“The only difference
between death and taxes is that death doesn't get worse every time Congress
meets.” Will Rogers
* Check out my article “How Are Mutual Fund Distributions Taxed?” at MAINSTREET.COM.
* Posts by me from both TWTP and THE TAX PROFESSIONAL were referenced in “In the Blogs: Did You Know…?”, TAXPRO TODAY’s
BUZZ-like “(h)ighlights from some of our
favorite tax bloggers this week”.
Jeff Stimpson thinks I am “indefatigable”.
* EA Bonnie Lee explains the “Taxability of Life Insurance” at FOX BUSINESS.
“Nothing
in the tax code is straightforward or easy to understand, and that’s especially
true when it comes to life insurance with all the caveats, exceptions and
treatments.”
* Jason Dinesen’s client's ID-theft saga
with the IRS is over after 2 years, 3 months and 28 days. See the final chapter of the story – “Taxpayer Identity Theft - Part 18”.
* Another indication that true substantive
tax reform may not become a reality this year.
The WASHINGTON POST reports “Obama Says He’ll Work with GOP on Tax Reform, But Only if Money Saved is Spent to Boost Jobs”.
I thought the Democrats wanted the money
saved to reduce the deficit.
Actually BO is talking about
corporate/business tax reform –
“Obama
says he’s willing to work with Republicans to reform the tax code for
businesses. That would mean lowering rates but ending many loopholes and
deductions.
But Obama says
he’ll only do it if money generated is used for infrastructure, training and job
growth.”
The idiots in Washington must approach tax
reform without any “strings”. It must be
reform for reform’s sake – simplicity for simplicity’s sake. The reason to reform the Tax Code is because
it is a mucking fess – not to raise money or address any social issue.
Congress should obviously try to boost jobs
– but as a separate initiative that is not tied to reforming the Tax Code.
* Oi vey!
The POUGHKEEPSIE JOURNAL tells us that “40,000 N.Y. Tax Refunds Still Owed”
–
“About
40,000 filers still haven’t received their state income tax refunds in 2013,
but the state Department of Taxation and Finance says it expects the money to
be fully dispersed in the “upcoming days.”
Processing issues
with a state contractor have led to the extended delay in issuing tax refunds
to a contingent of taxpayers who filed their returns by paper, according to the
Tax Department.”
* Jim Blankenship answers the question “How is the Social Security Survivor Benefit Calculated?” in a 2012 post from
GETTING YOUR FINANCIAL DUCKS IN A ROW.
As one may expect, “(t)his is one of those very complicated and difficult to understand
areas of the Social Security universe”.
* Also from Jim a reminder that “Medicare is Not Automatic” -
“If
you’re nearing age 65, there’s something you need to know: unless you’re currently receiving Social
Security benefits (having filed early), you need to take action to make sure
you receive your Medicare benefits in a timely fashion.”
* Kelly Phillips
Erb, FORBES.COM’s TaxGirl, announces “It’s
that time of year again!” and wants to know “What Are Your Thoughts On Tax Policy?” -
“As I have done for the past few years, I’ll
be turning over the blog to my readers for the last week in August.
This year, I’m offering readers the chance to answer
one of three tax-related questions:
• Will allowing the health care act to remain in place
as written benefit or harm you as a taxpayer?
• There have been lots of calls this year to cut or
reduce IRS funding. Is that fair? Why or why not?
• One of the most controversial issues over the past
year has been the issue of corporate tax reform. Do corporations pay their fair
share? What, if anything, would you do to alter the current corporate tax
structure?”
Check out her post
for the details.
* Jamaal Solomon has launched a podcast
series - The Tax Factor Podcast. First
up – “Starting a Business”.
* BUSINESS USA.GOV offers a new “Health Care Changes Wizard” to “help you
understand what you need to know about new insurance options and other health
care changes as well as find health care related resources”.
* The NY POST reports “Tax Cheats About to Lose Their Licenses” –
“Gov.
Cuomo plans to announce a program today that allows New York to suspend the
driver’s licenses of taxpayers who owe more than $10,000, The Post has learned.”
TTFN
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