Monday, December 18, 2017
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
The big BUZZ of the end of last week was the result of the conference committee on the GOP tax bill. I will not discuss the specific results here until a final bill has been passed and signed into law.
* A reminder – did you see my post on the new 2018 standard mileage allowance rates? Click here.
* The first of what I expect to be many similar announcements – the DES MOINES REGISTER reports “Iowa tax refunds will be delayed again in 2018” -
“Iowans can again expect longer wait times for state income tax returns in 2018, state officials said Monday.”
The reason for this delay, and the many more that will no doubt be forthcoming, is clearly, as the news item explains, an attempt to “double down on fraud prevention”. Despite the potential inconvenience from the delays, this “doubling down” is certainly a good thing.
* Kelly Phillips Erb, FORBES.COM’s TaxGirl, has begun posting her annual “12 Days Of Charitable Giving” series. The charities she has highlighted so far are -
* Jason Dinesen deals with the confusion in “What Tax Benefits Does Form 8332 Give?” at DINESEN TAX TIMES -
“With a Form 8332, the non-custodial parent can claim the dependency exemption for the child and also claim the child tax credit — but no other tax benefits associated with the child. The CUSTODIAL PARENT remains eligible to use that child for tax benefits such as: head of household filing status, the earned income credit, and taking the credit for daycare expenses.”
* Today at THE TAX PROFESSIONAL – "What Is Considered Prepaid Income Taxes?".
* In light of the potential change to the Tax Code the TAX FOUNDATION asks “Does Your State’s Individual Income Tax Code Conform with the Federal Tax Code?”.
As I have said in the past – changes in the GOP Tax Act will most definitely affect many state income tax returns. Except for NJ and PA, coincidently the home of my clients and my home.
THE FINAL WORDS
Did you know that at the beginning of each cabinet meeting Donald T Rump has the members sing the hymn “How Great Thou Art”?
This is not to pander to his evangelical base, or to maintain the lie that he is actually a practicing Christian. Trump actually thinks the song is about him!