Some good advice was offered to the idiotson the Committee (highlight it mine) -
“Rivlin{Alice Rivlin, the former Congressional Budget Office director and head ofthe Office of Management and Budget in the Clinton administration} and former Sen. Pete Domenici (R-N.M.),co-chairs of the Bipartisan Policy Center's Debt Reduction Task Force, urgedlawmakers to temporarily extend the Bush-era tax cuts but include language with it forcing fundamental tax reform.”
The fundamental tax reform needed -
“Rivlinalso urged lawmakers to scrap the current Internal Revenue Code and start overby assuming that all income is taxable and then figure out which modificationsand tax expenditures are absolutely essential, even though they would raise therate.”
* Jason Dinesen of DINESEN’S TAX TIMEStalks about “Being In The Tax Business and Making Mistakes”.
In a recent post at THE TAX PROFESSIONAL Iaddressed the subject of mistakes by tax preparers –
“Inthe history of the US Tax Code there has NEVER been a paid preparer who hasNEVER made a mistake. The complexity ofthe Code and the workload demands of the limited filing season make itliterally impossible for a paid preparer to complete a perfect tax return everytime.”
* The TAX FOUNDATION now has a “Weekly Tax Update” newsletter.
*The TAXPAYER ADVOCACY PANEL wants you to “Submityour comments and suggestions for improving the IRS”. Click here to do so.
*Trish McIntire discusses an “Underpayment Catch-22” over at OUR TAXINGTIMES.
Thisraises an interesting point about “self-assessing” a penalty for underpaymentof estimated taxes. Be sure to see mycomment on the post – and her response. Trish and I have “agreed to disagree” on the subject.
*A post from Trish has “turned me on” to a new tax blog – TAX FACTOR by JamaalSolomon, EA from Brooklyn NY.
Hereis a post titled “Dem IRS No Worry We: EAs Are America's Tax Experts” thatexplains just what an EA is.
TTFN
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