Saturday, October 27, 2012
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’
Still enough BUZZ left over for a Saturday entry.
* Don’t forget to take advantage of my “October Half Price Sale”.
* Joyce M. Washington gives the correct answer to the question “Do I Really Need A Separate Checking Account For My business?” at COMMON CENTS.
“YES, you do need a separate checking account for your business”.
* Bonnie Lee lists “Five Tax Tips for Non Filers” at FOX BUSINESS.
If you do not file a federal income tax return, and are required to, the IRS will eventually prepare one for you based on income information in its matching system. The IRS-prepared return will use the worst possible filing status, not include any dependents or deductions, and assume that the cost basis of any investments sold is “0”.
Obviously if you receive a bill from the IRS based on a “reconstructed” return do not pay the amount due, but contact a tax professional immediately.
I wrote a post on the subject here at TWTP in 2008 titled “What Happens if You Do Not File Your Federal Income Tax Return”.
* Another example of why refundable tax credits are bad. WRAL in North Carolina reports that according to “Investigators: Child Tax Credit Allows Fraudsters a Chance to Cheat” (highlight is mine) -
“North Carolina is part of what federal investigators call a nationwide tax fraud scheme among suspected illegal immigrants. It’s a system auditors believe invites fraud and abuse topping more than $4 billion a year.
WRAL Investigators found federal reports dating back more than a decade that warned the Internal Revenue Service about the problem. Yet, the IRS has done little to fix it.”
* TAXPRO TODAY asked Harlan Rose, president of the National Society of Accountants, “What is the biggest challenge facing tax preparers today?”.
His answer –
“Congress’ lack of ability to pass tax laws during earlier sessions at the beginning of a year and not at year-end for retroactive rules. Congress reconvenes during December and may pass laws effective for the entire 2012 year on a December 26 date. This lateness affects a preparer’s ability to plan, software companies are delayed in offering up-to-date programs and the IRS cannot get its computers programmed to e-file. This is happening with the 2012 extenders.”
They really are idiots, aren’t they?
* Howard Gleckman does a good job of explaining “What Is Barack Obama’s Tax Plan?” at TAX VOX.
THE LAST WORD:
Baba Wawa recently commented on Donald Trump’s latest play for attention on “The View”.
“Donald, you and I have known each other for many years, and you know that I am your friend, and I think you are a brilliant businessman, and you are great on television and you have a fascinating personality. Donald, you’re making a fool of yourself.”
Barbara was right on only one item – he did make a fool of himself.
Witless wonder Tronald Dump, as he is referred to in the unique pig latin of the Capital Steps comedy troupe, is NOT a brilliant businessman, is NOT great on television, and does NOT have a fascinating personality. He is a self-absorbed fool who loves the sound of his own voice and, pardon my French, undeservedly thinks his shit is ice cream. Nobody with any intelligence takes him seriously.
Donald Trump makes a fool of himself every time he opens his mouth.