Tuesday, June 10, 2014
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION
* Jeff Stimpson references one of my TWTP posts in his weekly BUZZ-like “In the Blogs” at ACCOUNTING TODAY. This installment is titled “Tag the Toe Already”.
* No surprise here. THE STAR LEDGER reports “High Cost of Living, Taxes Make NJ Residents Want to Leave When They Retire, Poll Says” –
“The Fairleigh Dickinson PublicMind poll found that 52 percent of the state’s non-retirees said they plan to spend their golden years in another state, while just 32 percent said they want to stay in New Jersey.
Of those who want to leave, 57 percent said it’s the state’s high cost of living, including taxes.”
I didn’t wait until retiring to move to PA – where retirement income is not taxed.
* The BUFFALO NEWS adds its voice to the multitude that oppose “A Bad Idea for Collecting Unpaid Taxes”.
It appears that the only ones who think using private collection agencies for outstanding tax debts are the idiots in Congress who proposed it.
* Jim Blankenship explains the “Roth 401(k) Rules” over at GETTING YOUR FINANCIAL DUCKS IN A ROW.
I first addressed the ROTH 401(K) back in December of 2006 and followed up a month later in THE ROTH 401(K) DILEMMA.
* Want another example of the fact that regulation will not eliminate tax fraud?
Here is one from FORBES.COM’S Peter Reilly – “CPA Faces Prison For Letting Client Deduct Personal Expenses”.
Peter quotes a Department of Justice press release –
“According to documents filed with the court, Couchot admitted that for tax years 2006 through 2010, he assisted in the preparation of false individual income tax returns for a group of individuals associated with the Cadillac Ranch restaurants, which caused a tax loss of over $191,000 to the IRS.”
“According to documents filed with the court, during the period 2006 through 2010, Couchot was aware that these individuals used a substantial amount of company funds to pay for personal expenses, including payments for their personal cars, car insurance, country club dues, personal credit card charges and their individual income tax liabilities. Couchot also admitted that he was aware that one individual used company funds to pay for other personal expenses, including lawn services, repairs and maintenance to personal residences, granite counter tops and TV and audio systems.”
Couchot was a CPA.