Monday, June 20, 2016
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
Arguing with dangerous buffoon Donald Trump is like debating a monkey. No matter how researched or rational your argument is, the monkey will just throw poop at everyone and strut about like it won.
* I have created a unique newsletter of tax planning and preparation advice, strategies, information, and resources for the New Jersey state taxpayers titled THE NJ-1040 LETTER. It is, I believe, the only publication devoted exclusively to NJ state income taxes. Click on the title for a free copy of the premiere issue, and let me know what you think of it.
* Leslie Book reports on a recent Tax Court case where the taxpayer was royally screwed (much like the stockholders in Trump's casinos), proving that common sense logic is not always an effective defense, in “Paying Tax on the Same Income Twice, and Getting a Civil Penalty to Boot” at PROCEDURALLY TAXING.
The problem with this case, and, I believe, the main reason the taxpayer lost, was the fact that he appeared “pro se” - "on one's own behalf" – representing himself and therefore proving himself to be the proverbial fool. As much as I dislike, for the most part, the legal profession, the taxpayer would probably have won if he had been competently represented, which it appears Leslie suggests in the post.
Of course, if you read the facts of the case, there would have been no double taxation if the taxpayer had properly deducted as a refund the monies he gave back to the original payer in the year he did so. But, considering the inherent cheapness that his representing himself in court betrays, I wonder if he was similarly penny wise and pound foolish by not paying a competent tax professional to prepare his tax returns.
* Kay Bell provides a timely warning in “Beware of scams in wake of Pulse mass shooting” at DON’T MESS WITH TAXES.
* Jim Blankenship, always working on GETTING YOUR FINANCIAL DUCKS IN A ROW, explains “Net Unrealized Appreciation” –
“This widely misunderstood section of the IRS code can be quite a benefit – if it happens to fit your situation.”
* Sarah Benner tells us “HSA Rules Get Tricky Once You Hit Age 65” at THE SLOTT REPORT.
* Thinking of forming a non-profit organization? Over at DINESEN TAX TIMES Jason Dinesen continues his discussion of “501(c)(3) vs. 501(c)(4) vs. 501(c)(7)” with “Part 2” -
“In this part, I’ll give the same explanation I give to clients who ask me which status is best for them when they’re trying to start a not-for-profit.”
* Speaking of non-profit organizations (I just had to sneak this in) – “Donald Trump Accused of Using His Charity as a Political Slush Fund”.
As fellow tax blogger TAX PROF Paul Caron has suggested –
“Trump's foundation should be rigorously audited and all its political dealings exposed, exactly as the Clinton's tax-exempt foundations have been treated since their creation.”
* Back to Jason Dinesen – he also provides assistance to confused taxpayers in “Help! I Just Got a Form 5498” at DINESEN TAX TIMES –
“The good news is, Form 5498 seldom directly affects the tax return, so in most cases you won’t need to amend or do anything with the form.”
* I am truly interested in your thoughts and comments on my newsletter BOBSERVATIONS.
* This just in –
“The City of Philadelphia has reduced the City Wage Tax rate effective July 1, 2016.
• The new Wage Tax rate for residents of Philadelphia is 3.9004% (.039004).
• The new Wage Tax rate for non-residents of Philadelphia who are subject to the Philadelphia City Wage Tax is 3.4741 % (.034741).
What does this mean to you?
Any paycheck that you issue with a pay date after June 30, 2016 must have Philadelphia City Wage Tax withheld at the new rate.”
THE FINAL WORD
Right on, Conan O’Brien!
“These are weapons of war and they have no place in civilian life.”
People need to understand that the 2nd Amendment has absolutely nothing to do with a person’s “God-given” civil right to own an assault rifle. The 2nd Amendment was passed because many of the Founding Fathers were concerned about the potential dangers of a peacetime standing federal army, which the Constitution gave the Congress the power to "raise and support”. They wanted to secure and protect the individual state militias. Guaranteeing the right of the people to keep and bear arms was as a check on the standing army.
As I tweeted last week – damn the NRA and the gun lobby!
When are the idiots in Congress, and state legislatures, going to do something about this other than pray?
To echo the sentiments of another tweet from last week – I pray for a new Congress.