Archive for January, 2013
Bungee Tax Law
Posted by taxguru on January 12, 2013
During today’s weekly TaxCoach meeting, some folks referred to the hastily drafted and passed new tax law as a bungee to catch those falling over the dreaded Fiscal Cliff that our idiot rulers had created. That description works for me.
Over the next several days, there will be a lot of interpretations of the new law published. I plan to post links to as many of the useful ones as I can; so check back to see what has been added to this post.
TheTaxBook released this three page PDF summary, which was followed up by this longer (36 pages pdf) version. Interestingly, this summary doesn’t mention the retroactive increase in the maximum Section 179 to $500,000 for 2012 and 2013; but the longer version does cover it..
Spidell has a short summary that does mention the higher Sec. 179 limit.
QuickFinder has this 8 page pdf summary of the changes.
CCH has this 12 page pdf briefing.
Journal of Accountancy’s summary: Congress passes fiscal cliff act
TaxProf Paul Caron has extensive coverage, including a link to download the actual 157 page PDF of the legislation, H.R. 8.
The Waller law firm has this 18 page PDF summary organized by code section number. The Sec 179 increase is listed under Code Section 315.
From the US Senate Committee on Finance:
The American Taxpayer Relief Act – H.R. 8 (157 Pages PDF)
Revenue Estimates of The American Taxpayer Relief Act (3 Pages PDF)Summary of American Taxpayer Relief Act Provisions (19 Pages PDF)
6 Things You Won’t Believe That Are In The Fiscal Cliff Bill That The Senate Passed At 2 AM While Most Americans Were Drunk – Our corrupt rulers can never resist the temptation to toss in several unrelated measures to any bit of legislation they work on.
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More NewsBusted Tax Jokes
Posted by taxguru on January 12, 2013
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Posted by taxguru on January 11, 2013
Louisiana Governor Jindal proposes ending state income tax – Some serious competition to Nevada for PRC tax refugees.
Millions noticing paychecks lighter today, due to payroll tax hike
Tax Code May Be the Most Progressive Since 1979 – And that’s not a good thing. Progressive means it punishes the evil rich with much higher percentage tax rates than those in the lower income levels.
McConnell: Tax issue ‘finished,’ focus should turn to spending cuts – Don’t hold your breath waiting for Dims to discuss spending reductions.
Annual Inflation Adjustments for 2013 – IRS released tax bracket adjustments for 2013.
US tax code longer than Bible, without good news – A different type of comparison.
Four Tips for the Executor Of an Estate – A lot of responsibility that can cause a ton of problems, as well as animosity among heirs.
Obama supporters shocked, angry at new tax increases – They were banking on the Dims only attacking the “other guys.”
Middle-Class Backers Shocked Obama Raised Their Taxes – Anyone stupid enough to vote for 0baMao is obviously incapable of understanding the long term consequences of that act.
Democrats look for up to $1 trillion in new tax revenues this year – As long as it’s taken from “somebody else.”
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Least surprising headline of the century…
Posted by taxguru on January 10, 2013
As new fiscal crises near, Democrats seek more tax increases
Right up there with “Sun to rise from the East” for news value.
They can’t help it. It’s in the DemonRat DNA to always raise taxes and spend more of other people’s money.
Posted in TaxHikes | Comments Off on Least surprising headline of the century…
New Wacko Taxes in Oregon
Posted by taxguru on January 9, 2013
Libs never seem to think things all the way through in regard to the longer term effects of their policies. In Oregon, the lower gas usage created by more hybrid and electric vehicles has reduced the government’s Gas Tax revenues. Since government can never be expected to make do with less money, they are considering new ways to tax people for driving high efficiency vehicles. Rush has called these Wacko Taxes.
Transcript of Rush’s comments.
Oregon news report: Bill may recoup lost gas tax revenue
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Posted by taxguru on January 9, 2013
From Argus Hamilton:
House Minority Leader Nancy Pelosi disclosed Sunday that more tax hikes are being considered to increase federal tax revenue. Many Democrats want a surtax on Wall Street bonuses. This is the kind of punitive tax that could drive our best people out of fraud.
NFL teams fired seven head coaches on the first day after the regular season, known as Black Monday. A lot of men have lost their million-dollar salaries. The owners broke the news to the coaches by saying you’re not losing a job, you’re gaining a tax break.
Congress ignored spending cuts Tuesday and agreed to raise taxes on the rich and to raise payroll taxes on workers. Who says the system doesn’t work? See what happens when the two parties can set aside their principles and do what’s best for them personally.
John Boehner said he is finished dealing with Obama after his re-election as Speaker Thursday. It wasn’t easy. The House he runs has the power to appropriate money and declare war, but a president has TV coverage, and that has sunk the checks and balances system.
Forbes quoted a survey Thursday saying that whenever young kids lose a baby tooth they are now receiving an average of forty cents less from the tooth fairy. You can’t make it up. The economy is so terrible that even make-believe-people are feeling the pinch.
Vanity Fair’s poll said the number-one reason couples fight is over what to watch on TV. A second TV costs two hundred dollars and a divorce attorney costs two hundred an hour. No wonder the trial lawyers oppose the teaching of math in our schools.
President Obama signed his tax increase into law by auto-pen from Hawaii Thursday, the same day the Justice Department dropped its suit against Google. Of course they did. Why would Democrats sue a high-tech company that allows them to raise taxes from Oahu?
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Late start for this Tax Season
Posted by taxguru on January 8, 2013
IRS Plans Jan. 30 Tax Season Opening For 1040 Filers
This won’t affect our clients because we normally only prepare a few returns by April 15; but it will sure mess up the big assembly-line chain operations. Their bread & butter are early filers, desperate for quick refunds.
Posted in IRS, TaxSeason | Comments Off on Late start for this Tax Season
Debt Limit
Posted by taxguru on January 8, 2013
What if we normal people could have our debt limit raised as our rulers in DC magically do? Funny video.
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Posted by taxguru on January 6, 2013
Pelosi suggests top earners pay even more in taxes – There is no such thing as “Too High” of a tax rate for DemonRats.
McConnell: Tax issue ‘finished,’ focus should turn to spending cuts – Has the GOP grown a spine?
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