Tax Guru – Ker$tetter Letter

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Archive for the ‘Uncategorized’ Category

Let’s not hold our breath waiting for this to happen…

Posted by taxguru on April 8, 2014

It’s a bit far fetched to expect the DC wimps in the GOP to actually bring criminal charges against anyone in the BHO Regime.  However, Lois Lerner is white, so she doesn’t have the same kind of immunity from criticism that BHO himself has.

House Republicans want Lois Lerner charged 

 

Boehner: Lawmakers to weigh criminal case against Lerner for ‘misleading the Congress’

 

House Committee: Possible Crimes by IRS Official 

 

Handling of former IRS employee Lois Lerner makes lawyers cringe 

 

Krauthammer on IRS scandal: ‘The administration wants to stonewall’ – It’s easy to do when the media are assisting in the coverup. 

 

Boehner on IRS Scandal: ‘I Want to Know Who Is Going to Jail –   The answer is “Nobody” if Eric Holder has anything to do with it. 

 

 

 

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Who do you trust?

Posted by taxguru on April 3, 2014

This recent poll about who people trust the most with their personal info ignores a few very key issues. 

SHOCK POLL: Americans Trust IRS, NSA More than Facebook

It’s easy to say the people polled are idiots for trusting the IRS and NSA more than FaceBook with their personal data.  That would be too much of a knee-jerk reaction; because there actually are plenty of people in the private sector who are scammers and should never be trusted.  Ponzi master Bernie Madoff and stock swindler Jordan Belfort from the recent movie The Wolf of Wall Street, come to mind.  I have never trusted MySpace or FaceBook because I have always suspected ulterior motives for their use of private user data; so I choose not to use most social media sites and services.

That is the big difference here.  With social media sites and services, users voluntarily establish a relationship and voluntarily provide their personal data. With government agencies, such as IRS and NSA, our relationships with them are anything but voluntary.  We are forced to provide more and more of our personal info to them every day.  Some of it we know they are taking, while other data is taken by surreptitious methods (aka Spying). 

The other difference is what the different entities are able to do to people. Scammers like Madoff and Belfort were able to steal money from gullible greedy investors who should have had enough common sense to stay away; but instead voluntarily gave the crooks their money.  FaceBook and other social media sites can sell users data to other companies to solicit them for voluntary purchases.  None of these “voluntary” entities has the power to seize its users’ assets or to throw them into prison. 

That’s what the governmental agencies can and will do if they want to.

So, the question shouldn’t be who is more trustworthy with our personal data, but who can do the most devastating damage to us with it?

 

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Posted by taxguru on March 31, 2014

Michael Lewis: The Market is Rigged – Rush Limbaugh looks at one of the ways by which small time stock market investors are ripped off in the way the markets are set up.  Just like a lot of famous scams that exploit cost rounding, the individual amounts of a fraction of a cent seem meaningless until you multiply them by the billions of transactions involved.  Then, it becomes serious money.  

 

How the Rich (and Poor) Avoid Paying Income Taxes – Some more superficial looks at how some people don’t have to pay any income taxes, as an attempt to encourage more tax reform maneuvers in the never-ending search for the elusive “fair and simple” tax system that everyone claims to want.

 

Party of the rich: In Congress, it’s the Democrats – Standard hypocrisy from the JackAss Party. 

 

Let’s see if Darrell Issa can follow through on his so-far empty threats against the BHO regime.  To date, he’s been pretty much all talk and no action when confronting the BHO Regime crimes. 

Republicans prepare brickbats for Obama administration with new IRS corruption hearing

Issa to IRS Commissioner: Release Lerner’s Emails or Face Contempt

IRS commissioner to testify before Issa, but still no contempt charge for Lois Lerner

Issa threatens IRS chief with contempt over Lerner emails

Christie and the IRS – Interesting comparison of the MSM’s handling of the IRS and Christie scandals. 

 

What “Income Inequality” Really Means – Rush looks at the centuries’ old promise of socialism, that income and wealth equality are achievable with the right people commanding the economy.  

 

IRS: Obamacare Raised Taxes for Some Children – The ridiculous Kiddie Tax may be higher for some kids. 

 

Key Tax Changes for 2014 and Beyond – I’m still betting that many of the ObamaCare related taxes and fines will be changed before next year’s taxes.

 

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Liberals say the stupidest things…

Posted by taxguru on March 16, 2014

Proving that idiot libs aren’t just a scourge here in the USA, check out this “genius” in the UK. 

George Osborne: Middle classes LIKE paying 40p tax rate because they feel they are joining the aspirational classes and are a success

How long do you reckon it will be before the DemonRats on this side of the Atlantic start using this same rationale for tax hikes? It’s eerily too similar to the moronic comments by our clown VP, Joe “Bite-me” Biden, when he said that paying a lot of taxes is the most patriotic thing we can do.  Of course, the Dims in DC won’t stop at just 40%.  They’ll tout the imaginary aspirational benefits of going back to a top Federal tax rate of 90%.  As always, that will make sense in the alternative universe called Washington DC, where fundamental principles are opposite what they are for the rest of us, who happen to still reside on planet Earth.  

