Tuesday, January 22, 2019
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* A LINKED IN item from Jamaal Solomon, EA, I believe quoting the Washington Post, gives us some bad news regarding the IRS and Trump’s shutdown -
“The government shutdown is hampering the Internal Revenue Service’s ability to prepare for the first filing season under the new Republican tax law, complicating the work of the agency tasked with implementing the biggest overhaul of the tax code in three decades.
Training for IRS employees on the new law have been postponed. Hundreds of centers that help taxpayers navigate the tax code will be closed for the duration of the shutdown. New regulations clarifying the more complex parts of the law are coming out at a significantly slower pace, and tax attorneys and accountants report struggling to get IRS officials on the phone for help.”
This actually doesn’t directly affect the tax season operations of my practice. I NEVER call the IRS for anything – to be honest, based on past experience, I don’t trust the person on the phone to tell me the truth. But it does affect taxpayers who are trying to get help from the IRS.
* Staying with Trump's shutdown, Kelly Phillips Erb, the FORBES.COM “Taxgirl”, reports “Yes To Refunds, No To Audits: What To Expect From IRS During The Shutdown”.
For the official word check out “IRS Operations During the Appropriations Lapse”.
* And KPE also reminds us of “Due Dates For Your W-2, 1099 & Other Tax Forms In 2019 (And What To Do If They're Missing)”.
* Over at CNBC.COM a different Kelly – actually a Kelli - Kelli B. Grant tells us “What to know before you take an advance on your tax refund”.
Want to know what I think you should know before you take an RAL? Think it is a terrible idea – and NEVER take a Refund Anticipation Loan or advance from a tax preparer. Especially from Henry and Richard or other fast food (with regards to service but not cost) commercial tax preparation chains.
As Kelli suggests, if you need money that badly “consider other options”.
* Before you begin to work on your 2018 Form 1040 you may want to read my book THE GOP TAX ACT AND THE NEW 1040.
* Trish McIntire asks “Are You Sure You're Ready?” at OUR TAXING TIMES.
* Over at DINESEN TAX TIMES Jason Dinesen takes a look at “Rental Owners, 1099s, And the New QBI Guidance” in light of the recently released IRS Revenue Procedure.
* Speaking of the stupid, unnecessary and convoluted “Section 199a” deduction (20% of “QBI”), Tony Nitti provides an extensive and detailed (12,000 plus-or-minus words long) tutorial on the subject in “IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together” at FORBES.COM.
* If you just want a basic lesson in the thing you can read “The 20% Qualified Business Income Deduction: Section 199A” by Manasa Nadig at TAX CONNECTIONS.
THE LAST WORD:
Let's face it. Trump should NOT be, and NEVER should have been allowed to become, President of the United States. There is absolutely nothing about him ever to make anyone think he should be President. This is proven every single day he remains in office.
What unpresidential, unconstitutional, unethical, illegal, wrong, or just plain stupid act by Trump will it take for the Republican Party to say "enough is enough" and denounce and disavow the arrogant moron?
Is there nothing they won't overlook?