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

 

* Great news!  ACCOUNTING TODAY reports “Trump companies convicted in New York criminal tax fraud trial” -
 
“Donald Trump's company was found guilty of engaging in a tax fraud over more than a decade, in which executives including former chief financial officer Allen Weisselberg evaded taxes on company-paid perks including free apartments and luxury cars.”
 
I am glad to hear that in addition to a $1.6 Million fine – “The firm faces ‘a host of intangibles,’ said Bennett Gershman, a professor at Pace University's law school. ‘The parent company, as a felon, could be barred from having contracts with government agencies, and it could make it more difficult to do business with banks,’ Gershman said in an interview before the verdict. ‘This is a big deal.’"
 
Unfortunately Trump himself wasn’t charged.
 
Let us hope this is only the first of many more convictions for Trump and his criminal empire.
 
* “IRS announces tax relief for severe winter storm and snowstorm in New York” –
 
“Victims of New York severe winter storm and snowstorm beginning November 18, 2022, now have until March 15, 2023, to file various individual and business tax returns and make tax payments.
 
. . . individuals and households affected by the severe winter storm and snowstorm that reside or have a business in Cattaraugus, Chautauqua, Erie, Genesee, Jefferson, Lewis, Niagara, Oneida, Oswego, St. Lawrence, and Wyoming counties qualify for tax relief.”
 
* TaxGirl Kelly Phillips Erb discusses what you need to know for “Figuring Tax on Year-End Bonuses, Gifts, and Perks at the Office” at her BLOOMBERG.COM blog.
 
* This week’s BOBSERVATIONS post is about "The Bayonne Bleeder”.
 
* Russ Fox talks about the frustrations of dealing with the IRS in “IRS: Don’t Call Us, Don’t Write Us” at TAXABLE TALK.
 
I never call the IRS about anything.  I do not trust that the person to whom I am speaking will tell me the truth – I have been lied to in the past.  I always contact the IRS via postal correspondence – because I want a written confirmation of both my request/question/explanation and the Service’s response.  Of course, when writing to the IRS it takes many many months for a response or resolution even in the best of times.
 
* Over at KIPLINGER.COM Michael Aloi identified “3 IRA Mistakes That Are Potentially Costly, Yet Simple to Avoid” back in late October.
 
TTFN