 

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Loose lips…

Posted by taxguru on March 1, 2014

If you were to stumble onto a big windfall, as these people did, perhaps it would be best to keep that news to yourself rather than invite everyone to try and take it away from you.

Gold-coin find ‘greatest buried treasure ever unearthed in the United States’ –  It looks like the California Gold Country still has some riches to be discovered.

First in line are the tax collectors.

California couple in $10M gold find may owe gov’t about half, report says  

Tax collector is coming for ‘greatest buried treasure ever unearthed’

 

 photo FindGoldsummers022814_zpse2f230c9.jpg

When we watch shows like Gold Rush and Bering Sea Gold, we often wonder if the miners actually show the full extent of their hauls or have some stashed on the side so IRS doesn’t look for it on their tax returns. 

  

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Posted by taxguru on February 18, 2014

The High Burden of State and Federal Capital Gains Tax Rates – Interesting study from the Tax Foundation. 

 

Hollywood asks California to cut taxes — for the film industry – And of course, they support high taxes for the rest of us.

 

Caddell Bombshell: GOP Establishment Wants the IRS to Go After the Tea Party – Why we won’t see the GOP do anything to stop BHO from using the IRS against the Tea Party. 

 

Calling Lois Lerner – NY Post wishing that she can at least be busted for lying to Congress.

 

 

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Posted by taxguru on February 13, 2014

 

If IRS doesn’t clean up its act, it will affect their ability to enforce the tax laws, as more people refuse to disclose facts on their returns that will be used against them. 

IRS scandal merely tip of iceberg of agency’s problems 

Way more than a smidgen: Voters say IRS corrupt – This poll has 64% saying IRS has been corrupt in its attacks on conservative groups. The other 36% were BHO Kool-Aid chuggers.

 

Michael Jackson estate embroiled in tax fight with IRS –  Another example of the abuses of this insane form of grave robbery known as the Estate Tax, which has its roots in the Communist Manifesto.  Asset valuation is very subjective, as the huge disparity in this case –  $7 million vs $1.125 billion –   proves.  Unfortunately, as in all tax matters in this country, the starting point is that anything the IRS says is considered to be gospel and anyone who wants to dispute it has to spend a ton of time and money in an almost impossible uphill battle to prove otherwise.  

 

House Republicans fighting Treasury Dept. effort to limit political activities of tax-exempt groups –  Who knows how successful they can be when the GOP leadership is unwilling to do anything about BHO’s flagrant abuses of his power. 

 

Rep. Dave Camp: 100 Percent of Groups Audited by IRS Were Conservative – No surprise to anyone who hasn’t drunk the BHO Kool-Aid. 

 

Vulnerable Dems want IRS to step up – It’s not just BHO using the IRS to stifle opponents. That supposedly impartial agency as become a very powerful and ruthless attack arm of the DemonRat Party. 

 

Gym memberships add Obamacare tax – The new taxes continue to pile up. 

 

IRS Commissioner Warns of ‘Extensive Wait Times’ for Phone Assistance – Another indicator that free tax advice is worth every penny. Remember that IRS has a huge conflict of interest when giving advice.  They want us all to pay in as as much as possible.  It has also long been the case that IRS does not stand behind any of their phone advice.  The safest approach is to work with a professional tax advisor who shares your goals of paying the least tax legally required.  That kind of advice is well worth the cost, and you can hold the advisor accountable. 

 

Rush is Right –  I’ve been catching up on recent podcasts of the Rush Limbaugh Show and he has been having some excellent analyses of our current situation, such as these.

BHO and his Fellow Travelers can literally buy votes by stealing money from the Evil Rich and giving it to easily swayed sheeple.

How Popular Could I Be If I Could Give Away Other People’s Money?

Obama Shows Us How to Give Away Other People’s Money and Soak in the Love

 

A Predictable GOP Fold on the Debt Limit –  This is one area where I have always disagreed with Rush.  He hammers the GOP leadership for not doing their constitutional duty by standing up to BHO’s illegal actions; but he refuses to accept the fact that only a third party, such as the Libertarian Party, will be able to ever do anything to slow the growth of Big Government.

 

Stalinist Lawlessness: Companies Must Swear to IRS They Didn’t Fire Employees Because of Obamacare – IRS is given even more power to micro-manage decisions by private sector businesses.

 

With his flagrant disregard for the US Constitution, I have long warned about the possibility of BHO ignoring the 22nd  Amendment and running for a third term.  Since nobody in the GOP has the guts to stand up to a black DemonRat, he would get away with it and will most likely be able to buy more than enough votes to win.  There is already a growing push among the Dims and their allies in the media to nullify the entire Constitution as an antique relic of the past and no longer relevant to the modern world.  Rush takes this a little further and wonders if BHO will just call off the 2016 Presidential election altogether and stay in the White House as long as he wants to.  Nobody would dare kick first black president out of the White House.

How Far Can Obama Go?

Obama’s Lawlessness? Nobody Cares

Impeachable Offenses No Longer Matter

 

 

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Pawn Shop or IRS?

