Tuesday, July 3, 2018
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* Howard Gleckman tells us “Trump Threatens To Raise Taxes On One Company For A Business Decision He Doesn’t Like. This Is Dangerous” at TAX VOX, the blog of the Tax Policy Center.
Everything Donald T Rump does is dangerous for the future of America and the world. He is a fucking idiot.
If Trump wants a tax for HD for making its product overseas will he and his daughter also pay the increased tax? Their companies make nothing in the United States (except money).
* Robert W Woods deals with the issue “Emotional Distress Damages Are Taxable, Physical Sickness Damages Are Not, How Come?” at FORBES.COM.
* National Taxpayer Advocate Nina Olsen has released her “FY 2019 Objectives Report to Congress”.
Part 2 of this report describes “20 of the most serious problems facing taxpayers”. Nina’s Item #1 under the category of Significant Challenges in Tax Administration is –
“PRIVATE DEBT COLLECTION: The IRS’s Private Debt Collection Program Is Not Generating Net Revenues, Appears to Have Been Implemented Inconsistently with the Law, and Burdens Taxpayers Experiencing Economic Hardship”
* And the IRS TAXPAYER ADVOCATE SERVICE has created a “Tax Reform Changes” website -
“The Tax Reform Changes website shows you how the new tax law may change your future tax filings and helps you plan for these changes. Currently the site addresses the most common 2017 IRS Form 1040, US Individual Income Tax Return topics and whether the tax law has changed or not. It provides line by line explanations and scenarios to describe how the new law may affect you. You can also sign up to receive email notifications as the website is updated with new tax law information.”
* Great minds do think alike. Fellow tax blogger beat me to the punch with his post on the ridiculous new postcard1040 (see my post from yesterday here) in “The Amazing, Incredible, Expanding Postcard!” at TAXABLE TALK on Friday.
Russ calls a spade a shovel -
“It’s time to be honest: Nothing has gotten simpler. Indeed, I would argue everything about the 2018 tax return has gotten far, far more complex.”
* The only list of most taxed states that NJ is not in top 5, but PA is #1 – “Gas Pains: States Where You Pay the Highest Gasoline Taxes”, from MONEY WISE.
Actually, NJ is not on the list of most-taxed or least-taxed states.
* Jim Blankenship talks about “Designated Roth Account (Roth 401k) Distributions” at GETTING YOUR FINANCIAL DUCKS IN A ROW.
* The TAX FOUNDATION explains “State Tax Changes Taking Effect July1, 2018.”
Nothing here I, or any of my clients, have to deal with.