WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

Friends don’t let friends vote for Dangerous and Deplorable Donald Trump!

The Wandering Tax Pro has been once again honored to be nominated for a PLUTUS Award for Best Tax Blog” along with “IRS Hitman”, “Taxable Talk”, “Taxgirl”, and “TaxQuips”.

* Chris Johnson of CAJ TAX SOLUTIONS discusses “The Internal Revenue Service’s Share of the Sharing Economy” at his firm’s blog –

“While the sharing economy has proven to be controversial and there have been buyers and sellers who have had some very bad experiences, it has become an integral part of our economic landscape and will probably continue to grow. The Internal Revenue Service has recognized this and has made it known that they want to be part of the sharing as well.”

Chris explains when and how you must report income from “sharing”. 

The post includes a fact that was unfamiliar to me, but something I always wondered about –

“This exemption {taxpayers who rent out their home for less than 15 days in a year do not have to report the income – rdf} came about thanks to a Congressional representative from Georgia whose constituents collected a lot of extra money renting rooms in their homes to spectators of a major pro golf tournament every year.”

I expect that the Congressional representative from Georgia was one of those who was renting out his home to spectators.

* FYI – Kelly Phillips Erb, the FORBES.COM TaxGirl, gives us the word that “Federal Tax Receipts Hit Record High $2.9Trillion - And Counting” –

                              

“Federal tax receipts for the first 11 months of fiscal year 2016 totaled $2.909 trillion, according to the Congressional Budget Office (CBO). The CBO estimates that the government took in $26 billion – or about 1% – more than they did during the same period last year, marking a record high.”

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* Trump’s running mate has released his tax returns.  ACCOUNTING TODAY reports “Pence's 2015 Return Shows $8,956 Tax on $113,026 in Income”.

The article tells us –

“In all, the couple released 10 years’ worth of their tax records, going back to the 2006 tax year. Over the decade, they earned a total of almost $1.6 million, paid total federal taxes of $142,343 and donated $119,500 to charity.”

Of course Dangerous Donald continues to refuse to release his tax returns.  At this point who gives a damn?  Nothing that Trump, or Pence, does between now and Election Day could possibly make any intelligent and rational person even consider that “the Donald” would make a good, or even acceptable, President!

* Oops!  I missed “The 100th Anniversary Of The Federal Estate Tax”.  But TAX PROF Paul Caron didn’t.

BTW – congratulations to Paul for being included in ACCOUNTING TODAY’s list of the Top 100 Most Influential People in Accounting.

And I do believe that Paul has truly “jumped the shark”.  Enough already with the daily update on the “IRS Scandal”.

THE FINAL WORD

Presidential elections – any election – should be about issues and not about “personality”.

Unfortunately, when one candidate’s “personality” and temperament is to so disruptive and deplorable that it overshadows any actual policy positions, and in itself, coupled with the candidate’s obvious mental instability, makes that candidate unfit to be President, as is the case with the current Presidential election, “personality” must become the primary issue of the campaign.

It is much “more better” to have a President whose personality and temperament is appropriate for a government leader and Commander-in-Chief but with whom you disagree on the issues, than to have one with policy positions that you may find more acceptable, but whose "personality", behavior, and instability will prove a clear and present danger to the country if elected.

And if that candidate does not in reality have any real political or personal beliefs or convictions, and merely spouts whatever he thinks his audience wants to hear solely to bring himself attention and adoration, the choice is truly a clear one.

TTFN

 

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