Posted by taxguru on September 10, 2008
Closing the Information GAAP – Interesting look at plans to replace GAAP (Generally Accepted Accounting Principles) with IFRS (International Financial Reporting Standards) here in the USA. I always get a kick out of non-accounting people who fell for the stereotype of tax and accounting being so cut and dried as to be boring because nothing could be further from the truth. Tax and accounting rules are constantly changing and evolving and will never stop doing so.
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Posted by taxguru on September 10, 2008
Rangel Has A Bad Chair Day – Congressman Charlie is now amending his prior tax returns and trying to convince IRS that he just accidentally failed to report over $75,000 of rental income and didn’t do so intentionally, which could subject him to criminal sanctions.
Of course, we all know that his position as head of the tax law writing Ways & Means Committee means he will be treated by IRS exactly as any other taxpayer would be.
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Posted by taxguru on September 9, 2008
A New Way to Tap Home Equity – A new twist on equity sharing arrangements, such as this plan from Grander Financial.
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Posted by taxguru on September 9, 2008
Walter Mondull can attest to how effective it is to promise to raise taxes during a presidential campaign.
Posted in comix, Obambi, TaxHikes | Comments Off on Winning campaign strategy?
Posted by taxguru on September 5, 2008
RANGEL ADMITS TO VILLA INCOME – Interesting story about how the top DemonRat in charge of the Federal Tax Code has accidentally failed to report over $75,000 of rental income on his tax returns and Congressional disclosure forms.
When can we expect the IRS to indict him for tax fraud? Let’s not hold our breath waiting for that to happen.
I guess this is another example of the old “it takes a thief to know one” in relation to his constant rantings about the infamous “Tax Gap” and how everybody is a tax cheater so that we need to have tougher tax enforcement. He does know how easy it is to pocket tax free rental income.
Posted in Crooks, Rangel, scams | Comments Off on The fox guarding the henhouse?
Posted by taxguru on September 4, 2008
Posted in comix, Obambi | Comments Off on It’s Hurricane Season…
Posted by taxguru on September 4, 2008
As I was perusing the latest draft tax forms on the IRS website, I came across this file that contains some new worksheets and other info for Publication 523, which deals with the tax free sales of primary residences.
What I was mainly interested in is the brand new provision in the law that limits the tax free exclusion for homes that were also used as a rental or second personal home. For that calculation, IRS has this new worksheet, which is on Page 7 of the draft pdf file.
(Click on image for full size)
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Posted by taxguru on September 4, 2008
As we have discussed quite a bit, there is a lot of confusion over how the rebates will be handled on the 2008 tax returns, both for people who receive checks and for those who don’t.
IRS has just released this draft of the instructions for the 2008 1040. On pages 18 and 19 are the rebate credit worksheets for computing the amounts to enter on Line 70 of the 1040.
From the 9/1/08 draft of the 2008 1040 form:
(Click on image for full size)
I used my trusty SnagIt program to create the following images of these worksheets.
Part 1 from Page 18:
(Click on image for full size)
Part 2 from Page 19:
(Click on image for full size)
Posted in Rebates | Comments Off on Recovery Rebate Credit Worksheet
Tax Guru - Ker$tetter Letter 