Posted by taxguru on January 27, 2014

Every day, I receive emails from public relations people trying to interest me in doing articles on their clients’ books, products or services.  This recent one really missed the boat when she wrote to me twice to push the concept of pawning personal items to pay IRS.

 

Email 1:

Subject: Re: Alternative ways to pay taxes

Hi Kerry,

With tax season around the corner, many people may find themselves in a
position where they owe back more than they can afford. What they may
not realize, is that getting fast cash for the watches or jewelry you
have lying around is easier than you think.

Personal asset lender, borro, offers cash in less than 24 hours with no
credit checks. Might you be interested in speaking with Paul Aitken, CEO
of borro, about why individuals turn to them as an alternative during
tax season?

Best
Brittany
Brittany Kelly

 

Email 2:

Subject: Re: Alternative ways to pay taxes

Hi Kerry,

Just wanted to check and see if you’d be interested in speaking with
Paul Aitken, CEO of personal asset lender borro, about how individuals
are using their platform to pay their taxes.

Best!
Brittany
Brittany Kelly

 

My reply:

Brittany:

I’ll pass.  In fact, your angle of using pawn shop loans to pay off IRS debts is misguided.  It make no logical sense.

I checked out the website for borro.com and it appears to just be a web-based pawn shop, charging interest of three to four percent per month, plus additional setup fees of from three to five percent of the asset’s value.

When the IRS is only charging three percent interest per year on back taxes, why would anyone want to pay the 36% to 48% rate that your client charges?  In addition, IRS allows installment payment plans of up to six years, while borro’s loans are six months in duration.

Good luck.

Kerry Kerstetter

 

Need Business Checks Cheap?

 

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Posted by taxguru on January 27, 2014

Some excellent commentaries from Rush Limbaugh:

In Defense of the Working Rich

The Private Sector Makes What the Government Takes 

 

The IRS attacks are just one aspect of the use of government powers to stifle opposition to the BHO Regime.

Obama Eliminating Opposing Voices by Using Dictatorial Practices 

Leaning Right in Hollywood, Under a Lens

Obama Uses Government To Harass, Intimidate Foes 

 

Silicon Valley billionaire compares treatment of America’s rich to Nazi persecution of Jews – It’s actually not a bad comparison to the current drumbeat from the Left regarding income and wealth “inequality” as a means of justifying the confiscation of assets from those the BHO Regime considers to be evil rich.

 

Congressional inquiry on Christine O’Donnell tax records heats up, but truth may stay hidden – A reminder that anyone running against the Dims may have their confidential tax records exposed to the public.  IRS is a tool of the Big Government Left to protect against any reduction in their power.

 

How to Minimize Taxes When You Inherit an IRA – Some good ideas. As a minimum, consult with your own professional tax advisor ASAP.

 

New York Finds High Taxes Send State’s Wealthy Fleeing – An obvious consequence of raising tax rates.  Why the population of Florida continues to increase.

 

In Their Own Words: Lenin, Stalin, Obama, and Hillary – It’s hard to tell them apart.

Hillary or Karl –  Snopes.com verifies that Hitlary made those Marxist statements. 

 

Maryland Lawmakers Finally Consider Repealing So-Called ‘Rain Tax’ – Another illustration of how devious our rulers are in devising new ways to steal money from their subjects. There is nothing that they won’t try to tax.

 

Republican Party to vote for repeal of U.S. anti-tax dodging law – Regarding offshore accounts. Not a big issue for most people; but a good sign that some in the GOP are willing to oppose the DemonRats on anything.

 

Study: Most sponsors of minimum wage hike bill don’t pay interns – Just another example of the disconnect between those of us in the real world and our imperial rulers on the Planet Washington DC.

 

 

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Posted by taxguru on January 21, 2014

Higher-income Americans hit hardest by tax changes – For obvious reasons. The more you earn, the larger the target on your bank account.

 

Lawmakers Seek Investigation into DOJ’s Handling of IRS Investigation – From CCH 

 

14 IRS Audit Red Flags - An experienced tax professional can minimize the risk of any of these things actually triggering an audit. 

 

US tech firms make eleventh-hour attempt to halt tax avoidance reforms – Lobbying for tax breaks is big business all over the world. 

 

As Obama hammers ‘income inequality,’ gap grows under his presidency – Nothing new here.  The truth won’t stop him from spouting his tired old Marxist rhetoric to justify destroying the private sector and growing the size and control of government.

 

Spending bill bans IRS targeting – This sounds good, but means absolutely nothing in the real world.  If the BHO Regime wants to continue using the IRS to harass their opponents, nobody can stop them. 

 

Identity thieves gear up to steal your tax refund – Here’s where the private sector is competing with the IRS to take our money from us. From a practical sense, it is getting harder and harder to protect our identities, when we are required to give our SSNs to more people for 1099 and other government reporting purposes. 

 

 Will IRS bully people to sign up for Obamacare? – Well, that is what they are best at doing. 

 

Businesses Threatened By Raft Of New ObamaCare Taxes – Not by accident. Destroying the private sector has been Job One for the BHO Regime from Day One.

 

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