I am working away
on the last of the GD extensions this week – and am “locked behind closed
doors”. I put it off long enough. So no posts except for the two BUZZ
installments this week.
* I am still
waiting to hear from fellow tax preparers on the topics discussed in the
October “issue” of THE TAX PROFESSIONAL!
* Joe Kristan
continues his comments on the topics discussed in THE TAX PROFESSIONAL by
tackling the ethics requirement for CPAs and others in “Tax Roundup, 10/6/14:Nine More Days, folks. And: Four Hours of Ethics to Rule Them All!” at THE ROTH
AND COMPANY TAX UPDATE BLOG.
* Joseph J.
Thorndike suggests “Let’s Stop Talking About Tax Reform” at THE TAX ANALYSTS
BLOG.
The bottom line of
his long piece is -
“The political bosses are not interested in
introducing meaningful tax reform. They’re only interested in talking about it,
because talk is cheap.”
Unfortunately,
truer words were never spoken.
* In a related
item, over at THE HILL Bernie Becker tells us “Poll: Voters Want Teamwork on Tax Reform" -
“Seven in 10 voters in several states with
high-profile elections this year want President Obama and Congress to work to
overhaul the tax code, according to a new poll released by the U.S. Chamber of
Commerce.”
The piece quotes Bruce
Josten, the Chamber’s executive vice president for government affairs –
“Voters are making it clear that they want
their elected representatives to enact real, comprehensive tax reform.”
Hey, we voters can
dream. However getting the current idiots
in Washington to work together on anything of substance is perhaps “The Impossible
Dream”.
* Good news from
TaxGirl Kelly Phillips Erb – “'Real Housewives' Reality Stars Joe & Teresa Giudice Sentenced To Jail”!
“Giuseppe ‘Joe’ and Teresa Giudice, stars of
the Bravo reality television show, The Real Housewives of New Jersey, finally
learned their fate today as a federal judge handed down the sentences in their
financial and tax fraud cases. Joe Giudice has been sentenced to 41 months in
federal prison for financial and tax fraud. His wife, Teresa, will serve 15
months.”
Giuseppe must also
pay $414,588.90 in restitution.
* The following news item came to me via
the NATP’s TaxPro Weekly email newsletter-
“Local Lodging Expenses
TD 9696 finalizes rules that
the IRS put into effect in 2012 which allow employees to deduct certain
expenses paid or incurred for local lodging as business expenses. Taxpayers may
deduct certain expenses for lodging when not traveling away from home (local
lodging). These include local lodging expenses that are considered ordinary and
necessary business expenses in appropriate circumstances. Some of these
circumstances include:
·
The lodging is necessary for the individual to participate fully in or
be available for a bona fide business meeting, conference, training activity or
other business function.
·
The lodging is for a period that does not exceed five calendar days and
does not recur more frequently than once per calendar quarter.
·
If the individual is an employee, the employee’s employer requires the
employee to remain at the activity or function overnight.
·
The lodging is not lavish or extravagant under the circumstances and
does not provide any significant element of personal pleasure, recreation or
benefit.”
* The “moral” to
the lead item from Joe Kristan’s Friday “Tax Roundup, October 3, 2014: A Gold Mine, or Just a Pile of Old Clothes? And: Economic Self-Development!” bears
repeating (highlight is mine) –
“When you have make a clothing donation (or
any donation, for that matter) over $250, you
need to get a written receipt meeting IRS rules to support your donation —
a cancelled check or blank slip with detail of donation doesn’t cut it. If your
donation goes over $5,000, and it’s not a traded security, you must have a
qualified appraisal. No appraisal, no
deduction.”
And let me add – letters
of acknowledgement must specifically
identify the goods or services given to the donor for making the contribution
or include the statement that "no
goods or services, other than intangible religious benefits, were provided in
exchange for the donation”.
* Kay Bell reports
“Amazon Collecting Sales Tax in 23 States” at her BANKRATE.COM blog.
Included in the 23
are my current and former home states – PA and NJ.
* Jim Blankenship
explains in detail how to “Minimize Taxes by Adjusting your Portfolio” at
GETTING YOUR FINANCIAL DUCKS IN A ROW.
* Tony Nitti brings
good news for some of my clients. He
says “Artists Rejoice! Tax Court Concludes Painter's Activity Isn't A 'Hobby'”
at his FORBES.COM blog.
TTFN
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