Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

Archive for August, 2013

Posted by taxguru on August 30, 2013

From Fred Thompson:

During a speech at Georgetown University, U2 frontman Bono said, “capitalism takes more people out of poverty than aid”. Hope he enjoyed his last White House visit.

White House economic adviser David Furman said there’s “no evidence” that Obamacare is making employers cut back on worker hours. Probably because the guys responsible for reporting it had their hours cut back.

EPA Chief Gina McCarthy said that enforcing strict greenhouse gas regulations “will grow the economy”. Sure. Like Roundup grows dandelions.

 

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IRS Issues ObamaCare Regs

Posted by taxguru on August 28, 2013

Let the insane fun begin…

From CCH:

IRS Finalizes Regulations on Shared Responsibility Payment for Not Maintaining Minimum Essential Coverage Under Affordable Care Act 

 

From Reuters:

IRS issues final rules on Obamacare’s ‘individual mandate’

 

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2013 California Inflation Adjustments

Posted by taxguru on August 23, 2013

Unlike the IRS, where the inflation adjustments to the tax brackets and other figures are announced before the beginning of the next year, the Calif FTB doesn’t announce theirs until the year is almost over.

They have just released their inflation adjustments for the 2013 tax rates and figures on their website, based on their calculation of the rate of inflation being 1.7% between 7/1/12 and 6/30/13.

For those comparing taxes between states, the summary at the top of this page is handy:

 

Corporate tax rates

Entity type

Tax rate
Corporations other than banks and financials 8.84%
Banks and financials 10.84%
Alternative Minimum Tax (AMT) rate 6.65%
S corporation rate 1.5%
S corporation bank and financial rate 3.5%

Individual tax rates

  • The maximum rate for individuals is 12.3%
  • The AMT rate for individuals is 7%
  • The Mental Health Services Tax Rate is 1% for taxable income in excess of $1,000,000.

 

TaxCoach Software: Are you giving your clients what they really want?

 

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A week’s worth of jokes…

Posted by taxguru on August 20, 2013

From F.R. Duplantier:

VACAY
 “Going places together’s a drag
 As Michelle and I’d rather go stag:
 Either way, we both will
 Rashly run up the bill
 And leave taxpayers holding the bag.”

 

From Fred Thompson:

A federal audit shows $500 million was spent on “green jobs” training, despite a lack of jobs in the industry. They should be pushing people into a growing field, like bankruptcy attorney.

 

The New York Times sold the Boston Globe for $70 million – a 93% loss. Whoever made that call must be angling for a shot at being Obama’s budget director.

 

The Democratic National Committee has received more than $245,000 from contributors listed as “deceased”. They vote, they give money – heck, I’m just waiting for them to show up as poll workers now.

 

Scientists are predicting that the polarity of the sun’s magnetic field will flip within the next 3 months. Hopefully after another year, something similar will happen in the Senate.

 

The Office of Personnel Management issued a decision saying that members of Congress will now have the government pay for their health insurance under Obamacare. How about we cut them back to working 28 hours a week, instead?

 

Real estate website Zillow listed the White House as a “magnificent 132-room mansion” with a market price of $319.6 million. The only flaw – a $17 trillion underwater mortgage.

 

Despite the movie’s obvious “haves vs. have-nots” theme, “Elysium” star Matt Damon said the movie “isn’t trying to say anything”. Judging from the box office numbers, it’s not trying to make anything, either.

 

The National Science Foundation gave a $78,000 grant to study whether “climate change” was a primary cause for the decline of the Mayan civilization. Here’s another theory: maybe it collapsed because of ridiculous government spending programs.

 

Eric Holder plans to reduce prison sentences for people convicted of using drugs. Oddly, not a peep on penalties for people held in contempt of Congress.

 

From Argus Hamilton:

Cairo erupted in pitched battles between the Army and the Muslim Brotherhood last week. Many middle class Egyptians are revolting because in their system the poor get handouts and the rich get bailouts. Thank God that could never happen in the United States.

 

The NBC mini series starring Diane Lane as Hillary Clinton was reportedly optioned to Fox for production Friday. The roster of co-stars is not complete. Casting directors are looking in every bank in Little Rock for the right sack of cash to play the love of her life.

 

Greece’s prime minister was at the White House last week seeking financial aid after the Greek government defaulted on its bonds. The money invested in Greece has been reinvested in much safer bonds. They pay fifteen percent tax-free if the Confederacy wins the war.

 

Forbes rated Jerry Jones’ Dallas Cowboys the most valuable NFL franchise at two and a half billion dollars. The man is willing to sacrifice. Jerry Jones sold off his oil and gas holdings twenty-five years ago to buy the Dallas Cowboys, or he’d be worth real money.

 

The New York Times says the Clinton Global Initiative is a front for companies which want access to the Clintons. They said Serta donated big bucks to link their Perfect Sleeper bed with Bill Clinton. No one knew until now that Serta makes Oval shaped carpets.

 

San Francisco protesters sprayed anti-Google and anti-Facebook slurs on company commuter buses. They say rich high-tech employees raise rents and force the middle class out of the city. Only in San Francisco does spray paint even occur to the middle class.

