Friday, September 26, 2014
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
* Manasa Nadig talks about “Back-To-School Blues & Tax Credits To Go With It!!” at THE BUZZ ABOUT TAXES.
* Kay Bell reports “Real Tax Trouble for RHONJ Stars” at her BANKRATE.COM blog.
It seems that one of the Unreal Skanks of New Jersey, and her husband, were –
“. . . named in a 41-count federal indictment that charges them with, among other things, lending fraud involving fake W-2 forms, false income amounts and hidden assets. Joe also was charged with failure to file federal tax returns. The pair also faces a variety of New Jersey state charges.”
If they go to the slammer (my fingers are crossed) it will be no great loss.
* And another so-called “reality tv” participant, one of the brain-dead “stars” of the steaming pile of excrement that was known as “The Jersey Shore”, is also in tax trouble in New Jersey.
According to NJ.COM “Jersey Shore's Mike 'The Situation' Sorrentino, Brother Indicted on Tax Fraud Charges” -
“Former ‘Jersey Shore’ cast member Mike Sorrentino has been accused of not properly paying taxes on $8.9 million in income, authorities said.
Sorrentino and his brother, Marc, are due in federal court in Newark this afternoon after being indicted on charged they filed false income tax returns from 2010-2012, U.S. Attorney for New Jersey Paul J. Fishman announced.”
It seems stupidity is a Sorrentino family trait. “The Situation” was on a reality tv show – so we know he had minimal intelligence.
Perhaps the biggest crime in this “situation” if the fact that the fool had $8.9 million in income! It appears that you do not have to contribute a single thing to society, or have any real value, to become a millionaire - you just have to act like the idiot you are on television.
* Julian Block gets a head start on year-end tax planning at ACCOUNTING WEB by explaining “How to Time Itemized Deductions”.
Julian correctly begins –
“Savvy tax planning is about more than knowing what to write off. Just as essential is knowing when to take deductions. Choosing to stuff deductions into one tax year as opposed to another bears directly on how much winds up with the IRS. Advancing or postponing those payments by only a day at yearend can save plenty of moola.”
* Jim Blankenship reminds us that “the best laid schemes o’ mice an’ men Gang aft agley” when telling us “Paper Social Security Statements are Back” at GETTING YOUR FINANCIAL DUCKS IN A ROW -
“Apparently a very small percentage of folks actually took advantage of the online version of these statements (primarily my client base, I’m guessing). As a result of this and apparent feedback from customers, advocates and Congress, Social Security is resuming the physical delivery of paper Social Security Statements.”
Jim adds –
“You can still receive a Social Security statement from the online system at any time, as often as you wish. This is accomplished by going to the address www.socialsecurity.gov/myaccount. Just keep in mind that you will not receive a mailed paper Social Security statement thereafter once you’ve signed up.”
* Having you been following the “Back To School” post series from Kelly Phillips Erb, FORBES.COM’s TaxGirl? Click here. You could win a prize!
* TIGTA (the Treasury Inspector General for Tax Administration) has issued a new report titled “Fiscal Year 2014 Statutory Review of Restrictions on Directly Contacting Taxpayers”.
The Highlights section of the report state -
“The direct contact provisions of Internal Revenue Code Section 7521 generally require IRS personnel to stop a taxpayer interview whenever a taxpayer requests to consult with a representative, and prohibits IRS personnel from bypassing a qualified representative without supervisory approval once a taxpayer authorizes one to act on his or her behalf and informs the IRS of that authorization.”
“TIGTA recommended that the IRS ensure that consistent guidance is provided in the Examination sections of the Internal Revenue Manual, detailing the procedures for allowing taxpayers adequate time to obtain representation and for documenting case actions.”
* The DEMOCRAT AND CHRONICAL gives us the word that “NY Tax Rebate Checks in the Mail” –
“Checks worth $350 are being mailed out this week to more than 1 million residents who have kids and should hit mailboxes in the coming days, the state Department of Taxation and Finance confirmed Wednesday.
The $350 checks will go to people who had a child under 17 as of 2012 and with household adjusted gross incomes between $40,000 and $300,000. The checks should hit mailboxes within a week, the state said.”
And a “second check for property taxpayers will go out throughout October. It will refund residents for this year's growth in school property taxes if a district stayed within the property-tax cap, which limited the growth to less than 2 percent. School taxes were due this month.”