Friday, June 7, 2013
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
* Oops, they did it again!
“Governor Chris Christie is expanding access to the property tax relief available to
New Jersey residents by extending the filing deadline for the 2012 Senior Freeze (Property Tax Reimbursement Program) to September 16, 2013.”
We are talking about NJ’s PTR-1 and PTR-2 forms.
Each year the PTR packages (with a blue cover) are sent out to NJ senior and disabled homeowners stating that the filing deadline is June 1st (or the first business day thereafter – it was June 3rd this year). And each and every year the cafones in Trenton extend the deadline. Initially they had more than one extension eventually until October, but lately they have just made the one extension.
Why don’t the fools just make October 1st – or October 15th or October 31st - the filing deadline from the beginning? I guess because by doing that they can’t look like they are being good guys and showing sympathy and concern for seniors and the disabled by extending the deadline to make sure no qualified applicant misses out.
I have no idea why the new deadline is September 16th and not October 1st or 15th or 31st.
And there is no word on the 2012 NJ Homestead Benefit. Usually the application packages have gone out by now.
* Jamaal A Solomon announces “IRS vs. Tea Party: Let the Court Battles Begin” at TAX FACTOR.
As Jamaal points out – “You knew this was going to happen……”
* And speaking of IRS FUs - Kay Bell tells us “Taxpayers Picked Up $49 Million IRS Conference Tab Over Three Years, Including One That Cost $4.1 Million".
With all the problems the IRS has to deal with I expect that their campaign to license all tax return preparers is pretty much dead – and the Loving v IRS decision will stand.
And at this point I don’t see Congress passing legislation to give the IRS the authority to license all tax preparers.
The only question is if the IRS will keep the RTRP program as a volunteer designation – perhaps as part of a 2-tiered designation that includes the current Enrolled Agent program (as I have suggested).
* If you want to keep up-to-date on the ongoing IRS scandal(s) you should visit Paul Caron’s TAX PROF blog daily. He is up to “The IRS Scandal – Day 29”.
* Just in case you have been following the story – Jason Dinesen’s saga continues with “Taxpayer Identity Theft — Part 15”.
* A reminder that all IRS offices will be closed next Friday, June 14th, due to sequester (via the idiots in Congress). All filing and payment deadlines unchanged. Click here for the IRS release.
* “Non-passive? Prove it!” So says Joe Kristan of the ROTH AND COMPANY TAX UPDATE BLOG.
“The Obamacare Net Investment Income Tax will make owners of “passive” businesses pay 3.8% additional tax on income from their businesses, as long as their income is high enough for the tax to apply in the first place.
Taxpayers with only profitable businesses haven’t had to worry about whether they were “passive” before. It only mattered if you had losses. Now it matters a great deal, and a case this week out of Tax Court helps illustrate some of the challenges these taxpayers will face.”
Joe’s bottom line –
“If you want to prove that you are non-passive, and it’s not obvious otherwise (e.g., a full-time job), you should keep a daily calendar of your time spent.”