WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

* Good news - there is a new “issue” of THE LAKE REGION SOMETHING!

* Jeff Stimpson of ACCOUNTING TODAY posed the question “The art of the steal: Will reform fight tax cheats?” to tax professionals. 

Like many of those who responded, I, too, am pessimistic.  The so-called “tax reform” of the GOP Tax Act will not reduce tax cheats - it maintained and increased the refundable tax credits, which are magnets for tax fraud, and added substantial complication with the Section 199a deduction.  

* The third failure for this inappropriate program.  ACCOUNTING TODAY discusses a report by the Treasury Inspector General for Tax Administration (TIGTA) that found “Private collectors aren’t collecting much tax revenue”.

This program is clear proof that the idiots in Congress firmly believe that “if it doesn’t work keep on doing it!”

* An ACCOUNTING TODAY trifecta.  It also reported “Senate confirms Rettig as IRS commissioner”.

* MOTLEY FOOL correctly identifies “3 Reasons Your Higher 2018 Standard Deduction Might Not Help You at Tax Time”.  However motley “he” may be, he is certainly no fool.

It is a fact that taxpayers will not receive the full tax benefit of the advertised nearly doubling of the Standard Deduction – due, as the post explains, to the loss of the personal exemption deduction.

* As Kay Bell says, this information is a bit too late for some businesses, but still important information for future reference - “5 disaster preparedness moves for businesses”.

* Kelly Phillips Erb expands the issue to include all taxpayers in “As Hurricane Florence Approaches, All Taxpayers Should Take Steps To Protect Important Documents” at FORBES.COM.

* Staying with FORBES’COM’s TaxGirl, KPE reveals the “Projected 2019 Tax Rates, Brackets, Standard Deduction Amounts And More".

As Kelly points out, these are only projected numbers for 2019 – not the official IRS numbers – calculated by Bloomberg Tax based on the announced change in the Consumer Price Index (CPI).  A Bloomberg spokesman explains –

“While the IRS won’t announce actual inflation adjustments for next year for some time, our projections help taxpayers and tax planners get a jump start on the 2019 tax planning season by allowing them to more accurately estimate their tax liabilities for the upcoming year,”

Another trifecta – this time for TaxGirl KPE – “Helping Out After Hurricane Florence: Where, What & How To Donate”.

* If you haven’t already heard, the IRS is providing “Tax Relief for Victims of Hurricane Florence in North Carolina”.

* CPA ADVISOR tells us “IRS Amnesty Program Ends Sept. 28, Has Resulted in $11 Billion in BackTaxes”.

The success of this targeted federal tax amnesty program should cause Congress to look at a general federal tax amnesty program, with elimination of penalties and reduced interest charges, for taxpayers with current outstanding balances and previously unreported income – similar to the many successful state amnesty programs. 

I have been calling for a general federal tax amnesty program for years.  For example, my 2014 TWTP post “What About A Federal Tax Amnesty?”.  

THE LAST WORD

Wow – a Republican with intelligence, courage, and actual concern for the country and the world!  There are sadly too few.

I am talking about former NJ Governor Christie Todd Whitman, who I used to refer to with my tax clients as “Aunt Christie” when she was in Trenton.

Here is some of what she has recently said (highlights are mine) - 

“I’m someone who has served as a Republican governor. I’ve served two Republican administrations, I grew up as a Republican.  There are times when you just put policy ahead of politics. You’ve got to call out this man. I believe he should resign and I think Republicans should at least start to move in that direction.”

“The language that he uses, his demonizing people, his dismissing people and marginalizing them has always been problematic as far as I was concerned.  His attitude toward government has been an issue. I think he’s undermining some of the very basic tenets that really form our democracy.”

“Privately there’s a lot of frustration on Capitol Hill. There are a number of members who know that this behavior is not benefitting the presidency. They know it’s doing damage to us long-term on several of the policy issues and the environment and other areas.”

She calls on fellow Republicans to put “the country ahead of your party.” 

Right on, CTW!

TTFN