’s BUZZ is like THE SOUP’s “Chat Stew” – “so meaty!”
* Right on, my brother! Bruce McFarland (aka THE MISSOURI TAXGUY) tells it like it is in “Why Was My Voice Not Heard by The AICPA?”
Bruce discusses his comment on the item “343,020 Reasons CPAs Should Talk Up Their Tax Expertise Now” from AICPA INSIGHTS – which was NOT initially accepted for publication. As it turns out, Bruce’s comment was finally posted, as was another with of a similar vein.
Look for my comments on this item here at TWTP on Monday!
* Jason Dinesen, an EA, weighs in on the subject in his post “Enrolled Agents – The Lichtenstein of the Tax World” at THE DINESEN TAX TIMES.
* Back to Bruce – he touts an online tool for taxpayers who use their car for business in “Mileage Tracking With BizMileTracker".
While you are at THE MISSOURI TAXGUY don’t forget to check out the Store.
* Trish McIntire tells you how to get a “Tax Return Transcript” over at OUR TAXING TIMES.
It seems that many taxpayers now “need tax return transcripts for loans and student financial aid.” Why? “I guess that some lenders and schools have realized that a tax return can be faked up with tax prep software and want something from the IRS.”
What is a tax transcript? “A tax return transcript is not a copy of the taxpayer’s tax return. It’s an IRS list of what is on the return you originally filed”.
* Kaye A. Thomas reports on a new court case on the basis of shares in a previously mutual insurance company received in “demutualization” in “Demutualization Soup: Another Ruling” at FAIRMARK.COM.
This new case agrees with the previous decision from 2008 that shares received in demutualization do have a tax basis (the IRS position is that the shares have zero basis), but did not did not indicate how to determine the basis.
For info on the previous case see my 2008 post “The Feeling is Demutual”. Until there is further guidance on how to determine the basis I will continue to follow the 2008 decision.
A tip of the hat to Joe Kristan for “turning me on” to this item in his Thursday Tax Update.
* Wonder of wonders, miracle of miracles. The idiots in the Senate actually passed a piece of legislation. But, of course, as Kay Bell points out in “Good News, Bad News on Senate Tax Vote” over at DON’T MESS WITH TAXES, “the Senate tax bill is worthless legislatively. Per the constitution, all tax measures must come from the House.”
So instead of spending their time constructively the fools wasted it on a totally worthless piece of legislation.
What idiots! I sincerely hope you will seriously consider voting against the re-election of any current member of Congress in November (let GRIP be your motto – Get Rid of Incumbent Politicians - just don't vote in anyone from or supported by the Tea Party "movement").
* And Kay tells us that today is a Sales Tax Holiday in the state with all the s’s in “Mississippi Sales Tax Holiday Begins Today”. Actually it began yesterday (Friday) and ends at midnight tonight.
* Caroline Baum explains that “Making the Rich Poorer Doesn’t Enrich the Middle Class” at BLOOMBERG.COM.
* Peter J Reilly, who writes the blog “Passive Activies” (it used to include “and Other Oxymorons”) at FORBES.COM has been spreading the word about his fellow FORBES blogger Lowell Yoder, most recently in “Lowell Yoder Has Some Great Tax Posts - Read Them”, whose post “views” are apparently miniscule (Pete’s post on Lowell had more views than the post by Lowell that he highlights).
I am always happy to help out a new competent fellow tax-blogger – so why not check Lowell out.
* As I have been doing the past few Saturdays – I suggest you check out the TAX FOUNDATION’s “Weekly Tax Update”.
* I loved this quote from Christopher Bergin about the idiots in Congresss that opened Joe Kristan’s Friday “Tax Roundup" -
“The point is that you could set these folks pants on fire and they still wouldn’t get it. Our tax system is a mess, and we are heading into another recession (yes, I’m ‘doubling down’ on that bet!). And these folks squabble like children.
The tax world is a microcosm of what is going on in Washington. Our political system is completely dysfunctional. Congress, when it manages to pay attention, is totally reactionary. Our lawmakers will do nothing but bicker until catastrophe hits. Bet on it.
But, sincerely, let’s all try to have a nice summer.”
* Tax pros – don’t forget to check out my Special Summer Savings!