+
Check out the January issue of LOIS!
+
MISSOURI TAXGUY Bruce McFarland has a guest post by Shawn Ambrose that explains
how to “Negotiate Your Debts With the IRS”.
+
While you are at the MISSOURI TAXGUY blog look for my page at the “Store”.
+
MARKETING SUPPORT FOR ACCCOUNTANTS goes into more detail than I did on the
subject in its “IRS Forms Changes for 2011 Taxes” post.
+
With Rick Santorum’s almost win in Iowa let us join Howard Gleckman of TAXVOX,
the blog of the Tax Policy Center, in taking a look at “Rick Santorum’s Tax Plan” -
“Specifically, Santorum would:
•Replace the current
individual rate structure with just two rates—10 and 28 percent
•Lower rates on capital
gains and dividends to 12 percent
•Triple the personal
exemption for dependent children and keep the refundable earned income and
child tax credits
•Retain tax
preferences for charitable giving, mortgage interest, health care, and
retirement savings
•Repeal the
Alternative Minimum Tax”
Howard
points out –
“However, because it cuts rates significantly
but does not eliminate tax preferences—and even expands a few—it would very
likely add trillions of dollars to the federal deficit.”
And
-
“Interestingly, by using tax expenditures to
support these families, Santorum would likely add significantly to the number
of households that pay no income tax.”
+
TAX PROF Paul Caron tells us “Rick Santorum's Tax Plan Is Criticized From All Sides”.
+
George Saenz responds to the oft-asked question “Is Cash Surrender Value of Insurance Taxed?” at the Dear Tax Talk column at BANKRATE.COM.
Of
course the answer is “It depends”.
+
The IRS provides a good summary of what is new for 2011 in “2011 Changes Offer Tax Benefits to Almost Everyone; Special Tax Payment and Reporting Requirements Apply to Many”.
+
Another "pennies on the dollar” advertiser bites the dust! The IRS HITMAN brings us the good news in his
post “JK Harris Bankruptcy: A Giant Tumbles”.
Hitman
tells us that JK Harris, which he correctly describes as a giant
corporation that make its money by
deceiving those with a tax debt, suspended all operations as part of pursuing
Chapter 7 bankruptcy, which would liquidate all of its assets.
+
We learn from ACCOUNTING TODAY that “Treasury Stops Selling Paper Savings Bonds”.
Instead
of selling the savings bonds on paper at banks, the Treasury will instead sell
electronic versions of Series EE and I bonds via www.TreasuryDirect.gov, a Web-based system operated by the
Bureau of Public Debt.
+
The daily CCH tax headlines email newsletter says “House Democrats Call for Immediate Work on Payroll Tax Holiday”.
”The Democrats want to begin conference
negotiations with GOP lawmakers and the Senate immediately, rather than waiting
for Congress to resume its regular schedule in early February following its
winter recess period, State of the Union address and party conferences.”
Good
luck with the idiots in Congress doing anything “immediately”. I only hope they pass the extension before
the end of February.
+
TAX GIRL Kelly Phillips Erb identifies “My Best Tax Advice Ever, Part I: Open Your Mail” at FORBES.COM.
While
it is not my “best tax advice”, it is certainly up there on my list. Never ignore correspondence from the IRS or a
state tax authority.
But
equally important - do not assume that a notice from the IRS or a state tax
authority is correct. More than half
(maybe more than 2/3) of the time the notice is incorrect.
As
soon as you receive such a notice give it to your tax preparer IMMEDIATELY!
THE
FINAL WORD
The
fascination that the great unwashed masses have for “undeserved” celebrity is
nothing new.
The
Cole Porter musical ANYTHING GOES, which was first produced in 1934, featured a
sub-plot about the then current fad of making celebrities out of members of the
FBI’s Most Wanted list.
Today’s
truly “undeserved” celebrities are reality tv idiots – like Trump, the
Kardashians, the brain-dead “stars” of THE JERSEY SHORE and similar pieces of
excrement, Paris Hilton, and the various bachelors and bachelorettes.
While
those on the FBI Most Wanted list of the 1930s at least had a talent for crime,
today’s class of UCs have absolutely no talent at all!
Well,
that is not completely true. Trump has
shown he has a talent for screwing his stockholders. And Kim Kardashian has demonstrated a
proficiency in performing “the Lewinsky”.
TTFN
No comments:
Post a Comment