Tuesday, August 5, 2014
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION
* Tax professionals – have you seen THE TAX PROFESSIONAL yet? Why not? Check it out and let me know what you think.
* Now that the tax filing season is over may be a good time to FIND A TAX PROFESSIONAL. Before you do, carefully read the advice I provide at my new website.
BTW, I recently added a new article – “When To Contact Your Tax Pro”.
* David Lazarus of the LOS ANGELES TIMES tells us that “Trying to Talk with IRS Can Be Taxing”.
The mistake made by the taxpayer in the story is that she had tax questions and wanted to get answers from the IRS. Instead she should have asked a tax professional.
FYI - I NEVER call the IRS, or a state tax agency, for anything. To be perfectly honest, I don’t trust them to tell me the truth or to actually stand by what they tell me (based on past experience). All my contact is done by written correspondence or, when available, email so I have written documentation.
* Another self-righteous tax deadbeat. According to the NEW YORK POST "Sharpton Demands Accountability, But Still Owes Millions in Back Taxes" -
“He schmoozes with the mayor and dictates policy to the police commissioner, but the Rev. Al Sharpton and the tax man still don’t see eye to eye.
The deadbeat preacher, along with his nonprofit National Action Network and two for-profit firms, have racked up a total of $4.7 million in outstanding debt and liens, according to federal and state tax records.
Sharpton himself owes New York state $806,875 and has federal liens for unpaid personal income taxes against him totaling $2.6 million, records show.”
“The firebrand activist still has an outstanding balance of $208,000 with the Federal Election Commission for improperly taking campaign money and government matching funds during his 2004 presidential bid, his April 2014 FEC filing shows.”
* Have you seen this “infographic” yet? “Taxes Around the World” from ONLINE ACCOUNTING DEGREE PROGRAMS.
* Jim Blankenship of GETTING YOUR FINANCIAL DUCKS IN A ROW talks about “Retrieving a Prior-Year Tax Return Copy”.
While you only have to keep copies of your tax returns for three years, I have always said you should keep the hard copy of your 1040, and all schedules and forms, forever. You never know when you may want, or need, information from a past return. And it serves as a reminder of your financial history.
THE FINAL WORD –
FYI – the House has passed several tax bills. But Congress is gone for the rest of the summer, and if the Senate does pass corresponding bills, which is high doubtful, it probably will not be until after the November election.
I decided years ago not to confuse readers by reporting on pending legislation, unless it is truly unique or newsworthy, but to wait until legislation actually becomes law.
I do not expect there to be any new tax laws actually passed and signed into law in 2014, other than to once again temporarily extend the extenders at the very last minute.