Saturday, August 4, 2012
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’
* I learned of the recent passing of singer Tony Martin (no relation) from a post by Peter J Reilly of FORBES.COM titled “Tony Martin's Career Comeback Casbah Led To Tax Court Encounter”.
While I was a fan of his movies (and those of his wife Cyd Charisse), I was not aware of his place in Tax Court history.
I do believe that Tony Bennett is the last remaining member of the “greatest generation” of singers of American Popular Standards that began with Bing Crosby.
* Peter also warns us about “IRA Rollovers - Let's Be Careful Out There”.
Unfortunately in the court case Pete discusses the letter of the law trumps the spirit of the law.
* Pete’s fellow FORBES.COM blogger, TaxGirl Kelly Phillips Erb, has initiated a contest in her post “IRS Reminds Taxpayers To Take Steps To Prepare for Hurricanes, Other Disasters”, which also happens to provide some good advice.
“Since we’re in the midst of hurricane season (it started June 1), I thought it would be fun for my readers to share tips for making it through a bad storm. It could be a list of your best ‘emergency kit’ items; how to keep the kids occupied when the power goes out or how to keep your documents safe from water damage. It doesn’t have to be business or tax related (though clearly, I’d love to hear those, too). I’ll choose one random winner from all of the entries to receive a large mixed nut sampler from Nuts.com.”
So enter and it could be “nuts to you”!
* Trish McIntire has a good post on recordkeeping for “Education and Taxes” at OUR TAXING TIMES.
She provides a list of records to keep that “will allow me (or your tax preparer) to accurately calculate the different educations programs and how they affect your taxes and use which program is best for your situation. Believe me; it’s better to put the info aside as you get it than to try to find it in February. Especially if you need your taxes prepared ASAP because you forgot the FASFA deadline.”
* Mike Godfrey reports that the “GOP Passes Its US Tax Cut Package Through The House” at TAX-NEWS.COM.
But, of course, the bottom line –
“However, given all of the above, neither the Democratic nor the Republican proposals are likely to be passed through both sides of Congress, but are merely part of the political maneuvering before the November elections.”
* And CCH tells us that “Baucus, Hatch Plan Markup of Tax-Extenders Bill” with the usual one-year extension of the AMT patch and a two-year extension of the option to deduct state and local sales tax instead of state and local income tax.
* CCH also reports that “House Approves Plan for Consideration of Tax Reform in 2013”.
“Under HR 6169, the chairman of the House Ways and Means Committee must introduce comprehensive tax reform legislation by April 30, 2013. The Joint Committee on Taxation must certify that the proposed legislation will consolidate income tax rates into two brackets of 10 percent and no higher than 25 percent. The legislation must also set corporate tax rates at 25 percent, repeal the alternative minimum tax, broaden the tax base and institute a territorial system of taxation.”
I can’t believe the idiots in Congress did something expressing intelligence for a change. But, of course, the Democrats are not on board and will probably defeat it because they did not propose it first – so it is just more “political maneuvering before the November elections”.
But, as I have said often in the past, I can dream, can’t I.
* And, of course, there is always the TAX FOUNDATION’S “Weekly Tax Update”.
* Tax pros – don’t forget to check out my Special Summer Savings!
THE LAST WORD
Coming from NJ I thought this was a bit funny. One of the items that can be used to verify your address when transferring a driver’s license is a weapons permit.