Wednesday, August 8, 2012
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION
Tomorrow is the big day! The van comes at 8AM to load up my home and office for the move to Pennsylvania. I doubt there will be a BUZZ installment this coming Saturday.
* Bill Perez provides an excellent comparison of the dueling tax bills in “Comparison of House and Senate Tax Bills” at ABOUT.COM TAX PLANNING: US.
Of course, Bill points out that “Many commentators believe the votes are mostly for political show.” And he quotes fellow tax blogger TAXGIRL Kelly Phillips Erb –
“What's really going to happen is that - at least until November - the Democrats are going to oppose any plan that holds rates steady for the top 2% of taxpayers (those making $250,000 or more) and the Republicans will oppose any plan that doesn't extend the cuts for all taxpayers."
Bill does provide a good chart comparing the bills, and says –
“Even if these two particular bills do not move forward, I find the two bills sufficiently interesting in their details. In fact, looking at the two bills side-by-side, there are notable similarities. I believe that particular details may re-emerge in a future tax package.”
Unfortunately the bottom line is that Congress will pass a one-year extension of most if not all of the expiring “Bush” and subsequent tax cuts at the end of the year – after the IRS has to “go to press” with 2012 forms and instructions - causing agita and confusion and delaying IRS processing of 2012 returns next tax season. What idiots!
* And Bill reports that – “The House passed the Pathway to Job Creation Through a Simpler, Fairer Tax Code Act of 2012 (H.R. 6169) by a vote of 232 in favor to 189 against on August 2, 2012”.
I had mentioned this bill in this past Saturday’s BUZZ (“CCH also reports that “House Approves Plan for Consideration of Tax Reform in 2013”.).
Bill goes on to discuss the bill, and a failed Senate one, in his post “Republican Legislators Outline Tax Reform Goals”.
* Speaking of this past Saturday’s BUZZ installment, here is an item that I missed -
The TAX RESOLUTION UNIVERSITY blog has a BUZZ-like “Weekly Tax Relief News Roundup” to “to review tax relief topics covering an array of IRS tax issues in recent news”.
* Fellow tax blogger Peter J Reilly has asked me help welcome a new guest poster at his FORBES.COM blog – Arizona State University Law Professor Adam Chodorow is a Professor – whose guest post is “Professor Proposes Charitable Alternative To Flexible Spending Use It OrLose It Rule”.
I would support his suggestion.
* Professor Annette Nellen asks a good question at 21st CENTURY TAXATION – “Will Obama and Romney List the Tax Subsidies They Will Cut for Lowered Rates?”
* And the Professor continues to be inquisitive with “Tax Provisions That Expired at 12/31/11 -What To Do?”, bringing up some interesting observations on the effects of the idiocy of Congress.
* Kelly Phillips Erb has put out a “Call for Guest Posts About Tax Policy” at her FORBES.COM “Taxgirl” blog.
“As I have done for the past few years, I’ll be turning over the blog to my readers for the last week in August. But this year, I’m doing things a little differently. I received so many submissions last year that I have to put some brakes on the numbers of submissions I’ll be posting. Unlike prior years where there was no vetting process, I will be trying a new format so that there’s not a glut of similar posts.”
* Bruce, the MISSOURI TAXGUY, rightfully suggests that you “Plan For Next Year's Taxes, Starting Now”.
* A tax fact tweet” from the office of the National Taxpayer Advocate – “Taxpayers who use a tax pro during an audit are almost 2x as likely to receive the Earned Income Tax Credit than those who don’t.”
* The WASHINGTON TIMES gives us some surprising info in “Olympics Math - Medal Winners To Pay Up To $9,000 to IRS”.
I was not aware of this. I never had a client who won a medal in an Olympic event.
* Tax pros – don’t forget to check out my Special Summer Savings!