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

* Michael Cohn reports “IRS to start tax season on Jan. 27” at ACCOUNTING TODAY.

Of course, before retiring the tax season would always begin for me on February 1^st.

* And Russ Fox tells us “IRS Extends California Fire Disaster Area Deadlines Until October 15^th” at TAXABLE TALK.

* Kay Bell provides a detailed list of “Tax statements you need to file your 2024 tax return” at DON’T MESS WITH TAXES.

* And Kay identifies “Questions to ask, and answer, before you tackle your 1040”.

A few notes –

If you received unemployment the state may not mail out your 1099-G form.  You may need to go online and print it out.  This is the case for NJ residents.

If you did “tie the knot” in 2024 and changed your last name, make sure you have notified the Social Security Administration of the change.  As I have said here many times (going back to 2007) –

“The IRS is very picky about matching names to Social Security numbers. If a Social Security number and name reported on your tax return does not match exactly the name in the files of the Social Security Administration the IRS will remove the name and dependency exemption of that person and automatically recalculate the tax liability as Head of Household, Married Filing Separately or Single.

If you have changed your last name as a result of marriage or divorce during {the year} make sure to notify the Social Security Administration of the change before filing your tax return. You do this by submitting a Form SS-5 to request a new Social Security card. Go to www.ssa.gov/ssnumber.”

BTW, the link still applies.

THE LAST WORD

We must NEVER accept Trump as President, attempt to work with him, or treat him as any other President.

Trump is dangerous.  We must vocally and aggressive oppose, denounce, and fight everything Trump attempts to do as President.  And treat him as the danger to American freedoms, democracy, and justice that he is.

TTFN

A SAD DAY

 

How sad for America and the world that a totally worthless piece of garbage, a truly deplorable and despicable human being, a convicted felon and indicted traitor, completely devoid of intelligence, character, integrity, honor, humanity, sympathy, and empathy who does not possess a single redeeming positive human quality or value, who does not care one ounce about anyone or anything but himself and who has never performed a single totally unselfish act in his entire adult life will be sworn in as 47^th President of the United States today. 

For the next 4 years it will be very literally impossible to believe anything that is said by the President of the United States!

It is vital for the future of our freedoms and our democracy that every intelligent and patriotic American with a conscience aggressively oppose and denounce and fight to defeat every action attempted by Trump and today’s racist and repressive Religious Right controlled Republican Party, and going forward to defeat every Republican candidate for every office in every election at every level.

TTFN

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

 

The first BUZZ of 2025!

* ACCOUNTING TODAY tells us “Private debt collectors recovered fraction of tax debts” – (highlight is mine)  

“TIGTA found that since April 2017, the IRS has assigned the PCAs more than 7.6 million taxpayer accounts, worth more than $64.9 billion. By March 2024, the PCAs had successfully collected more than $2.4 billion in payments.”

I have always opposed the use of private collection agencies – and this report proves that they are not effective.

*  KIPLINGER.COM provides “Two for One:Best and Worst Places to Retire in America”.

No surprise – my former home state of NJ is #49 – the second worst place to retire.  My current home state of PA is #10 on the best place list.

What is surprising is that Florida is considered the best place to retire – odd considering it’s repressive and fascist state government.

* And NJ is #2 – on the list of “The 10 states with the highest property taxes on homeowners” from ACCOUNTING TODAY that is.

The Garden State was beat out for the #1 spot by Illinois.

* Over at TAXABLE TALK Russ Fox has announced “The 2024 Tax Offender of the Year”.

* Andy Weiner explains “Why Filing A Tax Return Is More Important Than Paying Tax” at FORBES.COM.

THE LAST WORD

 A not so fun fact:

Trump won the popular vote in 2024 by less than Hillary won the popular vote in 2016.

Trump won by 2.3 Million votes.  Hillary won by 2.9 Million votes.

Yet the outdated Electoral College put Trump in the White House both times.

TTFN

A VERY IMPORTANT MESSAGE FOR JOURNALISTS AND BLOGGERS!

 

This post, which I issue every year at this time, is for all of the journalists and bloggers out there.

