Friday, January 29, 2016
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
This is the last BUZZ until late April – due to my annual tax season hiatus. You can avoid BUZZ withdrawal by checking out Joe Kristan’s weekday daily Tax Round-Up.
* Professor Jim Maule quotes idiot Donald Trump’s question “Who Knows the Tax Code Better Than Me?” at MAULED AGAIN.
Jim says – “I am very confident that there are people who know the tax code better than does Donald Trump”. He is certainly correct. A lot of people know a lot of things much better than fool Trump. Unfortunately a disturbingly large percentage of the “great unwashed masses” don’t know very much – proven by the fact that they support the dangerous buffoon for President.
The professor’s bottom line –
“So, the answer to Donald Trump’s question is, ‘Your great people, for starters. And a lot of other people, too’.”
* Jill Dodd, and Claire Hofbauer of Manatt, Phelps & Phillips, LLP talk about “New Basis Reporting Requirements for Executors and Others Who File Estate Tax Returns” at JD SUPRA BUSINESS ADVISOR (highlight is mine) –
“The new requirements apply to all who are required to file an estate tax return with the IRS on or after July 31, 2015. Executors who are not required to file an estate tax return, or who do so only for the purpose of making an allocation or election respecting the generation-skipping transfer tax, are not subject to these new reporting requirements under the Act.”
The current federal Estate Tax exemption is $5,450,000 – so this is really no help for the average taxpayer - or us tax professionals who need to determine cost basis on investment sales.
The item goes on to describe the new IRS Form 8971, "Information Regarding Beneficiaries Acquiring Property from a Decedent."
* Over at DINESEN TAX TIMES Jason Dinesen’s “Glossary” series continues with a brief description of the “529 Plan”.
* And Jason explains “Having Negative Taxable Income Doesn’t Mean the Government Pays You Extra”.
* A final reminder for tax pros – be sure to check out TAXPRO BUZZ, THE TAX PROFESSIONAL, my tax reform petition, and please tell your co-workers and colleagues about them.
* And a final reminder for those looking for a tax preparer – begin your search at FIND A TAX PROFESSIONAL.
* Tax Mama (I still want to know if there is a Tax Papa) Eva Rosenberg deals with the often asked question “Can My Ex Claim My Child When Filing Taxes?” at EQUIFAX.
Mama also provides advice on “What if one parent claims the child without permission?”.
THE FINAL WORD –
I couldn’t leave you for the tax season without one last Trump comment.
I don’t pray much. But I am praying that dangerous buffoon Tronald Dump loses in Iowa and, unable to properly and maturely cope with the loss, gets angry with Republican voters (in the Dumpster’s mind, if they didn’t vote for him they must be stupid) and drops out of the race.