Tuesday, October 1, 2013
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION
* Do you want to know MY BEST TAX ADVICE? Click here!
* The Journal of Accountancy had reported that “IRS Releases Government Shutdown Contingency Plan”.
Important for tax pros, and extended filers, to note –
“With the Oct. 15 deadline for individual returns on extension quickly approaching, most tax return processing would continue during the shutdown.”
* Jim Blankenship, who I interviewed here at TWTP last week (click here to read the interview), warns us to consider the source of financial advice in his post “Do Advisers Practice What They Preach?” at GETTING YOUR FINANCIAL DUCKS IN A ROW.
I especially like his caution -
“You may also want to be careful when it comes to the talking heads on TV. Self-proclaimed financial gurus and big dogs are generally getting paid through endorsements, book deals and from the network they broadcast on. This is how they make their money.”
Do not accept anything you read or see on tv at face value. Check it out with a trusted tax or financial advisor before acting on it.
And always remember my best tax advice – DO NOT ACCEPT TAX ADVICE FROM ANYONE OTHER THAN A PROFESSIONAL TAX PREPARER!
* Trish McIntire of OUR TAXING TIMES rightfully tells us to beware of offers of “Audit Insurance?”.
“This company is just using scare techniques to convince taxpayers to buy overpriced ‘protection’ plans.”
If you get a postcard like the one received by a client of Trish rip it up and throw it in the garbage immediately!
* And Trish has a good idea for what the IRS needs. Last BUZZ we reported on Christopher Bergin’s suggestion that “We Need a Tax Professional to Run the IRS”. Trish thinks the IRS should “Hire a Tax Cheat”, just as the FBI hired Frank Abagnale (“the conman and forger who was the basis for the movie ‘Catch Me If You Can’”).
Trish proposes the IRS “look at the people they have caught for tax fraud for someone who can teach them to think like a tax cheat. Someone who can look at all the tax law changes and tell the IRS how they would create a fraud and how the IRS can devise checks for the fraud.”
Sounds good to me.
* William Perez from ABOUT.COM reminds us of “Extended Deadline for Colorado Taxpayers” –
“The IRS is granting additional time for taxpayers in Colorado who need to file tax returns or remit tax payments due to the severe storms.”
The NY TIMES headline announces “Judge Orders New Jersey to Allow Gay Marriage” -
“A New Jersey judge ruled on Friday that the state must allow same-sex couples to marry, saying that not doing so deprives them of rights that were guaranteed by the United States Supreme Court in June.”
Gov Christie’s office “said it would appeal to the state’s highest court. And he is likely to seek a stay preventing same-sex marriages from beginning on Oct. 21, as the judge ordered.”
* While on the subject, BLOOMBERG BNA has a chart of “State Tax Filing Options for Same-Sex Couples”.
* Manasa Nadig asks, and provides guidance in answering, the question “Are You An Independent Contractor Or An Employee?” at THE BUZZ ABOUT TAXES.
THE FINAL WORD:
Is there any question that the members of Congress are self-absorbed idiots incapable of independent thought?
Consistently waiting until literally the very last minute to act on serious financial issues, which has become the norm and not the exception, is indefensible and unacceptable.
All pay and benefits for all members of Congress should be withheld until they pass a legitimate “non-temporary” budget bill.
If these damned fools cannot perform their duties properly they should be impeached en masse.
At the very least all current members of Congress should be voted out when they run for reelection for no other reason than the fact that they are current members of Congress.
Gallop reports that Congress is well on its way to averaging below 20% approval for the fourth year in a row. If 80+% of Americans disapprove of the performance of the idiots in Congress why do they continue to re-elect these fools?
GRIP – get rid of incumbent politicians!