Tuesday, January 2, 2018
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
The first BUZZ of 2018!
* As you begin the year be sure to check out my recent post “Starting the New Year Off Right”.
* On December 31st Russ Fox announced “The 2017 Tax Offender of the Year”.
An interesting choice.
* No surprise here. The FINANCIAL TIMES observes “Tax overhaul adds to IRS challenges amid cuts.” -
“The agency has been dealing with real-terms funding cuts of 21 per cent since 2010, according to figures from the Centre on Budget and Policy Priorities, and Mr Trump’s March budget proposed an additional reduction of $239m. Staffing is down 21,000 since the start of the decade.”
The item quotes fellow tax blogger Daniel Shaviro, a professor of taxation at New York University School of Law -
“The workload the IRS faces is going to be huge. The new pass-through rules will be a gigantic project for starters, and the international rules are also a brand new system . . . What makes it worse is many in Congress are not interested in helping them.”
The idiots in Congress continue to give the IRS unnecessary and inappropriate work – administering Obamacare and other social welfare programs like the EITC – while at the same time continuing to reduce the agency’s budget. Implementing the multiple changes and new complexities of the GOP Tax Act will be a complicated and difficult, and expensive, task for the IRS
* I look forward to fellow tax bloggers joining me in looking back at the year in taxes 2017. Of you haven't seen it yet click here for my review.
* From ACCOUNTING TODAY – “TIGTA warns taxpayers to be on alert for IRS scammers”.
* A good and timely warning, considering what Kay Bell, the yellow rose of taxes reports at DON’T MESS WITH TAXES – “IRS impersonators have stolen more than $61 million and the tax scammers are not through”.
* Need any more proof that Donald T Rump is a delusional idiot? Here is some from ACCOUNTING TODAY – “Trump brags he knows taxes ‘better than the greatest CPA’”.
* Of course, we know that just because a person has the initial CPA after his or her name does not mean he or she is an expert, or even knowledgeable, in 1040 taxes. See my article “Don’t Assume” at FIND A TAX PROFESSIONAL.
Next week the BUZZ returns to Mondays.