Tuesday, July 9, 2013


* I wasn’t following “tweets” on July 4th, and didn’t learn of Kay Bell’s 7/4-published “Tax Carnival #118: July 4th Tax Fireworks!” until July 5th.

My post on How Is Social Security Taxed is #2 in the Carnival.

* Hey tax professionals – Taxpro BUZZ is back at THE TAX PROFESSIONAL!

* Fellow “wanderers” – nothing to do with taxes, but Peter j Reilly continues his tale of PA wanderings with “Gettysburg Day 2 - Worst Ground I Ever Seen” at FORBES.COM.

* As Peter’s fellow FORBES.COM tax-blogger Robert W Wood reports “For the beleaguered IRS, the hits just keep on coming”.  RWW tells us of the latest IRS FU in “Many IRS Seizures Are Illegal, Government Report Reveals”.

* A FORBES.COM trifecta – TAXGIRL Kelly Phillips Erb points out “Extreme Weather Serves Up Important Reminders To Taxpayers”.

* Over at PLANTING MONEY SEEDS Miranda Marquit answers the question, which a client had asked me early this year, “Can You Hold Real Estate in Your IRA?”.

* The YOUR MONEY blog of Business Insider reprints a MINT item that explains the problem that we tax professionals have when attempting to complete the newly structured Schedule D - “New Cost Basis Tax Reporting: Short-Term Confusion, Long-Term Simplicity”.

If nothing else, the multiple Form 8949s required to identify “covered and uncovered sales” is time consuming. 

The item is correct when it states -

While many experts agree the mix of covered and uncovered sales will create some confusion in the coming years, the rule should eventually make reporting easier in the long term.”

Unfortunately, by the time all “noncovered” sales are fully phased in and all sales are “covered” I will be retired!

* A group of financial experts address the question “What's the Biggest Mistake People Make When Financing Their Kids' College Education?” at the WALL STREET JOURNAL.  

A common answer is summed up by Greg McBride – “sacrificing your own retirement or financial stability for the sake of your kids' college education is a mistake”.

* It can be done.  Deducting IRA Losses”, that is.  Jim Blankenship explains how in an older post at GETTING YOUR FINANCIAL DUCKS IN A ROW.

* I agree with Jason Dinesen – “Yes - Enrolled Agent Do Need More Respect”!

Professor Annette Nellen gives us the word that “Little Noticed Tax Bill Enacted”.

It does not affect the Form 1040.  So why does she post about it?  For one thing –

A tax bill was passed - and quickly. Not something we see often {lately, that is; any bill being passed lately is rare – rdf}.”


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