* Some wise words
from “Voices: Why tax reform is so fiendishly difficult in the U.S.” at
ACCOUNTING TODAY (highlights are mine) –
“The
U.S. tax system is such an atrocity of self-defeating complexity that it offers
enormous scope for improving both fairness and efficiency -- an overhaul that should please liberals
and conservatives alike. But to grasp this possibility, both parties need to
start looking for ways to agree, not disagree.”
And -
“The core of successful tax reform -- last
achieved in the U.S. more than 30 years ago -- must be an effort to limit, and
as much as possible eliminate, deductions and other preferences from personal
and corporate taxes, while using the proceeds to lower tax rates.”
And -
“In principle, making the Tax Code more fair
and efficient isn’t hard. If tax reform fails to happen, it will be partly
because of the power of special interests, which jealously guard the status
quo. But it will be mostly because of
Washington’s dysfunctional parties, which want to embarrass their opponents
more than they want to help their constituents.”
* Speaking of tax
reform – this week’s post at THE TAX PROFESSIONAL is “Tax Reform – A Better Way”. Taxpros – please check it
out. And please share it with co-workers
and colleagues.
* “Is your college scholarship taxable? Probably not.” So
says Kay Bell at DON’T MESS WITH TAXES.
* Kay has also updated
her 2009 post “Hobby or business? Taxes either way”
* And for the trifecta Kay lists “4 tax tips for new businesses”.
She forgets an important 5th tip
– seek out and engage an experienced tax
professional!
* We return to ACCOUNTING
TODAY, which goes further on this topic with a slide show of “6 Tax Tips for Start-ups”. It adds another “must-do” –
Keep Good Records.
*
Jason Dinesen proves once again what I have been saying for years – the answer
to just about any tax question, except “Should I cheat?”, is “It depends!” – in
dealing with the question “What is the Income Threshold for Going from Sole Proprietor to S-Corp?” at DINESEN TAX TIMES.
Despite what most lawyers will tell you,
the decision to incorporate a business activity is not a “no-brainer”, and
truly depends on the specific facts and circumstances of the specific
situation.
* Do you know "The Earliest Age You Can Withdraw Retirement Money Without Penalty“? Jim Blankenship tells you at GETTING YOUR
FINANCIAL DUCKS IN A ROW.
Hint – it’s a trick
question and the answer is not necessarily what you think it is.
* An answer to an Ask
The Taxgirl question from Kelly Phillips Erb, FORBES.COM’s TaxGirl, in “Filling Out A Form W-9 When You're Paid In Cash”.
* For those going
Back to School Sarah Brenner counts down “10 Things You Must Know about Using your IRA for Educational Expenses” at THE SLOTT REPORT.
THE LAST WORD
Trump's
"unique take on accuracy"- he never tells the truth! He never has told the truth in his lifetime!
Watch this video
from CNN on “Trump and the Truth”.
And, Republicans,
please watch this video from Keith Olbermann –
TTFN
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