 

Missouri’s State Fair banned a rodeo clown for life who wore a Barack Obama mask while a bull chased him around the arena. It’s a popular disguise. Robbers often walk into bank lobbies wearing a Barack Obama mask, only they give the teller a trillion dollars.

 

Michael Jackson was reported by forensic accountants at the L.A. civil trial to have been five hundred million in debt when he died. Now that he’s dead he’s worth billions in memorabilia sales and tribute concerts. It’s why Paul McCartney won’t drink anything his kids offer him.

 

Oprah Winfrey said she was insulted by a Swiss sales clerk who told her she couldn’t afford a forty thousand dollar purse, before Oprah indignantly pulled out her wallet and bought it. What a moment. Any car dealer will tell you that’s exactly how you sell a Bentley.

 

Mexico’s President Enrique Pena Nieto proposed a plan to allow foreign oil companies to take part in Mexico’s state-run oil company. They want us down there to increase overall business. Mexican kidnappers are working with flash cards so they can instantly tell the difference between an oil worker and an oil executive, so we don’t waste each other’s time.

 

President Obama met Greece’s prime minister at the White House Friday. They had a nice exchange. He gave Greece advice on how save their economy and Greece gave him advice on how to make a tourist destination out of the ruins of your former civilization.

 

Apple founder Steve Jobs’ brilliant life is the subject of a new movie this weekend called Jobs, starring Ashton Kutcher as the visionary. The sneak preview in L.A. caused a riot. Everyone saw Jobs up on the marquee and stormed the box office demanding an interview.

 

Amazon CEO Jeff Bezos bought the Washington Post on Tuesday. He now controls the press coverage of every congressman and senator in Washington. The Internet sales tax is now the deadest thing in Washington D.C. that doesn’t have its own monument on the Mall.

 

Californians were furious Friday over test scores that show drastic drops in student test scores in English and math. The opinion of the education establishment is unanimous. The only thing that will solve this problem is a twenty percent bump in teachers’ pensions.

 

USA Today took rock stars to task Friday for gouging fans with high ticket prices at summer concerts and clearing a huge percentage of ticket sales. In addition, they’re scalping their own tickets. The only reason the Rolling Stones are still touring is because Mick Jagger has a Masters in Economics and figured out how to defeat Internet song piracy.

 

From Conan O’Brien:

According to a new study, most men would like women to occasionally pick up the check. The study also found most women would occasionally like to be paid as much as men for doing the same job.

 

Oprah was shopping in Switzerland and a Swiss clerk refused to show her a $38,000 purse. To prove her point, Oprah bought Switzerland.

 
 

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More on the “Phony” IRS Scandals

Posted by taxguru on August 13, 2013

Lerner’s FEC Problem –  It’s appearing that “5th  Amendment” Lois has much more in common with organized crime bosses than just refusing to tell the truth.

 

IRS drumbeat continues with Congress on break –  More on Lois Lerner’s crimes.

 

 photo IRS-In-The-Black_zps5991a8ca.jpg

 

The Mother of All Scandals –  Victor Davis Hanson recaps the IRS and several other ongoing scandals by the BHO Regime.

 

Congressman charges treasury secretary with stonewalling him on IRS questions – Try this tactic with the IRS when they are questioning something on your tax return, and see what happens to you.

 

 

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TaxMan by Tim Palmieri

Posted by taxguru on August 11, 2013

I recently came across a concert of Beatles music from 7/6/13 by Tim Palmieri in Sterling Stage, NY which includes this interesting rendition of George Harrison’s “TaxMan.”

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This Week’s Jokes…

Posted by taxguru on August 11, 2013

From Fred Thompson:

Turns out the IRS was not only targeting new Tea Party groups, but existing ones as well. In fact, they just indicted 10 Founding Fathers for tax fraud.

 

President Obama discussed the possibility of using unarmed, unmanned aircraft to help combat the growing problem of elephant poachers in Tanzania’s vast wildlife reserves. And if that doesn’t work, he’ll sic the IRS on ’em.

 

When an HHS official was asked whether people will see the $2500 insurance premium savings that President Obama promised, he responded “I can’t say”. Is there ANYONE in this administration not pleading the 5th?

 

A California company was given more than $100 million in taxpayer funds by the federal government to build electric car charging stations, despite how few of them are on the road. Yet not a dime for unicorn feeding troughs.

 

A new study shows that late-night comedians are now targeting Democrats twice as much as Republicans. Meanwhile, the IRS is now targeting Republicans half as much as late-night comedians.

 

A new study shows that 90% of jobs created since 2009 are only part-time. Just waiting for Obama to describe them as having an “extra unpaid vacation benefit”.

 

A new report shows that earning one dollar too much could cost you thousands under Obamacare. Of course, in Obama’s economy, the hard part is earning that dollar.

 

Although global temperatures have been steady for 15 years, climate scientists are calling it a “pause” in global warming. My guess is they’re starting to get panicky there’ll be a “pause” in their funding. 

