California’s Gold Rush Has Been Reversed – High taxes have consequences and are huge motivators for people to leave rather than just accept more fiscal rape.

Many states’ lottery sales are rising in recession – Makes about as much economic sense as the government’s bail-out schemes.

We probably won’t have the tax free deaths in 2010 that are currently scheduled.

Estates of Pain

Obama Plans to Keep Estate Tax 

Legality of proposed California tax plan in question – The rulers in Sacramento are trying to use sneaky tricks to get around the state’s two-thirds requirement for new taxes. Calling new charges “Fees” instead of “Taxes” is supposed to allow them immunity from the law. 

Detroit lawyer gets 5-cent IRS bill, 4-cent refund – Classic case of the left hand not knowing what the right hand is up to.

A nicer IRS?

IRS Speeds Lien Relief for Homeowners Trying to Refinance, Sell – from IRS.

IRS Offering Leniency Plan For Taxpayers – from WSJ

IRS agents soften heart for delinquent taxpayers – from AP.

Many Taxpayers Stand to Gain From New Laws – WSJ’s Tom Herman reviews some of the 2009 tax changes that are already on the books.  As we all know, many more changes are in the offing based on what our new rulers in DC feel like doing in the next few months.

Confusing Tax Rules Under Fire – Has there ever been a more obvious headline?  Again, as always when our rulers try to simplify the tax laws, there will be much more work for us sorting out their even more complicated mess.  My infamous poster still fits the bill here.

Madoff Is a Piker – John Stossel with another comparison of Madoff’s Ponzi scheme and the much larger Ponzi scheme called Social Security.

Tyranny of the Tax-Exempt – Dick Morris notices that the proposed Obama “tax cuts” are really more welfare payments.

Are Tax Revolts a Thing of the Past? – With higher taxes being touted as the patriotic thing to accept, those of us who complain are going to be demonized even more.

Some interesting tax articles from the free section of the WSJ:

Taking Credit for Energy Efficiency

Congress Revises Retirement-Fund Rules

For those folks who work on taxes by hand, Neal Boortz believes this special “Spread the Wealth” pencil sharpener would be appropriate.

When you’re ready to send your tax return off to IRS, how about sticking it into this mailbox?

Q:

Subject:  C Corp fiscal tax year.

Hello Kerry,

    I was interviewing an account for my taxes and he was telling me that the only choice for a C Corp fiscal year is either Oct. 1st or Jan. 1st. I could not find the info on the IRS web site and I knew you would know off the top of your head. Thanks for your time. I was wanting the  July 1st to June 30th  like you mention in some of your articles. Thanks for your time.

A:

A C corp can have a fiscal year ending at the end of any calendar month. I have some more info on fiscal years on my main website.

It looks like you need to find yourself a professional tax advisor who is a little more knowledgeable about such basic matters.

Consider yourself lucky that this person revealed his ignorance so early in your potential relationship.

Good luck.

Kerry Kerstetter

From last night’s Tonight Show via NewsMax:

The Democrats’ definition of the rich keeps going down: Barack said no one making under $250,000 a year will see a tax increase. Then he said no one making under $200,000 will see a tax increase. Then Joe Biden said no one making under $150,000 will see a tax increase. I think we’re going to see a tax increase.

Treasury office faults IRS computer security – If they know this going in, who knows how bad it will be when actually operating?

The Tax Issue Still Resonates – From Karl Rove

From Thursday’s late nite shows, via NewsMax:

Leno:

The stock market was up 400 points today, or as the Democrats call it – terrible news.

Barack Obama said again today that he wants to raise taxes on the rich – that’s provided by November anyone is still rich.

That seems to be the theme: In a speech today, Joe Biden said that paying higher taxes is patriotic. The Republican strategy on Joe Biden? Let him keep talking.

The Democratic-controlled Congress said they are going to adjourn for the rest of the year. They said regarding the financial crisis, no one knows what to do. Well, that’s a ringing endorsement to re-elect them – “You’re on your own! We’re leaving.”

Kimmel:

The government had to bail out two huge companies, and today they strongly hinted that they’d bail out others . . . at taxpayers’ expense of course. It’s all part of a new approach that leaders in the White House and Congress are taking – it’s called socialism.

Scapegoating Tax Cuts – Why it’s a steep uphill battle to prevent the cuts from expiring.