WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – TUESDAY EDITION

“The tax system should be designed to impose and to collect taxes, not to administer social programs.”

Donald Alexander (Commissioner of Internal Revenue May 1973 - February 1977)

As I tweeted yesterday - the idiots in Congress are gone for the Thanksgiving holiday. Upon return they will have 3 weeks to pass the “tax extenders” before they leave for the year!

Hey, you incompetent idiots, shit or get off the pot!  Each and every one of you should be thrown out of office for not doing your job properly!

* Two new posts at BOBSERVATIONS – “Welcome to the Theatre” and “The Gentleman Is A Dope (‘Gentleman’ Is Perhaps Too Kind)”.

* Attention tax pros - a free offer for the premiere issue of my new quarterly e-magazine THE TAX PROFESSIONAL (coming in January 2016) – see my website THE TAX PROFESSIONAL.

* Once again, like Oliver Twist, NJ is last on the list!  According to the TAX FOUNDATION’s “2016 State Business Tax Climate Index” my former home state is #50 on the list – the state with the worst business tax climate.  NY and CA are not far behind - #49 and #48.

“New Jersey, for example, is hampered by some of the highest property tax burdens in the country, is one of just two states to levy both an inheritance tax and an estate tax, and maintains some of the worst-structured individual income taxes in the country.”

Here is how NJ ranks in the individual tax categories -

·   Corporate tax rank: 43rd

• Individual income tax rank: 48th

• Sales tax rank: 47th

• Unemployment insurance tax rank: 31st

• Property tax rank: 50^th

The top ten (best tax climates) are –

1. Wyoming

2. South Dakota

3. Alaska

4. Florida

5. Nevada

6. Montana

7. New Hampshire

8. Indiana

9. Utah

10. Texas

My current home state of PA is #32.

* The ASBURY PARK PRESS discusses this topic in more detail in “NJ Business Tax: Why Are We Still in Last Place?”.

The piece reminds us -

“New Jersey has ranked at the bottom since at least 2013.”  

* USA TODAY tells us “New online tool does Social Security benefit math for you”.

“The general rule of thumb is the later you claim, the better because your check will be bigger. But just how much bigger? The Consumer Financial Protection Bureau's new Planning for Retirement tool can show you, in just a couple of clicks.”

* Jason Dinesen continues his series on Choosing a Business Entity with “S-Corporation” at DINESEN TAX TIMES.

* Margaret Barr of McBrayer, McGinnis, Leslie & Kirkland, PLLC explains “Exemption Portability - What is it, and how does it work?” related to the federal estate tax at JD SUPRA BUSINESS ADVISOR.  

* Ken Nopar lists “Clients Who Should Create Donor-Advised Funds” at ACCOUNTING TODAY.  Are you on the list?

I explain Donor-Advised Funds here and in my “2015 Year-End Tax Planning Guide”.

* Julian Block provides “Year-End Reminders on Dependency Exemptions” at ACCOUNTING WEB.

TTFN