* Some good advice from Sterling Raskie at GETTING
YOUR FINANCIAL DUCKS IN A ROW – “Don’t Leave Money On The Table!”.
* Hey tax pros – check out the new July 2019 issue of
THE TAX PROFESSIONAL. It is free – so please
share it with colleagues and co-workers.
And in case you missed it, click here for the June
2019 issue.
* Robert W Wood explains “Five Key IRS Rules On How Lawsuit Settlements Are Taxed” at FORBES.COM, pointing out one of the
inequities of the GOP Tax Act (highlight is mine) –
“A little tax planning, especially before you
settle, goes a long way. It's even more important now with higher taxes on
lawsuit settlements under the recently passed tax reform law. Many
plaintiffs are taxed on their attorney fees too, even if their lawyer takes 40%
off the top. In a $100,000 case, that means paying tax on $100,000, even if
$40,000 goes to the lawyer.”
* ACCOUNTING TODAY tells us “Trump signs IRS reform bill into law”. The law = the “Taxpayer
First Act”.
Thankfully –
“However, lawmakers eliminated a controversial
provision that would have codified the Free File Alliance into law after a
controversy erupted over whether it would prevent the IRS from developing free
tax preparation software of its own.”
I wish the IRS would create a way for taxpayers to
submit their 1040 direct to the IRS online free of charge, without having to
purchase a commercial tax preparation software program, like NJ does with its
NJWebFile program.
* Back to FORBES.COM, where Denise Appleby gives us “4 Tips On Avoiding The 10% Early Distribution Penalty On IRA Distributions”.
* And FORBES.COM’s TaxGirl Kelly Phillips Erb reports
“IRS Updates Identity Verification Process To Better Protect Tax Information”.
THE LAST WORD
It is
truly a sad commentary on the current state of our country that, based on
everything we know about who and what Trump is from what he has said, tweeted
and done both before and after being put in the White House, Trump continues to
be considered a legitimate and acceptable choice for ANY elected office by
anyone – and is apparently the preferred choice of 40% of Americans.
It remains impossible for me to believe that anyone
with intelligence and a conscience could ever support Trump for any office.
TTFN
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