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

I am changing my weekly BUZZ installment from Tuesday to Monday.

 

* In this week's post at THE TAX PROFESSIONAL I ask "Who Speaks for the Tax Professional?"

 

* Professor Annette Nellen gives us a list of “Disaster Relief Tax Links” at 21^st CENTURY TAXATION.

 

* Kay Bell reports “Georgia residents now get Hurricane Irma tax relief” at DON’T MESS WITH TAXES.

 

* And Kay reviews “U.S. tax rules for international donation deductions”.

 

* Janet Novack provides links to all the offerings from its stable of bloggers for last week’s “Tax Reform Week” in “Forbes Special Report On Tax Reform”.

 

I gave my comments on some of Kelly Phillips Erb’s tax reform guest posts in last Tuesday’s BUZZ installment.

 

* Donald Marron lists “Eight Thoughts on Business Tax Reform” at TAX VOX, the blog of the Tax Policy Center.

 

* Did you see my suggestions for corporate tax reform?  Check out my post from last Friday “Something to Think About”.

 

* Over at MARKET WATCH Bill Bischoff explains “What the IRS does on its website that’s unfair to taxpayers” (highlight is mine) –

 

“{Taxpayer Advocate} Ms. Olson concludes that the IRS stance on its own ‘unofficial’ guidance is unfair to taxpayers. The prospect that the IRS can assess additional taxes and even penalties after you’ve filed a tax return that relied on unofficial guidance that the IRS put out there for you to follow before it changed its mind is unacceptable.”

 

And –

 

“FAQs and answers should be released as official guidance that taxpayers can rely on (such as in IRS Notices and Announcements) as quickly as possible whenever an issue affects a significant number of taxpayers or will have ongoing relevance.”

 

Bill has an excellent “bottom line” –

 

“If you hire a competent tax professional and follow his or her advice, you are protected from most IRS penalty assessments as long as you provide the professional with full information about the tax issue in question. So that’s a good reason for seeking professional assistance rather than making your taxes a risky DIY project.”

 

* Kelly Phillips Erb, FORBES.COM’s TaxGirl, tells us “Side Hustlers Skipping Out On An Estimated $215 Billion In Taxes” (highlight is mione) -

 

“From driving a Lyft to dog-walking, Americans are increasingly looking to pick up some extra cash with a side gig. According to a survey conducted by finder.com, more than 1 in 4 of Americans are earning cash on the side but not declaring it on their tax returns. In terms of dollars, about 69.8 million Americans are failing to report an estimated $214.6 billion to the Internal Revenue Service (IRS) each year.”

 

Some good advice from KPE -

 

“Side hustles can be a great way to pursue your dream job, save for a fun purchase, or pay off your credit card.

 

But skipping out on paying taxes? That's not a great idea. Undeclared income doesn't count for purposes of earning Social Security later - or making an impact on your credit score. And if you get caught skipping out on your taxes, not only do you have to pay it back, you can get socked with interest and penalties.”

 

* Jim Blankenship reviews “5 No-No’s for IRA Investing” at GETTING YOUR FINANCIAL DUCKS IN A ROW.

 

TTFN