Posted by taxguru on November 24, 2014
Accounting 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
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
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
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
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
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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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.
Law Lets I.R.S. Seize Accounts on Suspicion, No Crime Required – From the NY Times
Internal Robbing-You Service – From Snopes.com
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 by taxguru on October 30, 2014
This year, two tax publishers have already calculated the inflation adjusted tax brackets for 2015, which are handy for tax planning purposes. Notably, the annual gifting exclusion will remain at $14,000 for 2015.
Wolters Kluwer, CCH Projects Inflation-Adjusted Tax Brackets and Other Amounts for 2015
Bloomberg BNA has this handy 17 page pdf of the upcoming inflation adjustments for 2015.
Update: Tax Foundation has posted a very handy summary of the 2015 adjustments.
Update 2: IRS has just released its official announcement of the inflation adjusted changes for 2015
IRS Rev Proc 2014-61 with all of the details (22 page PDF)
Posted in IRS, TaxRates | Comments Off on 2015 Federal Tax Inflation Adjustments
Posted by taxguru on October 28, 2014
The Tax Foundation has released its 2015 State Business Tax Climate Index:
Their announcement and summary
The full 76 page pdf.
From the Executive Summary:
1. Wyoming
2. South Dakota
3. Nevada
4. Alaska
5. Florida
6. Montana
7. New Hampshire
8. Indiana
9. Utah
10. Texas
41. Iowa
42. Connecticut
43. Wisconsin
44. Ohio
45. Rhode Island
46. Vermont
47. Minnesota
48. California
49. New York
50. New Jersey
Posted in StateTaxes | Comments Off on State Taxes Can Influence Business Locations
Posted by taxguru on October 20, 2014
Even if you’re not sure whether somebody is really with the IRS or not, the safest way to approach it is to have your professional tax advisor handle all interfaces with IRS on your behalf. S/he should be able to quickly spot a scam, as well as protect you from the improper tactics used by some actual IRS employees.
Posted in IRS, scams | Comments Off on Be careful of fake IRS contacts…
Tax Guru - Ker$tetter Letter 