Thursday, December 8, 2022

2022 FEDERAL TAX FORMS

 

The IRS has issued the final version of the series 1040 forms and schedules.  To see the final forms go here and enter “Form 1040” at FIND.

There have been several minor changes to the Form 1040.  The final 1040 is the same as the previously issued “draft” version –

* The virtual currency question has been refined for those involved with BitCoin and other “virtual” or “digital” investments.

* While the amount of content on each page has expanded the 1040 still does not completely cover a normal 8½ x 11 page (as the pages of the 1040-SR do).  God only knows why.

* Line 1 to report wages, salaries, tips, etc, from Form W-2 has expanded, for some unknown reason, to 10 “sub-lines” to separately report a multitude of obscure wage-based income items.  If separate identification was needed why is it not added to Schedule 1?  These new lines are a waste of 1040 space and only add to taxpayer confusion.

* A Line 6c under the reporting of Social Security benefits has been added as a checkbox to indicate the taxpayer is making a “lump sum election” for Social Security reporting.

* The line – 12b last year – for claiming the “non-itemizer” charitable deduction has been removed since this deduction has expired and is not available for 2022.

* The sub-lines for Line 27, where the Earned Income Credit is claimed, have been eliminated as the special considerations applicable on the 2021 return that necessitated these additional sub-lines have expired and are not available for 2022.

* Line 30 – used in 2021 for the Recovery Rebate Credit – remains on the 2022 Form 1040 identified as “Reserved for future use”.

Similar changes have been made to the 2022 Form 1040-SR.

TTFN











Tuesday, December 6, 2022

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

 
* Giving Tuesday was last week – but Kay Bell’s “6 tax donation deduction tips for Giving Tuesday” applies to any day (under current tax law).
 
* Speaking of charitable contributions, Kristin McKenna goes into detail on one tax-wise way of giving in Donating Stock To Charity” at FORBES.COM.
 
* Ho! Ho! Ho! Returning to Kay Bell, she also lists “8 tax moves to make this December”.
 
* A BOBSERVATIONS post about a Christmas classic this week.
 
* I recently found that back in September KIPLINGER.COM updated its “State-by-State Guide to Taxes on Middle-Class Families”.
 
New Jersey is the 4th least tax-friendly state, just beating out #5 New York.  I do believe that in the past NJ had been the least-friendly, so there has been progress made in my former home state.
 
* The NATP BLOG answers questions about retirement plans and retirement plan distributions in “Differentiating between retirement plans and their tax reporting components”.

TTFN












Tuesday, November 29, 2022

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

 
* Kay Bell, the yellow rose of taxes, provides some “Holiday shopping (and tax time) identity theft prevention tips” at DON’T MESS WITH TAXES.
 
 
Homeowners & Renters Now Have Until January 31, 2023 to Claim Up to $1,500 in Relief.”
 
* Over at ACCOUNTING TODAY Michael Cohn reports on more Reality TV morons convicted of tax evasion – “Reality TV stars Todd and Julie Chrisley sentenced to prison for tax evasion”.
 
Hopefully this will mean one less steaming pile of excrement on TV – unless the idiots will be filming in prison.
 
* Two new posts at BOBSERVATIONS – Superman on Broadway and classic movie detective series.  Click here and here.
 
* Returning to Kay Bell, she has begun a series on “Tax Turkeys to Avoid”.  Her first installment is “Tax Turkey to Avoid#1: Incorrect withholding and how to adjust it”.
 
 

THE LAST WORD –

After everything immoral, unethical, illegal, and just plain wrong Trump has done, something has finally happened to cause the Republican Party to consider abandoning him.

Candidates he personally endorsed and campaigned for lost!

TTFN

















Thursday, November 24, 2022

HAPPY THANKSGIVING!


 


I am truly thankful that this November intelligence and patriotism won out over ignorance, racism and treason in my home state of Pennsylvania and elsewhere in the country.

Friday, November 18, 2022

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

Celebrating my birthday with some BUZZ.  Hopefully BLOGGER will not censor it.


* Kay Bell provides advice and information for victims of recent hurricanes and other natural disasters in “Tips on rebuilding tax and other records lost in a disaster” at DON’T MESS WITH TAXES
 
* Michael Cohn reports “Daniel Werfel nominated as next IRS commissioner” at ACCOUNTING TODAY
 
* Michael also tells us “IRS still coping with millions of unprocessed tax returns” (highlights are mine) -
 
The Internal Revenue Service had 4.4 million unprocessed individual returns received this year as of Oct. 28, including tax year 2021 returns and late-filed returns from the prior year, as IRS funding has become more of an issue during election season.
 
The IRS reported in the latest update this week on the status of its mission-critical operations during COVID-19 that of those 4.4 million unprocessed returns, 1.9 million require error correction or other special handling, while 2.5 million are paper returns still waiting to be reviewed and processed. The work typically doesn't require the IRS to correspond with taxpayers, but does require special handling by an IRS employee so, in those cases, it's taking the IRS more than 21 days to issue any related tax refund.”
 
A taxpayer (a client before I retired) had timely filed her 2021 return, and subsequently, in early May) filed an amended 2021 return with a payment of additional tax.  She just received a refund check from the IRS for the amount she had paid with the 2021 amended return plus interest.  Obviously, she was instructed to return the check.  But this proves that the IRS is still seriously backlogged.
 
* Two new posts for you to read and share at AMERICANS FOR COMMON SENSE.  One reports on the obvious fact that “Today’s Republican Party Lies” and the other explains why “The Electoral College Must Be Destroyed”.
 
* Be sure to check out the latest post at BOBSERVATIONS.
 
* Since I began with Kay Bell let me end with her.  She explains “The tax-saving ABCs of RMDs and QCDs” at, where else, DON’T MESS WITH TAXES.


THE LAST WORD –
 
 I’ll say it again.
 
Any person who does not recognize and understand the obvious fact that Trump’s one and only agenda as President was to feed his ego and line his pockets and who actually believes Trump cares one ounce about anyone or anything but himself is a complete moron.
 
MAGA Morons – those who listen to, believe and support Trump – are the dumbest people on Earth.
 
TTFN
















Thursday, November 17, 2022

WTF?

I was just told by Blogger (host/publisher of this blog) via an email -

"Your post titled "WHAT’S THE BUZZ – TELL ME WHAT’S A HAPPENNIN’" was flagged to us for review. We have determined that it violates our guidelines and have unpublished the URL -

http://wanderingtaxpro.blogspot.com/2007/10/whats-buzz-tell-me-whats-happennin_13.html,

making it unavailable to blog readers.

Why was your blog post unpublished? Your content has violated our Spam policy. Please visit our Community Guidelines page linked in this email to learn more."

SPAM?

Or was it removed because it contained comments critical to Trump and the Republican Party?  

I have been posting comments critical to Trump and the Republican Party since 2015 - here and at other blogs - but this has never happened before.  Did Elon buy Blogger?

Censorship?

TTFN






















Friday, November 11, 2022