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Archive for November, 2014

It will be a very confusing Tax Season…

Posted by taxguru on November 27, 2014

Will Congress be able to pass legislation retroactively renewing the several expired tax provisions in time for the upcoming Tax Season?  Either way, IRS and the tax software companies will be in a mad rush to adjust their systems to account for the changes.  It’s going to delay when tax returns can be actually prepared and processed by IRS.

 7 Tax Extenders That Affect You – Almost all tax returns have at least one of these items, especially the Sales Tax deduction that is big in tax free states, such as here in Florida.  

 

‘Short sales’ home sellers face huge tax bills if breaks aren’t reinstated. Families would have to pay taxes on forgiven mortgage debt as if it were income.  

 

How immigration killed the tax deal – Extender legislation may be lost in the crossfire from the battle over illegal immigrants.

 

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

 

Posted in TaxSeason | Comments Off on It will be a very confusing Tax Season…

Elements of Accounting

Posted by taxguru on November 24, 2014

  photo accounting-elements_zps21ff2e6c.pngAccounting aficionados should appreciate the creativity that went into this large chart of accounting terms in the style of  the Periodic Table of Elements.  When you hover over each element, it pops up with a definition.

Thanks to Titus Dalisay, Community Outreach Specialist at Open Colleges in Australia for the heads-up on this.  

 

 

 

Posted in Accounting | Comments Off on Elements of Accounting

Beware of parodies

Posted by taxguru on November 12, 2014

National Report is at it again, and there is a good chance that some people will see this parody and think it’s true. 

Congress Eliminates Child Tax Credit, Mortgage Deduction And E.I.T.C From Tax Code

Update: It looks like some people did fall for this spoof and Snopes had to officially debunk it.

 

Posted in humor | Comments Off on Beware of parodies

ObamaCare Info CheckList

Posted by taxguru on November 10, 2014

Similar to the info and documentation we have to get from clients claiming the EITC, NATP has produced this three and a half page checklist for info we need to get for the ObamaCare credit and penalty.

 

Posted in ObamaCare | Comments Off on ObamaCare Info CheckList

IRS Still Attacking bHo Enemies

Posted by taxguru on November 6, 2014

The recent election will most likely motivate bHo and his fellow DemonRats to use the IRS even more than ever to persecute anyone who dares to criticize anything they try to do.

 

Jeanne Shaheen Conspired With White House Insider On IRS Targeting Scandal – Many Dims in addition to bHo use the IRS as their private hit squad.

 

IRS says it hasn’t searched ‘other sources’ for missing Lerner emails – IRS employees still have no intention of helping investigators expose their crimes.

 

 

Posted in IRS | Comments Off on IRS Still Attacking bHo Enemies

Messy Tax Season Around the Corner

Posted by taxguru on November 6, 2014

With all of the changes and  new info required by ObamaCare, as well as the potential for last minute retroactive tax extenders of things that expired 12/31/13, we will be dealing with a lot more confusion than normal.  

IRS Commissioner Predicts Miserable 2015 Tax Filing Season  

 

Blame Congress? Your Tax Refund Could Be Delayed in 2015

 

 

Posted in TaxSeason | Comments Off on Messy Tax Season Around the Corner

Posted by taxguru on November 5, 2014

From Fred Thompson:

A new report shows that illegal poppy farming in Afghanistan is at an “all time high”, despite the US spending $7.6 billion trying to stop it. Maybe we should subsidize it instead. Stopped Solyndra cold.

 

From Argus Hamilton:

Canadian and U.S. officers last week surveilled Islamic converts prone to join ISIS whom profilers had refused exit passports. It’s a dilemma. North America is full of young men who want to join the violent armed group with no respect for Western laws, but the IRS is not hiring.

 

 

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Presumed Guilty

Posted by taxguru on November 2, 2014

It has always been one of the more insidious traits of the tax system in this country that we are all assumed to be guilty of being tax cheats and we have to be able to prove otherwise. Asset Forfeiture laws, under the guise of the insane War On Drugs, are even more draconian in their nature.  Put those two together and we have a growing abuse of authority and disregard for all of our constitutional rights. 

 

IRS uses drug trafficking and terror laws to seize bank accounts from taxpayers without ANY proof of a crime

 

Law Lets I.R.S. Seize Accounts on Suspicion, No Crime Required – From the NY Times

 

 

Internal Robbing-You Service – From Snopes.com

 

 photo IRS-Seizing-ATM141028_zpse9d0de5c.gif

Update: David Selig a “Federal Tax Practitioner” with dubious allegiances, defends the IRS because he believes that most people dealing in large cash deposits “are crooks.”

 Law Allows IRS To Seize Your Bank Assets On Suspicion Alone – Q & A With Tax Expert Explains Why

 

Posted in Crooks, IRS | Comments Off on Presumed Guilty