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

Despite the disastrous outcome of last Tuesday’s election – which truly made me feel ashamed to be an American for the first time in my life - we must carry on.  So bring on the BUZZ!

FYI - I am off to Atlantic City for the National Association of Tax Professionals' annual year-end tax update workshops.  I will report on what I learned, or was reminded, later this week.

* In reaction to the election of dangerous, deplorable, despicable, and mentally unstable narcissist Trump as President many people are talking about moving to Canada.  For those so inclined Kelly Phillips Erb, FORBES.COM’s TaxGirl, exolains “O Canada: What You Need To Know About U.S. Taxes & Moving Across The Border”.

Of course fleeing the country is not the answer.  We must continue to denounce and oppose Trump and make sure none of the bastard’s nonsensical alleged policies are ever enacted, and make sure that he is a one-term only President.

* CCH has published a “Post-Election Tax Policy Update” tax briefing.  Click here to download.

This briefing is based on Trump’s tax reform proposals.  I doubt anything Trump has proposed during his campaign, except for the repeal of Obamacare, will actually be implemented.  I do believe that there will be tax reform legislation passed early in 2017 – but it will more likely look like the Republican “Blueprint for Tax Reform” that Paul Ryan introduced in June.  Click here to read about these proposals.

As for my thoughts on how to reform the mucking fess that is our US Tax Code – visit my TAX PROFESSIONALS FOR TAX REFORM website.

* I have given my RAMBLINGS one last chance.  Check out my Election Week post.

* Before leaving the election, thanks to Joe Kristan’s “Tax Roundup, 11/9/16: Trump wins, Iowa GOP sweeps state house. Taxes will change. And much more!” I learned -

“Jared Walczak stayed up late tracking tax related ballot questions. A few big items:

-California voted to continue its absurd 13.3% top tax bracket for 12 more years.

-Colorado rejected tripling its income tax to enact a “ColoradoCare” scheme.

-Maine voted to jack up its top marginal rate to 10.5%, second only to California.

-Oregon rejected a 2.5% gross receipts tax on receipts above $25 million.

-Louisiana rejected a repeal of its corporate deduction for federal taxes paid, to pay for a reduction in its top corporate rate from 8% to 6.5%.

-California, Maine, Massachusetts and Nevada approved legal marijuana, with new taxes. Arizona voted no.

-Four cities — three in California — enacted soda taxes, as did Boulder, Colorado.”

* Craig W. Smalley is spot on when he identifies “The Definition of Insanity: IRS Private Debt Collectors” at ACCOUNTING TODAY (highlight is mine) -

“We have all heard that the definition of insanity is to repeatedly do the same thing expecting different results. Using that definition, the U.S. Congress can now be considered officially insane. Seven years after it proved to be a disaster, the use of outside debt collectors has again been approved by Congress for use by the IRS. You may be asking yourself, ‘Haven’t we been here before?’ Sadly, you would be right.”

I have continually opposed the use of private debt collectors by government tax agencies from the very beginning.  The idiots in Congress have had many, many bad ideas over the years – but this is truly one of its worst.

I have always advised that if you are contacted by a private debt collector about an alleged outstanding tax liability tell the collection agency that you refuse to deal with them and will only deal directly with the IRS or applicable state tax authority. 

* Tax pros - check out "If You Ask Me", a compilation of my commentaries on topics of interest to the tax preparation community.  And please share you thoughts and comments on these topics with me at rdftaxpro@yahoo.com.

* Kay Bell tells us “'Trusted' taxpayers to get more ID theft protection” from the IRS during the upcoming 2017 tax filing season at DON’T MESS WITH TAXES.

* A reminder - I have compiled a report of “What’s New In Taxes For 2017” based on the recent IRS announcements.  It contains the inflation-adjusted and COLA numbers for tax year 2017.  Click here to download this report.

* Jason Dinesen gives us “S-Corporationsand Charitable Contributions: A Brief Overview” at DINESEN TAX TIMES.

* And Jason answers the question “Can You Get a Refund if You Pay Nothing In?”. 

The answer is, but most certainly should not be, yes.  The reason is refundable credits, which IMHO do not belong in the Tax Code.  Jason explains in an example.

* I just learned that “Under Act 84 of 2016, signed into law July 13, 2016, Pennsylvania authorized a tax amnesty period from April 21, 2017 through June 19, 2017.”  Click here for more information on this program.

* E-FILING.COM lists and explains “Tax-Free Income - Find Ways to Save on Taxes”.
 

THE FINAL WORD

My last final word on politics for a while – unless developments call for comment.

I cannot, and will not, respect and support Trump as our President when I certainly did not respect or support him as a candidate.

This is not about politics.  My opposition to Trump was not based on his alleged political proposals and philosophy (he has no political philosophy or convictions), or the fact that he was a Republican (I voted for Republicans for President in past).  It was not an intelligent difference of opinion.  Nothing about Trump is intelligent. 

I would respect and support as President any “legitimate” candidate despite political differences and regardless of who I voted for, as I have done in the past. 

But this time it is different.  A “legitimate” candidate would have some degree of morals, ethics, and integrity.  Trump has none.  My opposition to Trump was based on him personally.  He is a despicable human being and a dangerous narcissist.  Being elected President did not change this.  He is still despicable and dangerous. 

I cannot respect a person who has shown no respect for anyone or anything not only as a candidate but throughout his entire adult life.

 

TTFN