“When
buying and selling are controlled by legislation, the first things to be bought
and sold are legislators.” –P.J. O’Rourke
* ACCOUNTING TODAY reports that “Former H&R Block Manager Sentenced to Year in Prison for Identity Theft”.
No comment.
* TAX TRAILS discusses a “Tax Court Reminder: Hours Alone Don’t Turn a Hobby into a Business”.
* This past Tuesday’s McTax Hangout tv show
topic = “Enrolled Agent (EA) What is it?”
* Jason Dinesen explains “When Do Dependents Have to File a Tax Return?”, with a couple of scenarios.
* POLITICO PRO tells us “Senators Unsure of Steps for Tax Reform”.
I apologize, but what I found interesting
in this post was the fact that there is a Senator named Crapo.
Again, no comment.
* SAN DIEGO BUSINESS ADVISORS lists “Eight Tips to Help You Determine if Your Gift Is Taxable”.
#3 deals with a question I am often asked
(highlight is mine) –
“Generally, the person who receives your
gift will not have to pay any federal gift tax. Also, that person will not have to pay income tax on the value of the gift
received.”
* Over
at the ROTH AND COMPANY TAX UPDATE BLOG Joe Kristan brings us the word that “Man
Who Supported Someone Else’s Kid Gets Attaboy, but No Tax Credit”.
* Things
that make you go “huh?” – “Baucus, Hatch Promise Lawmakers 50 Years Secrecy for Tax Comments” – from CCH.
“Senate Finance Committee Chairman Max
Baucus, D-Mont., and ranking member Orrin G. Hatch, R-Utah, have promised
lawmakers 50 years of secrecy if they submit their preferences and
justifications for which tax expenditures to save as the committee considers tax
reform legislation, a Finance Committee aide has confirmed.”
Huh?
* ABOUT.COM’s
“Tax-Free Shopping in 2013 - A list of sales tax holidays for 2013” has been
updated.
* Kelly
Phillps Erb, FORBES.COM’s TaxGirl, lets us know that “Louisiana To Offer 'Fresh Start' Tax Amnesty Program” –
“This year, taxpayers in Louisiana will have
the opportunity to participate in the state’s ‘Fresh Start’ program. The state
is offering tax amnesty for two months beginning September 23 and ending on
November 22. The program is an opportunity for delinquent taxpayers to resolve
their outstanding liabilities and with fewer penalties.”
Like
me, Kelly is “a big believer in the idea
of tax amnesty and I have been for years. It’s an opportunity for a fresh
start. And it works, as I said in my first article to appear on Forbes.com ‘not
because of the fear of getting caught but because of the opportunity to get it
right’.”
* The
NANNY JOBS blogs suggests “10 Things to Think About Before Accepting a Job that Pays Off the Books”.
The
post is written to “nannys”, but for the most part applies to anyone in the
same situation.
Being
paid “off the books” or “under the table” “can
have serious consequences for both the employer and the nanny because working
off the books is illegal”.
* How
much would you bet that this tax break remains in the rewritten Tax Code – “Lawmakers Benefit More From Second-Home Tax Break”?
FINANCIAL
ADVISOR blogs –
“Members of the congressional tax-writing
committees are eight times more likely than the average American to own a
second home with a mortgage, casting doubt on their eagerness to curb the tax
break, according to data compiled by Bloomberg.”
This
deduction would not make the cut in my new Tax Code. I would limit the deduction to one’s primary
principal residence.
TTFN
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