Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

Archive for August 15th, 2003

Posted by taxguru on August 15, 2003

New Dividend Tax Cut’s Impact on 401k Withdrawals – It’s always been the case that income earned within tax deferred retirement accounts doesn’t benefit from the lower capital gains and dividend rates that are available for income earned directly by individuals.

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2003 Schedule D

Posted by taxguru on August 15, 2003

IRS has posted the latest draft of the 2003 Schedule D. What makes this year’s form different than most others is the need to separate gains and losses that happened from January 1, 2003 through May 5, 2003 and those that occur from May 6, 2003 through December 31, 2003. The tax rates are lower for the gains in the second part of this year.

This shouldn’t be too difficult for normal full cash sales. It will be the trickiest to keep straight for installment sales. You will need to provide your tax preparer with the total principal payments received from 1/1/03 to 5/5/03 and what is received between 5/6/03 and 12/31/03.

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Posted by taxguru on August 15, 2003

Rolling blackouts in Toronto are making our web and email services very sporadic. Patience and persistence are the operative words right now.

Bush Is A Big Government Conservative

The Nevada Tax Debacle

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News From IRS

Posted by taxguru on August 15, 2003


IRS Grants Tax Relief to Power Blackout Victims – They are allowing an extra week (to August 22) for those people who were affected by this mess. Luckily, I was able to get the last of the 80+ extensions I prepared into the mail today.

IRS Announces Application Fee for Offers in Compromise – I’m of a mixed mind on this decision to charge people $150 to submit OICs. On the one hand, there are people who abuse this program by submitting really idiotic offers. Charging a fee should reduce some of those. However, in all of the OICs that I have worked on, the clients were already being unfairly screwed over by IRS. Making them pay even more money to have their case reviewed by upper authorities at IRS seems a bit like adding insult to injury. In a way, this would be similar to your local police department charging you to report a crime.

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Posted by taxguru on August 15, 2003

There are all kinds of reasons why you would select a certain financial advisor over others. I’ve heard dozens of strange theories; many of them making this sound very reasonable.

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