Friday, June 13, 2014
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
* Did you see my article “Maximizing Retirement Savings Through Smart Tax Planning” at MAINSTREET.COM?
* On June 10th the word came down that “IRS Adopts ‘Taxpayer Bill of Rights’”.
“The Internal Revenue Service today announced the adoption of a ‘Taxpayer Bill of Rights’ that will become a cornerstone document to provide the nation's taxpayers with a better understanding of their rights.
The Taxpayer Bill of Rights takes the multiple existing rights embedded in the tax code and groups them into 10 broad categories, making them more visible and easier for taxpayers to find on IRS.gov.”
We are told –
“The IRS released the Taxpayer Bill of Rights following extensive discussions with the Taxpayer Advocate Service, an independent office inside the IRS that represents the interests of U.S. taxpayers. Since 2007, adopting a Taxpayer Bill of Rights has been a goal of National Taxpayer Advocate Nina E. Olson, and it was listed as the Advocate’s top priority in her most recent Annual Report to Congress.”
Click here to see what is in the new “Taxpayer Bill of Rights”.
* Ever wonder “When Did Your State Adopt Its Income Tax?” The TAX FOUNDATION has a map of “the adoption years of state individual income taxes”.
NJ and PA are relatively new to state income taxes, beginning in 1976 and 1971. NY has had a state income tax since 1919.
* The go-to tax pro for same-sex marriage tax issues, Jason Dinesen, addresses one aspect of “Same-Sex Marriage and Amending Prior-Year Returns” at DINESEN TAX TIMES.
* Be sure not to make one of the “7 Most Common Tax Mistakes” listed by CNN MONEY.
Point of information – this item offers a piece of advice that I most definitely do NOT agree with -
“Tax filing programs, like TurboTax or H&R Block, will help you figure out the right status to choose.”
* Here is a “Fun Fact” tweeted by @JoshuaWilsonCPA -
“1987 was the first year Social Security numbers were required for dependents being claimed on tax returns. That filing season, seven million children — children who had existed only as phantom exemptions on the previous year's 1040 forms — vanished, representing about one in ten of all dependent children in the United States.”
I had originally heard it was five million.
* Michael Kitces, who provides us with a NERD’S EYE VIEW, deals talks about “Splitting A Roth Conversion Into Multiple Accounts To Isolate Investments For StrategicRecharacterization”.
* A reminder recently tweeted by the IRS (highlight is mine) –
“The IRS has been alerted to a new email phishing scam. The emails appear to be from the IRS and include a link to a bogus web site intended to mirror the official IRS web site. These emails contain the direction “you are to update your IRS e-file immediately.” The emails mention USA.gov and IRSgov, though notably, not IRS.gov (IRS-dot-gov). Don’t get scammed. These emails are not coming from the IRS.
Taxpayers who get these messages should not respond to the email or click on the links. Instead, they should forward the scam emails to the IRS at email@example.com. For more information, visit the IRS's Report Phishing web page.
The IRS does not initiate contact with taxpayers by email, texting or any social media.”
THE LAST WORD -
I know nothing about Donald Sterling, basketball, or the NBA. I certainly would not invite Sterling to dinner, or go out with him for drinks. I am not condoning, explaining, or defending his infamous rant - but.
It is my understanding that his statement, however offensive, was made in the heat of a private argument with an "intimate" person. It was made in private. No one else was present. He did not know of, or agree to, having the argument taped. The statement was not made in a public forum, either as owner of the team or as a private citizen. He did not "tweet" the rant, or post it on Spacebook.
I am not aware that he, as owner of the team, has instituted any discriminatory policies or engaged in any discriminatory practices in the running of the team.
It appears to me that the actions by the NBA, and the universal support thereof, is the, unfortunately, usual excessive over-reaction in the name of "political correctness".