Tuesday, June 20, 2017
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
Before I get to taxes - please join me in my campaign to enact a TRAVEL BAN on Trump by writing to your representatives in Washington. Read, share, and send my OPEN LETTER TO THE MEMBERS OF CONGRESS.
Also read and share THE TRUTH ABOUT DONALD TRUMP.
* Tony Nitti of FORBES.COM provides some excellent and important tax information for couples who are considering marriage in “It's Wedding Season: Here Are Five Tax Reasons Not To Say 'I Do'” –
“There is a nuance within the current body of tax law called the ‘marriage penalty’, and it is a very real, very painful thing. So be warned, if your big day is planned for this summer, you'll be paying for it next April.”
Tony only touches on the tax consequences of being married.
The post also gives some hints for wedding guests to look for to predict if the couple will be divorced within three years.
* Staying with FORBES.COM, TaxGirl Kelly Phillips Erb lists “11 Signs That It's Time To Find A New Tax Professional”.
Perhaps one of the most important reason to go elsewhere is her #4 – “Your tax pro won't sign your return”.
A point of information – whatever you do, do not turn to me to be your new tax pro. Read my lips – I do not accept ANY new clients.
* Information on a new phone scam from NATP -
“Beware of New Phone Scam: Targets EFTPS Users
The IRS is warning people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so taxpayers should be alert to the details.
In the latest twist, the scammer claims to be from the IRS and tells the victim about two certified letters purportedly sent to the taxpayer in the mail but returned as undeliverable. The scam artist then threatens arrest if a payment is not made through a prepaid debit card. The scammer also tells the victim that the card is linked to the EFTPS system when, in fact, it is entirely controlled by the scammer. The victim is also warned not to contact their tax preparer, an attorney or their local IRS office until after the tax payment is made.
EFTPS is offered free by the U.S. Department of Treasury and does not require the purchase of a prepaid debit card. Since EFTPS is an automated system, taxpayers won’t receive a call from the IRS.”
* I am almost ready to “go to press” with my truly unique book of planning and preparation advice, information, and resources on NJ state income taxes - THE JOY OF AVOIDING NEW JERSEY TAXES. There is still time to take advantage of the special 60% discount pre-publication offer if you order today!
* Donna Holm answers the question “When is it OK to throw out old tax documents?” at ACCOUNTING TODAY.
I discuss this topic in the May 2017 premiere issue of ROBERT D FLACH’S 1040 INSIGHTS. In the item I state –
“I firmly believe that you should keep the paper copy of your Form 1040, or 1040A, plus all supporting Schedules and Forms, and copies of all your Form W-2s, forever.”
* Also from ACCOUNTING TODAY, Michael Cohn tells us “Hatch asks for input on Senate Republicans' tax reform plan”.
I sent the committee my booklet A TAX PROFESSIONAL FOR TAX REFORM.
THE FINAL WORD
Write to your Congresspersons to show support for H.R. 2414, the Stop Waste And Misuse by the President (SWAMP) Act.
The SWAMP Act was introduced by Representative Ted Lieu (D-CA) on May 11, 2017. If enacted, this legislation would compel President Trump to reimburse the Department of the Treasury for any costs associated with travel to a commercial entity, in which he has a financial interest, along with any associated protection costs by the U.S. Secret Service.