Tuesday, August 6, 2019
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* I have a new blog about just about anything but taxes – BOBSERVATIONS: Ramblings of a Relatively Sane Mind. Check it out and spread the word.
* Kelly Phillips Erb explains the reason for what initially appears to be the unnecessary return of the Form 1099-NEC in “Move Over, 1099-MISC: IRS Throwback Season Continues With Form 1099-NEC” at FORBES.COM.
Kelly tells us that the IRS wants information returns that report earned income, used in calculating the really unnecessary Earned Income Credit, to be filed no later than January 31st. Earned income is currently reported on Form W-2 and Form 1099-MISC. The current Form 1099-MISC includes a variety of types of income. W-2s are required to be issued by January 31st, but some 1099-MISC forms are not required to be issued until February 15th. I assume the new 1099-NEC will be required to be filed by January 31st.
So there actually appears to be a legitimate reason for the new form, one I can support.
* Hey fellow tax pros, the latest issue of THE TAX PROFESSIONAL is out! Please share with colleagues and co-workers – it’s free!
I hope this newsletter has provided food for thought and discussion among tax preparers.
* Kay Bell identifies “5 cool tax moves to make this hot August” at DON’T MESS WITH TAXES.
* And Kay tells us about something interesting from the New York Times in “Are you rich? This interactive tool tells you”.
Kay talks about this tool in the context of the erroneous Democratic Party belief that the answer to all our problems is to tax the rich, simply because they can afford it. She quotes from candidate Bill de Blasio’s description of his tax plan – “tax the hell out of the wealthy".
The tool correctly identifies the fact that true wealth is dependent on where in the US you live. Check it out and see if you are rich.
I know I am not rich. I don't need this tool to tell me.
THE LAST WORD
Asked by reporter Karen Travers about Mueller's warning that Russia is continuing to interfere with U.S. elections, Donald T Rump says, "You don't really believe this. Do you believe this?".
Trump knows full well that Russia interfered on his behalf in 2016. It is probably the reason he is in the White House today. And he knows full well that Russia is continuing its interference in US elections on his behalf as we "speak".
Trump doesn't want to stop Russian interference. He knows that if he is to have any chance to win in 2020 he will need Russian interference again.