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

Not a lot of BUZZ today – but some BUZZ is better than no BUZZ.  

Having trouble with colors - click on the black highlighted text for the link (for some reason not blue today).

* Peter J Reilly explains “How To Win An IRS Hobby Loss Audit” at FORBES.COM.  

“Taxpayers can and do win hobby loss cases and advisers can guide them in going into the game with a winning hand.”   

This is true, because a client of mine did win a hobby loss audit many years ago.  It did take a long time for the win to be acknowledged, due to the 7-year rule, and it was partially due to the lucky fact that our auditor was actually very well-informed on the specific alleged “hobby” – barrel racing, which I expect was and still is extremely rare.

* ACCOUNTING TODAY lists “10 tax tips for college grads”.  

Especially important - #4: Retirement accounts -

“They should start contributing as much as possible to retirement accounts, from 401(k) plans offered by employers, or IRA or Roth IRA accounts.”

And #10: Record-keeping –

“Grads should keep a file of tax-related documents, such as expense receipts and tax statements, so that they are ready for their tax professional when tax time rolls around.”

* “IRS announces tax relief for Oklahoma victims of severe storms, tornadoes, straight-line winds,and flooding.”  The title of the Information Release says it all.  

* Kelly Phillips Erb, the FORBES.COM TaxGirl, reports “IRS Warns About New Variations On Long-Running Tax Scams”.

* Attention Tax Pros – have you checked out the June 2019 issue of my free newsletter THE TAX PROFESSIONAL yet?  Feel free to share it with your colleagues and co-workers.

THE LAST WORD

It is impossible to believe that anyone with any intelligence or concern for America would want Trump to return as President in 2020 – regardless of one’s political affiliation or philosophy.

Republicans and real conservatives would obviously want a Republican President – and that is a legitimate position.  But nobody should want Trump to remain as President.

It is vital for Republicans to encourage and support a legitimate primary challenge to Trump.  If the Republican Party is to survive it must abandon and denounce Trump and “Trumpism”.   

If the Republican Party wants to continue to claim to represent conservative political philosophy it must actually support true conservative policies and candidates who are actual conservatives.

TTFN