* Tax pros – check
out the new post at THE TAX PROFESSIONAL.
I share some TAXPRO BUZZ and talk about the period for providing
comments to the IRS on proposed regulations.
FYI – I submitted
comments to the IRS on the issue discussed at TTP – and yesterday I received the
following email from the IRS –
“Thank you for your comments. We appreciate
the time and effort you put into preparing these comments.”
Please tell your
fellow tax preparers about THE TAX PROFESSIONAL.
* Learn the answer
to last week’s Trivia Challenge at BOB’S BABBLINGS.
* Like the 7 stages
of grief, Linda Coussement of ADDICTED2SUCCESS believes there are “6 Common Stages You Will Go Through When Becoming an Entrepreneur”.
I have always felt
there were 3 stages of a tax filing season –
Stage 1 – Bring on
the 1040s and keep them coming! There is plenty of time.
Stage 2 – Oh my
God! There are so many 1040s to do and
so little time. I will never get them
all done. What am I going to do?
Stage 3 – F**k
it! If they get done they get done. If not, too bad.
For the last couple
of tax filing seasons I find I go directly from Stage 1 to Stage 3.
* JD SUPRA BUSINESS
ADVISOR lists “Ten Reasons To Review Your Estate Plan Today”.
* The TAX
FOUNDATION provides us with a map showing “Which States Relied the Most on Federal Aid in 2013?”.
NJ is near the
bottom of the list at #41, despite the large amount sent to Washington by its
residents. I do better now as a PA
resident – PA is #29. North Dakota is
#50. The top two states are Mississippi
(#1) and Louisiana (#2).
* Kelly Phillips
Erb, FORBES.COM’s TaxGirl, exclaims “I'm Going Back To The Movies!”.
“Back by popular demand, this summer, Taxgirl
is going back to the movies! That’s right, with Memorial Day blockbusters
waiting in the wings, I’m reviving my ‘Taxgirl Goes To The Movies’ feature.”
What is it all
about?
“From time to time, beginning after Memorial
Day, I’ll choose a movie to review. It may be a popular flick or it might be
one that’s already been packaged for DVD or available on Netflix.
I’ll post my review – but it won’t be your run of the
mill film review. Instead, I’ll focus on the tax considerations – and
consequences – of the plot of the film as well as how the decisions made by the
characters would play out in real life.”
What can you do?
“I encourage my readers to nominate movies
for review – especially those movies that have an interesting tax twist – just
leave a note in the comments below or on Facebook. If I choose a movie that
you’ve suggested, there may be (at my discretion) a fun thank you prize in it
for you.”
I look forward to
KPE’s reviews.
* Just one more
report detailing the error rate of EITC claims – and one more reason why the
EITC, and refundable credits in general, do not belong in the US Tax Code.
TAXPRO TODAY
reports on the latest TIGTA report in “Improper EITC Payments Totaled $17.7 Billion in FY2014”.
The report also
talks about another refundable credit – the Additional Child Tax Credit, aka
ATCT (highlight is mine) –
“. . . the ACTC improper payment rate is similar
to that of the EITC. TIGTA estimates that the ACTC improper payment rate for
fiscal year 2013 is between 25.2 percent and 30.5 percent, with potential ACTC improper payments totaling
between $5.9 billion and $7.1 billion.
TTFN
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