WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

* TAX JUSTICE joints the coverage of Henry and Richard’s shameful behavior in “H&R Block Uses Corporate Lobbying Might to Make Sure the Poor Use Its Services."

The piece begins –

“Public outrage over the financial crisis may have subsided in recent years, but the lasting legacy is a nation that remains acutely aware of exploitative business practices that line the pockets of corporate executives and shareholders at the expense of ordinary working people.”

And ends -

“The public doesn’t begrudge corporations earning big profits. But it rightly detests corporations that have a willful disregard for public wellbeing. The EITC does not exist to provide business opportunities that enrich tax preparation firms at the expense of the American public. H&R Block and other corporations’ effort to complicate the EITC for the transparent reason of greasing their corporate palms is nothing short of shameful.”

* Trish McIntire issued a “Six Week Warning!” over at OUR TAXING TIMES.  Actually now the warning is Five Weeks.

She was referring to the October 15^th deadline for filing 2014 Form 1040s (and 1040As) that had been previously extended (the famous GDEs).

Trish points out -

“This is the time to get your 2014 tax return information to your tax pro so that they have plenty of time to prepare it.”  

Don’t walk into your tax pro’s office on October 15^th (or even October 14^th) and expect him/her to drop everything and do your return on the spot.  Bring him/her your stuff TODAY!

* Paul Caron, the TAX PROF, is up to and beyond “The IRS Scandal, Day 850” (last Sunday). 

Of course Paul, who seems to be obsessed with the topic, is referring to Lois Lerner and emails relating to Tea Party organization non-profit status applications. 

The IRS has had lots of other “issues” in the past 850 days.  Inappropriate demands from Congress (think Obamacare), budget cuts, identity theft, and IRS mismanagement have caused serious problems for taxpayers and tax preparers.

* CCH Headline News tells us “Congress Returns After August Recess”.

The piece says –

“Lawmakers have returned to Capitol Hill after their August recess. One of the first items on the House’s agenda is a markup of legislation to revise the reach of the Affordable Care Act’s employer shared responsibility requirements (employer mandate). Also at the forefront in September, both the House and Senate must reach an agreement to fund the IRS and the entire federal government.”

What about dealing with the now infamous expired “tax extenders”?  Shouldn’t that be the first thing the idiots in Congress do?

* Professor Jim Maule quotes buffoon Presidential candidate Tronald Dump in “Who Knows Taxes Better Than Me?”.

Well, Mr Trump, for one – me!  And certainly Jim Maule.

{FYI – I will not reference any items, tax-related or otherwise, here that discuss Trump’s campaign or proposals as if it and they are legitimate.  I will only reference items that paint him as the buffoon that he is and paint his campaign as the joke that it is.} 

* TaxGirl Kelly Phillips Erb reports “IRS To Refuse Checks Greater Than $100 Million Beginning In 2016” at FORBES.COM.

This should not affect any of my clients.

* Sarah Brenner of THE SLOTT REPORT talks about “How Retirees Can Fund an Education Savings Account with Their RMD”.

“There are many IRA owners who don’t want to take RMDs because they don’t need the money. Here is a surprising suggestion if that is your fortunate situation. Consider contributing your RMD to an Education Savings Account (ESA) to help save for a child’s education expenses.”

* Jeb Bush rolled out his tax reform proposals in a speech given Tuesday night (click here).

Of interest –

 

“We will cut individual rates from seven brackets to three: 28%, 25% and 10%. At 28%, the highest tax bracket would return to where it was when President Ronald Reagan signed into law his monumental and successful 1986 tax reform.

With this reform in place, roughly 15 million Americans will no longer bear any income-tax liability. The plan nearly doubles the standard deduction now taken by roughly two-thirds of all filers. It eliminates the marriage penalty, expands the Earned Income Tax Credit, ends the death tax, retires the Alternative Minimum Tax and.”

I like “eliminates the marriage penalty” and “ends the death tax, retires the Alternative Minimum Tax” – assuming that he retains the step-up in basis on death – but strongly oppose “expands the Earned Income Tax Credit”.  I am not sure about “ends the employee’s share of the Social Security tax on earnings for workers older than 67”.

THE LAST WORD –

It happened again.  Whenever a journalist or commentator does not kiss the arse or sing the praises of buffoon Donald Trump he or she is “third-rate” or worse.

Trump’s response to anyone who challenges or criticizes him is to belittle that person.  Not to address the challenge or criticism.  If the person challenging or criticizing him has little or no value then the challenge or criticism has little or no value and Trump can ignore it.

It does not matter that the journalists, commentators, or whoever have asked legitimate questions or raised legitimate issues relating to the clown’s “appropriateness” as a real Presidential candidate.  If you do not agree with Trump, or attempt to put him on the spot, there is something wrong with you. 

The latest incident with Hugh Hewitt just reinforces the fact that Trump has the maturity of a fifth grader.   

And now his comments about Carly Fiorina in ROLLING STONE.  Every time he opens his mouth he provides further proof that he is a fool.

It is still inconceivable to me that anyone with any intelligence can take this idiot seriously as a Presidential candidate.

TTFN