THE WANDERING TAX PRO
Up-to-the-minute advice, information, resources, and, on occasion, commentary on federal and New Jersey state income taxes, and the various New Jersey property tax rebate programs, and insights and observations on tax policy and professional tax practice, by 45+-year veteran tax professional Robert D Flach.
The AICPA continues to oppose any program
that identifies individuals who have proven competency and currency in
preparing 1040s.They feel CPA’s “own”
the tax preparation industry and continue to try to maintain the bogus “urban
tax myth” that CPAs are 1040 experts.
The AICPA claimed its members were injured
parties because they could lose business to the voluntarily registered
preparers.Of course CPAs will lose business if there is a way to properly
identify tax preparers who remain current in 1040 tax law – and they should!
My move from NJ to
PA continues to pay off - $100 is only worth $87.34 in NJ, but $101.83 in
PA!It looks like NJ is fourth from the
bottom on the list – ahead of only NY, Hawaii, and Washington, DC.It looks like you get the most bang for your
buck in Mississippi.
the 2016 Summer Olympics starting this week in Rio de Janeiro, members of
Congress are again doing their version of the ‘USA, USA’ chant. They've
introduced legislation that would make the money won by U.S. Olympic medalists
* Staying on this topic, Kyle Pomerleau asks the question “Should Olympic Prize Money Be Taxed?” at the Tax Foundation’s TAX POLICY BLOG.Here is Kyle’s answer, which I tend to agree
makes sense for the IRS to tax this prize money. Olympic athletes, just as most
athletes, earn part of their income competing in events and earning prize
money. For example, tennis players who will participate in the 2016 U.S. Open
will compete for a total prize pool of $46 million. The winner of the men's and
women's singles will each get $3.5 million. This prize money is income just as
a teacher’s salary is income and is taxed as such. It does not make sense to
exempt a specific source of income earned by a specific profession from the
income tax, but tax all the income earned by everyone else.”
What do you think?
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THE FINAL WORD
Does this remind you of anyone?
Narcissistic Personality Disorder DSM IV Criteria:
Definition: A pervasive pattern of
grandiosity (in fantasy or behavior), need for admiration, and lack of empathy,
beginning by early adulthood and present in a variety of contexts, as indicated
by five (or more) of the following:
(1)Has a grandiose sense of self-importance (e.g., exaggerates achievements
and talents, expects to be recognized as superior without commensurate
(2)Is preoccupied with fantasies of unlimited success, power, brilliance,
beauty, or ideal love;
(3) Believes that he or she is "special"
and unique and can only be understood by, or should associate with, other
special or high-status people (or institutions);
(4)Requires excessive admiration;
(5)Has a sense of entitlement, i.e., unreasonable expectations of
especially favorable treatment or automatic compliance with his or her
(6)Is interpersonally exploitative, i.e., takes advantage of others to
achieve his or her own ends;
(7)Lacks empathy:is unwilling to
recognize or identify with the feelings and needs of others;
(8)Is often envious of others or believes that others are envious of him or
(9)Shows arrogant, haughty behaviors or attitudes.
Is this the man you
want as President?
want to learn how to pay the absolute least amount of federal and state income
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