* Have you seen the premiere issue of my
new FREE monthly tax planning and preparation newsletter ROBERT D FLACH’S THE 1040 LETTER yet? What are you waiting
for? You are welcome to share it with
friends and family and colleagues, co-workers, and clients.
* Arielle O'Shea explains “How to Roll Over a 401(k) to an IRA” at NERDWALLET (highlight is mine) -
“When
it comes to a 401(k), you can take it with you.
In
fact, you probably should, in the form of a 401(k) rollover. But making the
most of the money you’ve built up means performing the rollover correctly.
Here’s the four-step process for how to roll over a 401(k) to an IRA. As with any big decision, it’s always good
to know your options before you go all in, so let’s start there.”
* A good lesson about how to properly
conduct business as an LLC from Paul Neiffer at FARM CPA TODAY - “LLC Does Not Provide Legal Protection (if you mess up)”.
While Paul discusses it from a farm
perspective his advice applies to all LLC activities.
Paul lists what a court would look at to
determine where liability exists if there is an accident, the first being –
“Does
the LLC have a bank account? If not, the
court will likely assume that there is no business since a business need a
checking account.”
Paul is correct when he concludes – “For me, the most fatal flaw is not having a
checking account”. It is vitally
important that you maintain a separate checking account for the LLC or any
self-employed business activity.
Years ago a fellow blogger condemned me for
giving bad advice when I said that every self-employed business activity must
have a separate banking account. Time,
and every other reputable blogger and business advisor as well as the courts,
have proven me to be right.
* The TAX
FOUNDATION has released “Options for Reforming America's Tax Code”. I haven’t had a chance to read it yet – but
may post about it when I do.
* Hey, if you
haven’t already done so do me a favor and download the free sample issue of my
other new monthly newsletter BOBSERVATIONS and let me know what you think.
* FYI from CCH TAX
NEWS HEADLINES – “IRS Announces Interest Rates Unchanged for Calendar Quarter Beginning July 1, 2016 (IR-2016-84; Rev. Rul. 2016-12)”.
* Fellow tax
professionals – join me in the campaign to reform the mucking fess that is the
US Tax Code by joining TAX PROFESSIONALS FOR TAX REFORM.
* TaxGirl Kelly
Phillips Erb tells us the “IRS Taxpayer Transcript Service Back Online” at
FORBES.COM –
“The Internal Revenue Service (IRS) has
announced that the ‘Get Transcript’ tool is back online and it has a more
rigorous e-authentication process. The process, according to IRS, will
significantly increase protection against identity thieves impersonating
taxpayers to access tax return information through the website.”
* Over at DINESEN TAX TIMES Jason Dinesen
begins a discussion of “501(c)(3) vs. 501(c)(4) vs. 501(c)(7)” with “Part 1”.
The discussion concerns the different types
of tax-exempt non-profit organizations.
* And Jason adds “Net Operating Loss” to
his Glossary post series.
* Another FYI - news from the NYS
Department of Taxation and Finance – “New ‘One-Stop Shop’ Webpage Highlights Variety of Tax Credits and Incentives Available to Business Owners”
* Russ Fox of TAXABLE TALK reports on a
major state tax agency FU in “Withholding Notice Snafu in California” –
“The
Franchise Tax Board, California’s income tax agency, apparently issued a
boatload of withholding mismatch notices. Some (but not all) of those notices
appear to be in error; additionally, the FTB’s phone and chat lines have been
swamped.”
Some good tax advice worth constant
repeating – NEVER assume a balance due
notice you receive from the IRS or a state tax agency is correct. If you receive correspondence from the IRS or
a state tax agency send it to your tax professional immediately.
* Not to be outdone by the west coast, the
east coast also FUs on tax notices. Kay
Bell gives us the word that “CT DMV computer mess messes up 50,000 auto tax bills” at DON’T MESS WITH TAXES.
THE FINAL WORD
Right on brother Josh Barro at BUSINESS
INSIDER!
In “Hoping Donald Trump will change his entire personality is not a strategy” Josh correctly observes –
“They
say there are five stages of grief: denial, anger, bargaining, depression, and
acceptance.
Establishment
Republicans went through all of them with regard to Donald Trump, and now have
come all the way back around to denial.
They're not in
denial that he will be their nominee, like they were last fall and winter.
They're in denial about who he is. They believe, if he is handed immense power,
he might turn into a reasonable person.
Here's a news flash
for anyone who is thinking this way: Donald Trump was an impetuous child
yesterday, he is one today, and he will be one tomorrow.”
And (highlight it mine) -
“Trump
loves arbitrary exercises of power. Given the power of the presidency, who is
to say he won't become even more unstable and dangerous? Why would anybody
assume that handing him massive power would make him more responsible rather
than less?
The only defensible
thing is to look at this man and say he cannot possibly be made president.
Anyone who supports him on the basis that he might change for the better is
engaging in pathetic self-deception — and proposing
to risk the country's entire future on a foolish bet.”
And one more development about Trump just
released – from USA TODAY “Hundreds allege Donald Trump doesn’t pay his bills”.
Republican leaders need to grow some balls
– call a spade a shovel – and just say NO to dangerous buffoon Donald Trump!
TTFN
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