Tuesday, October 2, 2018
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* Check out the new “issue” of THE LAKE REGION SOMETHING! And let me know what you think.
* As usual, Jason Dinesen is right – “S-Corps Don’t Make All Taxes Go Away”.
I like his “See Jane Run” explanation of the taxation of S-corps.
* Michael Cohn reports “IRS updates per diem rates for business travel expenses” at ACCOUNTING TODAY.
“Notice 2018-77 announces the special per diem rates, effective Oct. 1, 2018, that taxpayers may use to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. The notice also provides the special transportation industry rate, the rate for the incidental expenses only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.”
A reminder – employees can no longer deduct unreimbursed travel, including business mileage, as a Miscellaneous Expense on Schedule A. So this information is only for employers who reimburse employees and self-employed taxpayers.
* Also from Michael – “TIGTA warns IRS of delayed start to 2019 tax season”.
However, for me the 2019 tax filing season will begin, as it has begun every day for the past 40+ years, on February 1, 2019.
* In light of all of Trump’s nonsense with tariffs (what does Trump ever do that is not nonsense) Howard Gleckman explains “What Is A Tariff and Who Pays It?” at TAXVOX.
* Hey taxpayers – let me educate you on how to become a successful tax planner. Check out the National Tax Planning Network.
* The TAX FOUNDATION has just released its “2019 State Business Tax Climate Index”.
Once again NJ is, like Oliver Twist, last on the list at #50 – the state with the worst business tax climate. PA is #34 and NY is #48.
THE LAST WORD
My opinion of Donald T Rump – that he is a totally self-absorbed and self-important moron who doesn’t know his ass from a hole in the ground about anything and who is totally unfit to hold any elected position of power – is based on watching his life on display for close to 2 decades, certainly before the Presidential campaign, and my independent review and analysis of his words and deeds over that time. His performance during the primaries and the election only cemented my opinion.
My opinion is NOT based on what I am told by the so-called liberal media or the Democratic Party or anyone else. It is based on my personal observation and my intelligence.
My aggressive opposition to Trump is not partisan politics. I am neither a registered Republican nor a registered Democrat. In past elections, Presidential and otherwise, I have voted Republican, Democrat and for a third-party candidate based solely on the individual candidate and the issues involved. I am more conservative on some issues and more liberal on others.
I obviously listen to those who oppose and denounce Trump, and not to those who defend and support him, because those who oppose and denounce Trump think as I do, and I do believe that “great minds think alike” (being humorous there). And I have never heard anything from any Trump defender or supporter that actually makes sense or caused me to reconsider anything about Trump.
I firmly believe that supporting and defending Trump is not an intelligent choice or a patriotic choice. There is no defense possible for Trump, and, to be, no defense possible for defending Trump.