Monday, May 23, 2016
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
I have decided to change my weekly BUZZ from Wednesday to Monday. I will return to bi-weekly installments once the appropriate BUZZ items pick up.
* Attention tax professionals – check out, and join, my new Facebook Group THE TAX PRO FORUM.
This group is not a place to seek answers or assistance with specific tax law questions – there are many other groups for that. The purpose of this group is to share online and print resources, and to provide a forum for discussion on issues of interest to the tax preparation community.
* And, fellow tax pros, I have updated the websites THE TAX PROFESSIONAL and TAX PROFESSIONALS FOR TAX REFORM.
* Michael Cohn reports “Senate Mulls Allowing Corporations to Deduct Dividends” at ACCOUNTING TODAY –
“The Senate Finance Committee held a hearing Tuesday on integrating the corporate and individual tax codes, specifically in terms of allowing corporations to deduct the dividends they pay shareholders from their taxes.”
I have been calling for a dividend paid deduction for corporations for years.
* Kelly Phillips Erb, FORBES.COM’s TaxGirl, warns “Millions Of Taxpayers Will Have A Longer Wait For Tax Refunds Next Year” -
“As part of the “Protecting Americans from Tax Hikes (PATH ) Act of 2015,” (P.L. 114-113) signed into law on December 18, 2015, the IRS must wait until February 15 to issue refunds to taxpayers who claimed the earned-income tax credit (EITC) or the child tax credit (CTC)..”
* Paul Neiffer deals with the question “When Should You Pay Your Spouse and Kids?” at FARM CPA TODAY.
* I recently received an email announcing a new online Social Security card replacement service -
“We have exciting news about a new online service that is available in your state! If you need a replacement Social Security card, you may be able to request it using your personal my Social Security account.
Avoid a trip to the office and waiting in line and share this news with your friends and family. Encourage them to find out whether they can take advantage of this service by visiting www.socialsecurity.gov/ssnumber. We continue to add new states.
Remember to use your account to check your Social Security Statement each year to verify your annual earnings and get an estimate of your future benefits. If you currently receive benefits, you can use your account to get a benefit verification letter, check your benefit and payment information, change your address and telephone number, start or change your direct deposit, or get a replacement SSA-1099 or SSA-1042S for your taxes.
We hope you take advantage of the many services available through your convenient, secure, and free my Social Security account at:
* Jean Murray’s most recent “newsletter” from ABOUT.COM is about “How Do I Do My Own Payroll - And Other Payroll Options”.
* And Dr Murray has updated her review of “What is Overtime? What are New Overtime Regulations?” based on BO’s recent announcement.
* Dangerous buffoon Tronald Dump is still refusing to release his tax returns, so we can’t learn that he ain’t as rich as he says he is. FYI - USA TODAY reveals “Trump's companies have history of tax troubles” -
“While Donald J. Trump refuses to release his federal tax returns, saying his tax rate is “none of your business,” a USA TODAY analysis found Trump’s businesses have been involved in at least 100 lawsuits and other disputes related to unpaid taxes or how much tax his businesses owe.”
* Here is a post from a local Facebook “Group” (not mine) that bears repeating, reminiscent of an item from last week’s BUZZ installment –
“I just got a message from a friend who had been using Block for several years, except for the past 3 years when he had decided to use Turbo Tax Deluxe, because he thought he could do a much better job than the experienced preparer he had been going to for several years and save himself the fee. Now he's been having all kinds of trouble with his tax returns, and Turbo Tax is getting him all aggravated, and he regrets going this way. Well, he went on and on with his problem, and before he concluded, I found his problem. Why do people think they can do better than a tax pro??”
My response to this post - I can certainly understand being tired of paying Henry and Richard's excessive fees - but DIY software is definitely not the answer. Finding an independent tax professional is.
* May is National Military Appreciation Month, and the “other NSA” (National Society of Accountants) celebrates with the post “IRS Marks National Military Appreciation Month: Free Tax Guide Focuses on Tax Benefits for Members of the Military”.
THE FINAL WORD
Jené Gutierrez discusses “What a 'suppressed' 1991 documentary reveals about Donald Trump” at THE DAILY DOT (highlight is mine) –
“’Trump: What’s the Deal?’ documents the activities of the real-estate mogul during “the decade of greed,” arguing against Trump’s image as a ‘self-made’ billionaire while highlighting the greed, coldness, arrogance, and lack of humanity that the film says pervades his pursuit of wealth and fame. According to the documentary (and media reports), he owes everything to his father, Frank Trump, who accumulated a fortune and made political connections ahead of his son; Donald’s fortune, like his father’s, was amassed on the backs of taxpayers through the use of tax abatements, the film claims.”
It is vitally important for the future of the country and the world that dangerous buffoon Donald Trump not be elected President! We must “Just Say No To Donald Trump”.
Please check out the post and check out the documentary as well. And also check out this fact-checking post on Trump’s long history as a racist.