Monday, June 17, 2019

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


The BUZZ is a day early this week.  As you read this, I am on an escorted motor coach trip to New Hampshire with the Hawley Women’s Club.

* The final word is out on the feeble attempts by some states to work around the state and local tax deduction, aka SALT, limitation, according to “IR-2019-109: Final Regulations on Charitable Contributions and State and Local Tax Credits” -

The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return.”

As explained in the article “IRS Stops NJ's Attempts To Bypass Trump Tax Law” from PATCH.COM -

The IRS effectively nullified New Jersey legislation passed last year that allowed municipalities to establish charitable funds where taxpayers can donate in return for a property tax credit.”

I knew this scam by NJ and other states would not work.

* The TURBO TAX BLOG celebrated National Children’s Day with “Here’s What Having a Child Means For Your Taxes”.

A word of warning about this post - it gives very bad advice at the end

Don’t worry about knowing these tax rules.”

You should know these rules if they apply to your situation.  Even if you use a tax professional, the more you know the better prepared you will be to give your tax pro all the information needed to properly and correctly prepare your returns and the quicker your returns will be completed.  And if you attempt to use a box to self-prepare your returns remember “garbage-in, garbage out”.  If you don’t know the correct information to enter on the software you will not get a correct return.

* ACCOUNTING TODAY talks about the IRS “Comprehensive Taxpayer Attitude Surveyin “What taxpayers really think“ -

The Attitude Survey offers some interesting understandings on how taxpayers view the IRS and fellow taxpayers. It provides many findings about taxpayer needs and preferences – and what taxpayers value.”  

One of the “takeaways” from this survey –

As taxes get more complex, the more the tax pro is needed.”

* Wonder of wonders, miracle of miracles.  In a truly rare event these days, considering the obstructionist position of despicable Senate Majority Leader McConnell, a bill has actually passed both the House and the Senate! 


The Taxpayer First Act “contains a host of provisions designed to modernize the IRS, in areas such as customer service, taxpayer rights during the enforcement process, information technology, identity theft protection and electronic systems.

For example, there are provisions to exempt low-income people from the IRS's private debt collection program, establish an independent appeals office, and provide identity theft victims with a single point of contact at the IRS.”

If only New Jersey would pass a bill to make the NJ Division of Taxation act more ethically toward NJ taxpayers.

* A final reminder for tax pros to check out and share my free newsletter THE TAX PROFESSIONAL.  And everyone should check out the latest post at TRUMP MUST GO.

THE LAST WORD

Very important -

Republicans with intelligence and a conscience - there must be some still out there - need to work aggressively to encourage and support primary challenges to Trump and his hypocritical supporters and defenders.

TTFN











Wednesday, June 12, 2019

THE TRUTH, THE WHOLE TRUTH, AND NOTHING BUT THE TRUTH!


The 2020 presidential election has absolutely nothing to do with politics.

It is not about conservative vs liberal. 

It is not about Republican vs Democrat.

It is about removing the absolute worst and most dangerous public official in the history of the United States from the White House.

Trump proves every day he is in office that he is a totally worthless piece of garbage.

Trump is devoid of humanity.  He has never performed a single totally unselfish positive act in his entire adult life.

Trump is totally self-absorbed.  The only thing he cares about is himself, and absolutely nothing else. 

Trump is ignorant.  He is a moron.  He doesn’t know his ass from a hole in the ground about anything.  And he has absolutely no interest in learning anything.

Trump is incapable of intelligent thought, incapable of dealing with criticism and challenges, incapable of empathy or sympathy.

Trump lies to every one every day about everything.

Trump is a mentally unstable malignant narcissist and a sociopath. 

Trump is not a conservative.

Trump is not a Republican.

Trump is not a Christian.

Trump was not elected President by the American people.  He lost by 3 million votes.

Trump is a cancer.

Trump is an aberration.
 
Biden is correct – 8 years of Trump will destroy America and how America is viewed by the rest of the world.

For the future of America and the world Trump must go.

TTFN







Tuesday, June 11, 2019

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.  



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.”


* 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