Tuesday, October 8, 2019
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* At the coincidently titled TAXBUZZ blog Gordon McNamee reviews “Life Events and Taxes: A Complicated Combination”.
These events are all occasions when you should contact your, or a, tax professional – and often before rather than after.
And, BTW, this blog also has a “Weekly Tax Buzz”. Imitation IS the sincerest form of flattery.
* Kay Bell reports “IRS announces fiscal 2020 perdiem rates” at DON’T MESS WITH TAXES.
There per diem rates are amounts established by the Government Services Administration (GSA) that are used to reimburse federal employees for lodging, meals and incidental expenses (there is a separate rate for lodging and for meals and incidental expenses) while traveling on government business, but they can also be used as a basis for reimbursement by other employers. And these amounts can be used by business taxpayers for claiming a federal tax deduction. The fiscal period covered by these new rates is Oct. 1, 2019 through Sept. 30, 2020.
Click here to find the per diem rates for a specific location
I will be going to Atlantic City in November for the annual NATP year-end tax update workshops, as I did last year. The per diem for meals and incidental expenses has not changed – I could deduct $66.00 per day without receipts for my trip last November and I can deduct $66.00 for my upcoming trip. I can also deduct actual expenses if I keep receipts – and I expect I will be spending more than $66.00 a day for meals alone in Atlantic City.
As a reminder - employee business expenses are no longer deductible on Schedule A, so the per diem is only for use by business entities. The meal and incidental eexpense per diem can be claimed as a deduction by Schedule C filers.
* And Kay also reports “Corporate tax returns arelatest forms to get IRS once-over”.
I do believe that by the time the IRS is finally finished revising its forms, figuring out correct withholding and issuing final regulations on the changes made by the GOP Tax Act the act will have expired.
* More on reality tv morons the Chrisleys’ tax troubles from Robert W Wood at FORBES.COM – “With Chrisley Criminal Tax Charges, Prosecutors May Know Best”.
* TaxGirl Kelly Phillips Erb began a new weekly column at BLOOMBERG TAX that will “offer commentary on the latest in tax news, tax law, and tax policy”. Her first post - “Don’t Follow Ex-Nets Star’s Playbook; Make Your Case to the IRS”
* Attention fellow tax pros. NATP’s “Taxpro Weekly” tells us –
“In the next few days, the Return Preparer Office (RPO) will begin sending notices to PTIN holders informing them that the PTIN renewal season will begin Oct. 16, 2019.”
And some good news –
“There will be no requirement to pay a user fee for anyone obtaining or renewing a PTIN.”
* Over at INVESTORS.COM Paul Katzeff explains “Roth IRA Beats Traditional IRA For Young Workers; Here's How”.
I agree with Paul.
THE LAST WORD –
The biggest question of the Trump Presidency –
Why do experienced politicians and government officials, who one would have thought to be intelligent, choose to abandon all honor, integrity and credibility to protect and defend an ignorant and incompetent delusional malignant narcissist and wannabe dictator instead of protecting and defending the country and the Constitution?
Of all the people intelligent and experienced politicians and government officials could choose to support out of Party or other loyalty Donald T Rump is the least likely. Trump, more than any other person, has not earned and does not deserve any such erroneous and misplaced loyalty.