 

Senate Democrats have proposed increasing the budget of the Internal Revenue Service by $12 billion. Guess they need to replace all the “Denied” stamps they wore out on Tea Party 501(c)(4) applications. 

 

A new report shows that the drop in the unemployment rate is due “almost 100%” to declines in the labor force participation rate. So… his plan is for everyone to quit looking for work so that unemployment drops to zero? 

 

Can’t make this up: the United Nations General Assembly adopted a resolution to designate November 19th as “World Toilet Day”. No doubt to be re-designated “World Economy Day” before too long. 

 

In France, a jewel thief made off with $136 million in loot in a 60-second daylight robbery. To put that in perspective, that’s nearly 20 minutes of government spending. 

 

A new survey show that 79% of US adults struggle with joblessness, near-poverty, or reliance on welfare. Or, as the Democrats call them – “the target audience”.

 

From Argus Hamilton:

Congress billed the taxpayers to fund health care insurance for themselves and their staffs Friday. It gets them out of ObamaCare. Not only do average Americans pick up the cost of House members’ health care, all death-panel rulings apply to randomly-selected taxpayers.

 

The FEC reported dead people gave six hundred thousand dollars to campaigns last year. Three fourths went to Democrats, one-fourth to Libertarians. Once Republicans die they’re prevented from donating to campaigns or worthy causes by what the law calls heirs.

 

Mitt Romney spoke at a GOP fundraiser in New Hampshire Tuesday where he urged the Republicans to nominate a presidential candidate who hates high taxes and can win. Everybody cheered. Phil Mickelson would be our third left-handed president in a row.

 

President Obama did an about-face Tuesday and proposed private banks guarantee home loans, not federal agencies. He’d backed government home loans his entire life. You know he’s getting older when even President Obama doesn’t support President Obama.

 

From Jay Leno:

The White House approved an exemption in Obamacare coverage for Congress and members of their staff. Members complained that the Affordable Care Act will cost them thousands extra a year in premiums. Wait a minute. It’s their bill. If it’s too expensive, why did they name it the Affordable Care Act?

 

Yesterday, President Obama met with the Greek prime minister to discuss reforming Greece’s economy. President Obama talked with the prime minister of Greece about the economy. Actually, it’s “the blind leading the blind.”

 

Before they went on vacation, Congress voted to exempt themselves from Obamacare. They gave themselves a special exemption because they thought it was too expensive. So the people who voted for Obamacare for us voted to exempt themselves from it. You know how doctors take the Hippocratic Oath. Congress apparently takes the “Hypocritic Oath.”

 

From Jimmy Fallon:

Amazon said it’s going to hire at least 5,000 new employees. They were originally going to hire only 4,000, but realized if they added a few more, they’ll get free shipping.

 

 

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The “Phony” IRS Scandal is still going on…

Posted by taxguru on August 9, 2013

IRS caressed liberals, harassed conservatives – Deroy Murdock

 

IRS agent: Tax agency is still targeting Tea Party groups –  Of course, the MSM will ignore and cover this up, as is their sworn duty to their omnipotent lord and savior, the Great BHO.

 

IRS official who oversaw Cincinnati exempt operations office during scandal gets promotion –  A dose of reality for anyone expecting any actual punishment of the IRS employees committing crimes.  Illegal activities in support of the BHO agenda are no longer even considered as “crimes” by our rulers.

 

Fox News Poll: Phony scandals? Not to voters –  Not everyone is being fooled by the MSM and BHO Regime’s propaganda. 

And while the White House sees a Congressional investigation of the IRS targeting of conservative groups as a “distraction,” 59 percent of voters take it seriously. Some 33 percent agree with the administration that it’s fake.

 

Proving how coordinated the use of several different government agencies was to attack critics of the BHO Regime.  This would be a text-book RICO case if done by anyone else than the protected class in power.

Another Agency Goes IRS – FEC is involved.

 

FEC vice-chair says email raises questions of improper contact with IRS   

 

The Other Targeting Scandal – So is the SEC.

 

The targeting of conservative groups is part of the long-time assault by campaign-finance scolds on the First Amendment. –  From Bradley Smith at WSJ.

 

IRS Minimizing Scandal Targeting Religious, Pro-Life Groups – “Move along. Nothing to see here.” 

 

House votes to block IRS from Obamacare role – How can an agency that is already abusing its power be trusted with even more powers and control over Americans? 

 

Examiner Editorial: End the IRS’ role in regulating political speech – it’s about time someone put a limit on the IRS’s ability to blatantly ignore the Constitution. 

 

IRS manual detailed DEA’s use of hidden intel evidence

 

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Our “Candy Man” Government

Posted by taxguru on August 7, 2013

Funny, yet sad, look at how our government has evolved

 

Thanks to Ohio CPA Dana Stahl for passing this along to me. He later added this comment, with which I wholeheartedly agree.

As to “government evolving”, I’d say it is more a case of government DEvolving!

 

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IRS refusing to provide documents

Posted by taxguru on August 6, 2013

This week’s episode of NewsBusted has these timely zingers.

 

 

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