Saturday, October 30, 2010


* Check out my post “No Surprise Here” at the NJ TAX PRACTICE BLOG. Once again NJ is among the bottom of the barrel.

* Speaking of the subject of my “No Surprise Here” post – apparently NJ moved up the list. It was #50 – with the worst business tax climate of all the 50 states – last year. So Janet Novack of FORBES.COM tells us “N.J. Up, Washington At Risk, In Business Tax Climate Ranking”.

New Jersey got off the bottom, says Tax Foundation economist Kail M. Padgitt, the study’s author, after Christie vetoed an attempt by the legislature to extend for 2010 a temporary 10.75% individual income tax rate the state had adopted on income over $1 million during 2009. Instead, the top rate fell to 8.97% on income over $500,000 for 2010.”

So getting rid of the incumbent politician – in this case the governor - in NJ did some good.

* LOOKING FIT provides the word that “First Tan Tax Payment Almost Due”.

The first quarterly installment of the new 10 percent tax on UV tanning services is due November 1”.

This is the tax that was made famous by the blabbering of professional slut “Skanky” or “Spookie” or “Snookey” (or whatever) from the piece of excrement known as THE JERSEY SHORE.

* I just couldn’t resist the title of this post from TAX PROF Paul Caron - “I Don't Know Any Tax Lawyer Who Does Their Own Tax Returns”.

The complete quote - "I don't even do my tax returns anymore," he said. "I don't know any tax lawyer who does their own tax returns. The forms are Greek even to us."

* The blog of attorney Douglas Cook has a graphic comparison of “The Federal Estate Tax: 2001 – 2011

* MO’ TAX GUY (Missouri, not more) Bruce teaches a class in “Living Trusts 101”.

* I love taxes – but because I prepare tax returns for a living. I don’t love paying taxes, I just love the tax profession. That is a bit different from the philosphy behind a new tax-related blog titled “I Love Taxes” that I discovered thanks to TAX PROF Paul Caron.

According to blog creator/author Vanessa S. Williamson—a graduate student in government and social policy -

We know that taxes do great things, like build roads and schools, pay our firefighters, and keep our air clean and our water safe.”

This blog is a part of the “patriotic pro-tax movement”.

* Although there is no federal estate tax for 2010, thankfully the “step-up” of basis on inherited property, the only reason to keep the estate tax at all, continues to some extent – enough so that all of my clients will be covered. Joe Kristan provides us with “A Peek at the Post-Estate Tax Estate Tax Form” at the ROTH AND COMPANY TAX UPDATE BLOG.

The form is Form 8939: Allocation of Increase in Basis for Property Received from a Decedent. Actually the property is not received from a decedent, but from the estate of the decedent.

* Trish McIntire lets us know the good news that the RAL, or “refund anticipation loan”, is “Dying a Slow Death” at OUR TAXING TIMES.

I can accept Trish’s contention that most of the individual tax preparers who offered RALs in the past were honest and ethical and not trying to screw their clients (unlike the fast food chains – who were/are not and were/are) – I certainly believe that Trish, who offered RALs despite a dislike of the product, is honest and ethical. But I sincerely believe that the RAL is a bad product and should not be offered by anyone. And especially not by tax preparers. We are tax professionals and not loan sharks.

Let us hope the death of the RAL happens a lot quicker.

* Megan McArdle makes a case for “Why We Should Eliminate the Corporate Income Tax” at THEATLANTIC.COM.

She has some good arguments. I have been using some of them for touting a “dividends paid deduction” for corporations.

* The Tax Foundation’s TAX POLICY BLOG shows us how a “Comedian Uses Halloween to Teach Kids About Taxes”.

* I would hope that when you go to the polls to vote next week you embrace the philosophy of GRIP – Get Rid of Incumbent Politicians.


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