When writing about taxes this filing season DO NOT advise your clients to ask, consult, contact, or talk to your CPA or a CPA!

The correct advice is – ask, consult, contact, or talk to your or a tax professional.

The mere existence of the initials “CPA” after a person’s name does not in any way, shape, or form indicate that he or she knows his or her arse from a hole in the ground when it comes to preparing 1040s.

The initials related to competence in preparing 1040s are EA for Enrolled Agent.

A particular CPA may indeed be competent and experienced in preparing 1040s, and many are, but it is only because of the education, training, experience, and other factors that are unique to that specific individual, and has nothing whatsoever to do with the initials “CPA”. 

And that specific individual is just one of your many choices among tax professionals.

Got it?

TTFN

 

2025

 

By embracing and supporting Trump as its 2024 Presidential candidate today’s Republican Party and its leadership and elected officials have proven beyond any doubt that it does not care one ounce about American freedoms and democracy, true American values, the Constitution, and the rule of law.

In the entirety of US history Trump is the absolute worst human being to hold the office of President, and the absolute worst choice for President, or any elected or appointed office of power.

In 2025 we must vocally and aggressively oppose and denounce Trump and today’s Republican Party and its racist and repressive plans and policies while continuing to call for holding Trump legally responsible for his multitude of state and federal crimes.

And we must work to defeat every Republican candidate for every election at every level.

TTFN

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

 

The last BUZZ of 2024!

* The Instructions for the 2024 Form 1040 and 1040-SR are available at the IRS website.

* Here is some good news for 2025, a year that very likely could be a disaster for the US and the world (i.e. Trump presidency).  Key Bell reports “IRS sending up to $1,400 to1 million who missed out on COVID stimulus checks in 2021” at DON’T MESS WITH TAXES –

“The Internal Revenue Service is sending out holiday gifts this month to around a million people. The recipients are people who were eligible for, but did not claim, the 2021 Recovery Rebate Credit (RRC).

By the end of next month, they should have the funds in hand, or directly deposited into their bank accounts.”

Why?

“The IRS examination of its records found that around one million eligible taxpayers who did not automatically get an EIP also did not claim the tax credit. While they filed a 2021 tax return, they left the data field for the Recovery Rebate Credit blank or filled out that section as $0 when they actually qualified for the credit.”

* ACCOUNTING TODAY identifies “The best and worst states for individual taxes in 2025” as per a recent Tax Foundation study.

My former home state of New Jersey is making progress.  The Garden State is no longer last on the list.  It is #48 – the 3^rd least competitive state for individual income taxes for 2025. 

* The latest in the FinCEN BOI saga: “Updates to Beneficial Ownership Information Reporting Deadlines – Beneficial Ownership Information Reporting Requirements Now in Effect, with Deadline Extensions” -

“In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN.”

* But wait – Russ Fox just reported “I’m Not Making This Up: BOI Is Stayed Again” –

“ . . . the 5th Circuit Court of Appeals has reversed the previous ruling, and once again the Beneficial Ownership Information (BOI) reporting requirements of the Corporate Transparency Act (CTA) are again stayed nationally.”

THE LAST WORD

There is nothing to celebrate about 2024 and the approaching 2025.  November 2024 saw the re-election of the absolute worst human being to hold the office of President, and the absolute worst choice for President, or any elected or appointed office of power, in the history of the United States.

By embracing and supporting Trump as its 2024 Presidential candidate today’s Republican Party and its leadership and elected officials have proven beyond any doubt that it does not care one ounce about American freedoms and democracy, true American values, the Constitution, and the rule of law.

In 2025 we must vocally and aggressively oppose and denounce Trump and today’s Republican Party and its racist and repressive plans and policies while continuing to call for holding Trump legally responsible for his multitude of state and federal crimes.

And we must work to defeat every Republican candidate for every election at every level.

From a tax point of view – expect substantial federal tax legislation to be passed sometime in 2025.

TTFN

MERRY CHRISTMAS!

 A Marshmallow World - Dean Martin and Frank Sinatra