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

 

* The IRS has released the first-round of 2025 inflation-adjusted tax numbers.  Click here.  I will prepare my WHAT’S NEW FOR 2025 report when all the numbers are in.

* The latest federal disaster relief – “IRS help available to victims of Hurricanes Helene and Milton; May 1 deadline now applies to individuals and businesses”.

* And disaster relief from New Jersey (click here) – “The New Jersey Division of Taxation's general policy is to follow the latest federal guidelines provided by the IRS for special tax relief for taxpayers in the Presidential Disaster Relief Areas.”

* And, as NATP reports, also FBAR (not to be confused with FUBAR) – “FBAR deadlines postponed for victims of hurricanes Helene, Beryl and Debby, Tropical Storm Francine.”

* Kay Bell, the yellow rose of taxes, reports “New Tax Gap estimate hits $696 billion” at DON’T MESS WITH TAXES.

“The IRS calls this difference between projected true tax liability and the amount of tax that is actually paid on time the Tax Gap. . . An analysis of owed vs. payment projections for tax year 2022 shows an expected gross Tax Gap of $696 billion.”

* Stephanie Lai tells us about more frivolous tax proposals from Trump simply for the purpose of buying votes in “Trump considers no taxes for military, police and firefighters” at ACCOUNTING TODAY.

Instead of exempting the wages of police, firefighters, and the military from taxes Congress should exempt the flat clothing and expense allowances of police and firefighters from inclusion in W-2 income and allow police, firefighters, other first-responders, and teachers to deduct unreimbursed out-of-pocket expenses in excess of any flat allowance without limitation.

The limited educator expense adjustment to income is based on a good idea, but any deduction should be expanded to all unreimbursed expenses and to include police, firefighters, and other first responders. 

Actually, the itemized deduction for net unreimbursed expenses for all employees should be reinstated and not subject to any AGI limitation.

THE LAST WORD –

Absolutely nothing is more important for the future of America this November than –

1) keeping Trump out of the White House, and

2) keeping today’s Republicans from gaining control of the House, the Senate, state legislatures, and local school boards.

The election is not about specific political policies or issues – but about protecting and maintaining American freedoms and democracy and true American values.

If Republicans win America loses!

TTFN