Friday, May 10, 2013
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
* It appears that I am not the only wandering tax pro. Peter Reilly tells of a recent wandering in “Searching for a Little Piece Of New Jersey in Virginia” at FORBES.COM.
* Trish McIntire deals with “Taxable Income Myths” at ANSWERS.COM.
Of special note is her answer to “If no W-2, W-2G or 1099 is received, the income doesn't have to be reported right?”
* JK LASSER asks “Are You a High-Income Taxpayer?” and tells you what additional taxes you will be faced with in 2013 and beyond if you are.
Unfortunately I am not.
* Jason Dinesen continues to keep those of us who are interested up to date on same-sex marriage tax issues with a two-part series on "Same-Sex Marriage, Community Property, and Multi-State Income" at DINESEN TAX TIMES.
The community property tax laws are a real PITA – and I am glad that I do not have to deal with them.
* Over at BARGAINEERING Miranda Marquit explains “Proposed Retirement Cap: More People Could Be Affected Down the Road”.
While Miranda ends her guest post with the question “What do you think of the cap? Do you think it’s a good idea? Or a bad idea?”, blog author Jim Wang’s promoting “tweet” asks “Is the government's proposed cap on retirement accts a bad idea... or a BAD idea?”
My answer to both Miranda and Jim is – it is a REALLY BAD idea!
* In “Lawmakers Seek Public Support for Tax Overhaul” at USA TODAY Susan Davis reports that “a new website invites the public to offer their ideas for fixing the tax system”.
It seems –“Senate Finance Chairman Max Baucus, a Democrat, and House Ways and Means Chairman Dave Camp, a Republican, are launching a website Thursday -- taxreform.gov -- and a Twitter handle, @simplertaxes, aimed at inviting taxpayers to offer comments and complaints about how to change the tax code.”
I have checked out the new website, and also follow Max and Dave on Twitter. I have submitted my recommendations for tax reform (in 5000 words or less). I suggest you do the same. FYI, I had previously written directly to Max and Dave, separately, as well as BO with my recommendations. No word back yet – but it is too soon.
I continue to applaud Max and Dave for their apparent sincere commitment to tax reform, and hope they can accomplish something of consequence. However the rest of the idiots in Congress have to pass whatever they come up with, and that is where my hope fades. Already the fools are lining up to protect their special tax breaks (and those of the lobbyists who line their pockets).
* Russ Fox proves once again that great minds think like in his TAXABLE TALK post “How Long Should You Keep Your Tax Returns For?”. Russ agrees with what I have been saying for years recommending (with an additional comment) -
“I strongly recommend you keep your tax returns–and proof of filing–forever”.
* A truly frequently asked question, asked of me as well of fellow blogger Jean Murray and probably every other tax preparer - “I Didn't Get Paid for My Work - Can I Claim a Bad Debt Deduction?”
Jean provides the correct answer at ABOUT.COM –
“You can't claim a bad debt deduction if your business uses the cash method of accounting, because in this method, income is only recorded when it is received; that is, when you deposit the check or credit/debit card payment from your customer.”
FYI, I am off to the Jersey shore (again) for a second week of “recovery” (I am getting sick of looking at 1040s). I may not be posting next week – depending on whether or not I have anything to say and I have access to wifi.