WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – FRIDAY EDITION

“All taxes discourage something. Why not discourage bad things like pollution rather than good things like working or investment?” -  Lawrence Summers

From now on (until my tax season hiatus) the BUZZ will appear on Wednesday and Friday (instead of Saturday).

* Check out my Tax Tips “Do It Now!” and “Get Ready to Prepare Your Return” at MAINSTREET.COM.
 

* THE WANDERING TAX PRO has been honored as one of the “Top 25 Accounting Blogs of 2012” at THE ACCOUNTING DEGREE REVIEW.

I am listed in the “General” category – not “Tax”?.  Here is what they say about me -

“An avant-garde CPA {how dare you – I am not a CPA! – rdf}, Robert Flach takes a down-to-earth approach with his blog, The Wandering Tax Pro. Based in New Jersey {not any more – rdf}, readers will find some of Flach’s posts specific to the state; however, he also does a great job of tackling federal news including recent issues like the AMT (Alternative Minimum Tax), ATRA (American Taxpayer Relief Act), and the dreaded fiscal cliff. Though his writing style can be somewhat informal at times, it makes for a great read. Try his post ‘What Fools These Politicians Can Be!’ to read his thoughts pre-fiscal cliff resolution."

* The IRS has issued a full “List of IRS forms that 1040 filers can begin filing in late February or into March 2013”.  They are mostly for obscure deductions.  Only the Form 4562 for depreciation and Form 8582 for passive losses apply to some of my clients.

* Better late than never!  Kay Bell was sidetracked by the tax compromise bill, but has finally posted “Tax Carnival#110: Happy New Tax Year” at DON’T MESS WITH TAXES.

Oops - it looks like I forgot to submit a post again!

* Jamaal Solomon, E.A. follows up his Tax Organizer for Real Estate Professionals with a “Tax Organizer for Sales Representatives” at TAX FACTOR.   

 

* Nothing new here.  HUFFINGTON POST tells us that “Congress Approval Rating Lower Than Cockroaches, Genghis Khan AndNickelback, Poll Finds”.

“While Congress was able to edge out Lindsay Lohan, the Ebola virus, the Kardashians and North Korea, it failed to best other items on the list, including Genghis Khan, NFL replacement referees, used car salesmen, lice, and the band Nickelback.”

I suppose if I had to choose between the idiots in Congress and the idiots in the Kardashian family, or the Ebola virus, I, too, would choose the idiots in Congress.  Now Lindsay Lohan is another story.

* Jim Blankenship provides a detailed “History of the 401(k)", which first appeared in 1978, at GETTING YOUR FINANCIAL DUCKS IN A ROW.

* Over at TAXABLE TALK Russ Fox expounds on the fact that “The IRS Has Failed to Provide Effective and Timely Assistance to Victims of Identity Theft”, as pointed out in National Taxpayer Advocate Nina Olsen’s recent 2012 Annual Report to Congress.

* Trish McIntire warns taxpayers who want their tax refund yesterday about “Refund Loans” at OUR TAXING TIMES.

She provides some questions to ask when a tax preparer offers a refund anticipation loan (RAL).

My opinion has always been that RALs are no good.  Period.  You should not get involved with such a usurious product.  I have also always felt that tax preparers should not be offering RALs.  Period. 

Like Trish, I also warn you about companies who allege they can prepare your return and get you a quick refund without a W-2.  You cannot prepare a proper or correct tax return without W-2(s).

You want to go to a tax preparer who will properly prepare your return – not a loan shark!

TTFN