* The NSA Blog reports “AICPA Again Loses Suit Over IRS Voluntary Filing Season Program.”
The AICPA continues to oppose any program
that identifies individuals who have proven competency and currency in
preparing 1040s. They feel CPA’s “own”
the tax preparation industry and continue to try to maintain the bogus “urban
tax myth” that CPAs are 1040 experts.
The AICPA claimed its members were injured
parties because they could lose business to the voluntarily registered
preparers. Of course CPAs will lose business if there is a way to properly
identify tax preparers who remain current in 1040 tax law – and they should!
See my article “Don’t Assume”.
* ACCOUNTING TODAY
gives us a slide show on “Back-to-School Tax Tips”. It covers what is and is not deductible.
* Sole proprietors –
do me a favor and check out the premiere issue of my subscription newsletter
ROBERT D FLACH’S THE SCHEDULE C LETTER.
Click here to download
* As #15 in the CPA
ADVISOR “2016 Fringe Benefits Tax Series” Ken Berry (not the actor) discusses “Tax-Free Commuting Expenses”.
For links to the
first 14 entries in the series go here.
* From FORBES.COM’s
TaxGirl Kelly Phillips Erb – “IRS Announces New Changes, Including Rolling Renewals, To ITIN Procedures”.
* More of an FYI
than tax BUZZ – the latest TAX FOUNDATION map shows “The Real Value of $100 in Each State”.
My move from NJ to
PA continues to pay off - $100 is only worth $87.34 in NJ, but $101.83 in
PA! It looks like NJ is fourth from the
bottom on the list – ahead of only NY, Hawaii, and Washington, DC. It looks like you get the most bang for your
buck in Mississippi.
* Here is a timely tax topic. Over at her BANKRATE.COM tax blog Kay Bell
tells us “Senate OKs tax break for Olympic medalists” -
“With
the 2016 Summer Olympics starting this week in Rio de Janeiro, members of
Congress are again doing their version of the ‘USA, USA’ chant. They've
introduced legislation that would make the money won by U.S. Olympic medalists
tax-free.”
* Staying on this topic, Kyle Pomerleau asks the question “Should Olympic Prize Money Be Taxed?” at the Tax Foundation’s TAX POLICY BLOG. Here is Kyle’s answer, which I tend to agree
with –
“It
makes sense for the IRS to tax this prize money. Olympic athletes, just as most
athletes, earn part of their income competing in events and earning prize
money. For example, tennis players who will participate in the 2016 U.S. Open
will compete for a total prize pool of $46 million. The winner of the men's and
women's singles will each get $3.5 million. This prize money is income just as
a teacher’s salary is income and is taxed as such. It does not make sense to
exempt a specific source of income earned by a specific profession from the
income tax, but tax all the income earned by everyone else.”
What do you think?
THE FINAL WORD
MY AUGUST SPECIAL OFFER-
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titled BOBSERVATIONS with
my observations on "life, liberty, and
the pursuit of happiness".
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THE FINAL WORD
Does this remind you of anyone?
Narcissistic Personality Disorder DSM IV Criteria:
Definition: A pervasive pattern of
grandiosity (in fantasy or behavior), need for admiration, and lack of empathy,
beginning by early adulthood and present in a variety of contexts, as indicated
by five (or more) of the following:
(1)
Has a grandiose sense of self-importance (e.g., exaggerates achievements
and talents, expects to be recognized as superior without commensurate
achievements);
(2)
Is preoccupied with fantasies of unlimited success, power, brilliance,
beauty, or ideal love;
(3) Believes that he or she is "special"
and unique and can only be understood by, or should associate with, other
special or high-status people (or institutions);
(4)
Requires excessive admiration;
(5)
Has a sense of entitlement, i.e., unreasonable expectations of
especially favorable treatment or automatic compliance with his or her
expectations;
(6)
Is interpersonally exploitative, i.e., takes advantage of others to
achieve his or her own ends;
(7)
Lacks empathy: is unwilling to
recognize or identify with the feelings and needs of others;
(8)
Is often envious of others or believes that others are envious of him or
her;
(9)
Shows arrogant, haughty behaviors or attitudes.
Is this the man you
want as President?
TTFN
Do you
want to learn how to pay the absolute least amount of federal and state income
tax possible – and experience the joy of avoiding taxes? Click here to check out my
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