Reading this news item from CCH made my stomach turn.

Baucus, Hatch Promise Lawmakers 50 Years Secrecy for Tax Comments

Since our elected officials are supposed to be our public servants, we should know everything they do so we can make reasoned decisions as to whether or not we want to keep them in office or vote in someone else. 

When their votes and other official actions are sealed up from public view for 50 years, this is nothing short of chicken-shit and just another step in their devolution of the Constitution to become an elite and unaccountable Royal class in this country.

Any comments on tax policy made by our elected rulers must be in the immediate public record and they should be made to defend them now.  Any ruler supporting this 50 year shield should be voted out of office, if not impeached for violating their oath of office.  That goes for GOP and Dims.

From Argus Hamilton:

Tea Party groups revealed Friday that the FBI hasn’t interviewed them about the IRS targeting them during last year’s election. The groups believe that federal agents won’t look into it. Every day at the Justice Department, it’s hit the ball, drag out the investigation.

From Fred Thompson:

While targeting right-wing groups, the IRS’s Lois Lerner received $42,000 in bonuses. Well, technically, the money was actually compensation for not being allowed to keep the scalps.

 

The White House announced that President Obama will speak at the Brandenburg Gate in Berlin later this month. That’s perfect, since he represents a government that can’t even afford to build a wall. 

 

In the IRS scandal, no liberal organizations have come forward to say they were unfairly targeted. Unbelievable. Something liberals AREN’T claiming victim status on. 

 

The IRS has put a top official in charge of implementing Obamacare on administrative leave after it was discovered he had accepted $1,100 in free gifts. Seems fair. Everyone knows there’s a $1,500 minimum. 

 

A new report shows the federal government shelled out $332 million in employee bonuses in 2012. Since they were busy burying scandals, should we call these “shovel-ready jobs”?

The 0baMao regime is continuing its drive to force us into a full-blown economic depression.  Anyone with even the slightest understanding of business and economics knows that higher minimum wage requirements kill jobs.  That is why the Regime is pushing for it.

 Top Fed member says minimum wage hike kills jobs

From BlogComix4(10/17/12- )

FoxNews had this interesting segment on this morning with useful tips on how to make sure your credit reports are accurate.

From Argus Hamilton:

Governor Rick Perry flew to California to try to woo California businesses to relocate to Texas. The arguments even out. Texans point out that they have no state income taxes, however Californians counter that we don’t have winters, and besides our prisons are so full that if you don’t pay your state income taxes, nothing will happen to you anyway.

From a client:

One question.
We have a Personal Loan to an individual …..and
a first Home mortgage to my daughter.  Both loans are being amortized.  You will see our Quick Books and Organizer records “Interest Income”.
Do I issue 1098s?  FYI, I did not issue 1098s in 2011.

My Reply:

Since you aren’t in the lending business and these loans weren’t for properties you developed, you are not required to file 1098s.

However, I have some clients who voluntarily file 1098s even though they also aren’t required to do so in order to make sure everyone is using the same numbers on their tax returns.

If you don’t file 1098s for your loans, you should send your borrowers something showing what your records have for the prior year’s payments in terms of principal and interest so that they can use the same figures for their tax returns.

FYI – Here are the IRS’s official instructions for this.
http://www.irs.gov/instructions/i1098/ar02.html#d0e169

Who Must File

File this form if you are engaged in a trade or business and, in the course of such trade or business, you receive from an individual $600 or more of mortgage interest on any one mortgage during the calendar year. You are not required to file this form if the interest is not received in the course of your trade or business. For example, you hold the mortgage on your former personal residence. The buyer makes mortgage payments to you. You are not required to file Form 1098.

For information about who must file to report points, see Who must report points on page 3.
Not in the lending business.   If you receive mortgage interest of $600 or more in the course of your trade or business, you are subject to the requirement to file Form 1098, even if you are not in the business of lending money. For example, if you are a real estate developer and you provide financing to an individual to buy a home in your subdivision, and that home is security for the financing, you are subject to this reporting requirement. However, if you are a physician not engaged in any other business and you lend money to an individual to buy your home, you are not subject to this reporting requirement because you did not receive the interest in the course of your trade or business as a physician.

I hope this helps.  Let me know if you have any other questions.

Kerry

IRS Loses Lawsuit in Fight Against Tax Preparers – A big setback for IRS in their attempts to control every single tax preparer.  The big franchise outfits are jumping for joy over this ruling.

Obama’s Tax Evaders of the Year –   Michelle Malkin names some DemonRat hypocrites who publicly support the Marxist tax plans, while doing everything possible to reduce their own tax burdens. 

More of the same – Cal Thomas on the unwillingness of the DemonRats to ever cut spending and the GOP’s inability to grasp that fact.

How Washington’s failure to reach a tax deal could spoil your 2013

IRS filing frustration

Because of the confusion over the alternative minimum tax, millions of taxpayers may have to wait until mid-March to file their 2012 returns. The IRS, which had assumed Congress would simply avert that provision, notified Congress last week that up to 100 million taxpayers will have to wait to file if nothing is done – the IRS needs time to overhaul its computers.