Wednesday, November 7, 2012
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION
It is finally over! By now you know that BO has won re-election. So gone is any hope for substantive tax reform for another four years.
And despite the horrible job done by Congress, and historical public dissatisfaction with the idiots, it looks like most incumbent Congresspersons were re-elected so they can continue to accomplish nothing.
I voted for the first time as a PA resident yesterday. It was different from voting in NJ – no machines (I mean voting machines and not the Hudson County Democratic “machine”). My first paper ballot.
* I am sorry I missed this interview on 60 Minutes. Check out “An Exasperating Interview with Senate Leaders”
* “Robert D. Flach's take on the DOMA same-sex marriage issue” was included in “In the Blogs” (weekly roundup of the best of posts from the tax blogs), TAXPRO TODAY’s version of the BUZZ!
* The RED CROSS has advice for victims of SANDY with “Recovering Financially”.
I will be posting about deducting a casualty loss here at TWTP tomorrow. This tip from the item will help you with your tax filing as well as with your insurance claims –
“Prepare a list of damaged or lost items and provide receipts if possible. Consider photographing or videotaping the damage where it occurred for further documentation to support your claim.”
* New Jersey has announced some tax relief for victims of SANDY –
“Taxpayers who cannot meet normal filing and payment deadlines because of the storm now have until November 7, 2012, to file returns and tax payments that would have been due October 30 and 31.
Filings and payments covered by the state extension include Form NJ-927, Employer’s Quarterly Report; Form DSF-100, Domestic Security Fee Quarterly Return; and Form TMF-10, Transporter of Motor Fuels Report.”
Click here to read the press release.
As for Pennsylvania, I found the following from a general release –
“In general, Pennsylvania will follow Internal Revenue Service rules outlined in recent news releases ( IR-2012-82) that extended federal tax deadlines to Nov. 7.
The 2012 Pennsylvania disaster recovery deadline extension generally applies to inheritance tax, employer withholding and motor carrier road tax/IFTA tax filings and payments with due dates between Oct. 29 and Oct. 31. The deadline extension also applies to unemployment compensation tax filings for third quarter 2012 that were due Oct. 31. Such filings may now be filed as late as Nov. 7.”
And this from the PA Dept of Labor and Industry website -
“Employers covered by Pennsylvania UC Law are required to file reports and remit contributions for the third quarter of 2012 by Oct. 31, 2012. The Department of Labor & Industry is granting employers an extension until Nov. 7, 2012 to file reports and remit contributions normally due on October 31 to allow additional time for employers affected by Hurricane Sandy to file and remit timely payments.”
* Robert W Woods’ post on “Key Facts about Donating Cars to Charity” at FORBES.COM includes a tip that did not occur to me in my writings on the subject -
“Charities and fundraisers are subject to state law on transfers of title. Generally, state charity officials suggest that the donor transfers title himself to terminate his liability. In most states, this involves filing a form with the state DMV. To help avoid liability, donors should also remove license plates before the donation, unless state law requires otherwise.”
* Jason Dinesen continues with his tale of “Taxpayer Identity Theft” with Part 9 and Part 10 at DINESEN TAX TIMES.
* The EQUIFAX FINANCE BLOG looks at the question “Long-Term Care Insurance—Is It Worth The Cost?” and seems to come to the same conclusion I did, as per an item in a previous BUZZ installment –
“’You can really look at long-term care as a form of asset protection and not health care,’ said Sandy Praeger, Kansas insurance commissioner and chair of the National Association of Insurance Commissioners’ Health Insurance and Managed Care Committee.
‘Long-term care insurance is really for people who have assets to protect,” Praeger said. “If you have fewer than $100,000 or $50,000 in assets, you wouldn’t want to be paying the premium.’”
I did added that you do not necessarily need LTCI if you do not have a spouse or children to leave your assets to.
* Kay Bell got “Tax Carnival #108: Election 2012” up at DON’T MESS WITH TAXES before the polls closed. My post on “Evaluating Tax Rates” is included.