Tuesday, June 19, 2018
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
First, some shameful self-promotion. Sorry to be so “Trump-like”.
* Want to know “What’s New For 2018” in taxes? I have a compilation of the inflation and cost of living adjusted numbers you need to know for 2018 federal tax planning and return preparation, incorporating all the changes enacted by the GOP Tax Act, that is available as a pdf email attachment for only $1.00! A print version sent via postal mail is only $2.00. It is available from MY DOLLAR STORE.
* And, of course, there is also my book THE GOP TAX ACT AND THE NEW 1040 with tax planning and preparation advice and information for dealing with the new tax laws. It is available in pdf format, print format, and as an e-book for reading on Kindle.
* Finally, check out my FREE report “GETTING READY TO PREPARE YOUR 2018 TAX RETURNS”.
And now, on to the BUZZ -
* I mentioned this issue last week, but here it is from the “mouth” of National Taxpayer Advocate Nina Olsen in her NTA BLOG – “One Year Later, The IRS Has Not Adjusted Its Private Debt Collection Initiative To Minimize Harm To Vulnerable Taxpayers”.
“Since the IRS implemented the private debt collection (PDC) initiative last year, I have been concerned that taxpayers whose debts are assigned to private collection agencies (PCAs) will make payments even when they are likely in economic hardship – that is, they are unable to pay their basic living expenses. As discussed in my 2017 Annual Report to Congress, this is exactly what has been happening.”
* Ken Berry, not the MAYBERRY RFD and F-TROOP actor (showing my age), reminds us “Section 529 Plans Can Now Be Used for Private Elementary and High Schools” at CPA PRACTICE ADVISER.
* THE TAX FOUNDATION has a new interactive tool called “Mapping 2018 Tax Reform” that identifies the average tax savings for individuals from the GOP Tax Act.
Enter a state and an Adjusted Gross Income (AGI) range and find the average tax savings.
Click here to learn the methodology behind this interactive tool.
* And the TAX FOUNDATION tells us that New Jersey is almost last on another list. The list - “How Well Funded Are Pension Plans in Your State?”
Only two states are worse than NJ (in this situation).
* Some good news for the taxpayer consumer from Michael Cohn at ACCOUNTING TODAY – “H&R Block plans to close 400 tax prep offices”. And, in my opinion, good news for the tax preparation industry in general.
* Kay Bell talks about foundations and tax-exempt organizations in “Tax-exempt system underspotlight in wake of Trump Foundation's legal problems” at DON’T MESS WITH TAXES.
The “inspiration” for the post is the news that the New York Attorney General is filing a lawsuit against Donald J. Trump's charitable foundation. I truly look forward to Donald T Rump being escorted out of the White House in handcuffs when found guilty of tax fraud.
THE FINAL WORDS
CNN explains “The proper way to view the Trump Foundation scandal”.
“It is not about any particular improper payment by the ‘charity’. It is about Trump's blatant and persistent practice of lying to people, then taking their money, and acting as if no law or regulation or governmental authority ever applies to him.”
Donald T Rump truly is “a con man with an unbreakable habit of fraudulent behavior, never to be trusted.”