Friday, June 12, 2015
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
* I actually could not come up with a topic for discussion for THE TAX PROFESSIONAL this week. Tax pros – any suggestions?
If you haven’t seen last week’s post yet do so now!
* And check out this week’s post at BOB’S BABBLINGS.
* Howard Gleckman tells it like it is in “Obama-Era Tax Reform: RIP” at TAX VOX (the blog of the Tax Policy Center) –
“If you still thought there was any chance Congress would pass tax reform before the next election, you can officially abandon hope.”
It seems I can no longer dream.
Howard reports –
“In an online interview published Sunday on Morning Consult, Senate Majority Leader Mitch McConnell (R-KY) hammered the last nail in the coffin. Asked about his priorities for the rest of the year, McConnell replied, ‘We’re certainly not going to be able to be doing big, comprehensive tax reform with this president. The president is not interested in revenue neutrality, and he’s not interested in treating all taxpayers the same, so I don’t think we’ll get there on comprehensive’.” -
The idiots in Congress have been talking big about the need for genuine and substantial tax reform for about 3 years now – but of course they have done absolutely nothing, and will do absolutely nothing until after the 2016 election (if even then).
It has always been obvious that BO never wanted genuine and substantive reform. His proposals have always been to further complicate the already mucking fess of the Tax Code with expanded refundable credits. He wrongly wanted, and wants, to continue the erroneous practice of distributing government welfare and other social program benefits via the 1040, and equally wrongly using the Tax Code to “redistribute” income.
Read my lips – the purpose of the income tax is to raise the money necessary to fund the administration of the government. Period!
The most we can hope for this year is that the idiots in Congress address the tax extenders before the end of the fall.
* Jason Dinesen continues his answer of the question “Are HRAs Always Appropriate for Sole Proprietors?” with “Part 3”.
* Tax attorney Darrin T. Mish deals with another important question at his IRS PROBLEM SOLVER BLOG - “How Easy Is It For Identity Thieves To Get Your Tax Information?”.
Personal tax return information is NOT public information. Transcripts should be available only to the taxpayer, the Executor of the estate of the taxpayer, and a duly authorized tax professional with a Power of Attorney. The IRS should not be allowed to provide taxpayer information directly to third parties for income verification. If a mortgage company needs a transcript of a tax return it must get it from the applicant.
* The following appeared in the Spring 2015 issue of the NEW JERSEY STATE TAX NEWS -
“The following jurisdictions are conducting tax amnesty programs. During the designated amnesty period, taxpayers have a chance to pay back taxes with reduced (or eliminated) penalty and/or interest. For more information, including eligibility requirements, or to obtain an application, visit the jurisdiction’s website.
Maryland 9/1/15 – 10/30/15 www.marylandtaxes.com
Missouri 9/1/15 – 11/30/15 http://dor.mo.gov/”