IRAs and 529 Funds Don’t ‘Compute’

Chaos, Contempt Mark Start Of Latest Schiff Trial – The Feds expect it to take six weeks to hold the latest trial of this moron. 

TaxProf blogger Paul Caron also has secret news sources inside the IRS.  He received this notice from an IRS employee that a courier transporting 30,000 payments for individual income tax estimates (1040–ES) across the San Mateo Bridge had an accident last Sunday that sent them into the San Francisco Bay. 

Since this happened on September 11, these were most likely for third quarter 2005 payments, which were due on 9/15.  Assuming there was no recovery effort, it will be impossible to know whose payments those were.  Anyone who did send a payment to the San Francisco IRS address should check their bank account closely to see if it clears in the next month or so.  If it hasn’t cleared by then, you should call the IRS (1–800–829–1040) to verify that the payment is not in process.  You should then send in a replacement check so that you are not underpaid when you file your 2005 1040.  Because this is the IRS’s fault, I would date the replacement check the same as the original check and use that date when entering info for Form 2210 (Underpayment of Estimated Tax) so that you don’t incur a penalty for this. 

I did several searches on Google News and several Bay Area newspaper sites to see if there was any mention of this accident. Nothing.

Bush Rules Out Tax Hike to Fund Recovery – Why assess new taxes, when it would make so much more sense to simply spend less on stupid pork barrel projects.  Of course, DC is well known as the land where common sense doesn’t exist.

An annual Fall ritual is the release of a new version of QuickBooks.  I haven’t received my copies of the final 2006 programs yet; but should be getting them in the next few weeks.  I am curious to see if they acted on my criticism and will be including the Macintosh version of the program in the package we Certified Pro Advisors are given.  For those users and accounting pros who are curious as to the new features of the 2006 programs, Intuit has set up this page.