Anotherspecial Friday edition of the BUZZ!
* There isstill time for you to order my stocking stuffers! Click here and here and here and here. Hey, it is ok to buy them for yourself (andthey are tax deductible)!
* And don’tforget my special pre-publication offer for MY BEST TAX ADVICE.
*I never thought I would ever reference something written by an idiot fromCongress in a positive light here. But heregoes. An editorial by Sen. Jeff Bingaman,a Democrat at that, actually gets it right! He tells the other idiots in Washington, “Don’t Tie Tax Extenders Bill to Fiscal Cliff”.
He correctly says (highlight ismine) –
“Lostamong the fiscal cliff debates on marginal tax rates and the sequester is abipartisan package of important tax cuts that the House and the Senate shouldtake up and pass immediately,regardless of whether Democrats and Republicans can reach a larger compromise.”
And –
“WhileI hope the negotiations to avert the fiscal cliff are successful, we should notwait for a “grand bargain” to materialize before we finish our work on tax extenders.Tax extenders are different from the other fiscal cliff issues.”
Who knew an idiot from Congresscould actually say something smart! As Iwrite this I am looking out my window for airborne pigs.
* Along these lines, ACCOUNTINGTODAY reports that “IRS Warns Congress Tax Season Might Be Delayed until March or Later without AMT Patch”.
*The WALL STREET JOURNAL knows “A Bad Budget Deal” when they see one, and feel,“Higher taxes now for notional reformlater is worse than nothing”.
They also tell us (highlight ismine) –
“It'sclear by now that the budget talks are drifting in a drearily familiarWashington direction: Tax and spending increases now, in return for the promiseof spending cuts and tax and entitlement reform later. This is a bad deal for everyone except the politicians who want moremoney to spend.”
* TrishMcIntire explains the IRS “Identity Theft PIN” at OUR TAXING TIMES.
*Jamaal Solomon, himself an EA, lists the latest in a series of “Reasons Why You Should Love EAs: John Sheeley, EA” at TAX FACTOR.
WhileI have never met John, he has been an online friend and supporter for severalyears.
BTW,Jamaal is correct when he says, “EAs arethe only federally licensed tax practitioners who specialize in taxation andalso have unlimited rights to represent taxpayers before the IRS.” RTRPs may be federally licensed taxpractitioners who specialize in taxation, but their rights to representtaxpayers before the IRS is limited. AndCPAs may have unlimited rights to represent taxpayers before the IRS, but theyare in no way, shape or form federally licensed tax practitioners whospecialize in taxation.
*I came across some good non-tax news via CNN MONEY (by way of theAccountantsWorld.com daily headlines) – “Refunds from Credit Card Issuers on the Way”.
Ijust wish we didn’t have to wait till March to get the credit.
*The TAX ADVISOR’s Tax Clinic reminds us of the importance of “Contemporaneous Documentation of Charitable Contributions”.
Thisitem elaborates on what I included in my MAINSTREET.COM article “How to Give at the Holidays With Tax Day in Mind”.
*Kay Bell has been running a series titled “Reindeer Year-end Tax Games”, withyear-end tips provided each day by Santa’s sleigh-pullers. For example, #7 was “Donder Says Harvest Investment Losses”.
*Paul Neiffer explains the annual gift tax exclusion in “Annual Exclusion Update”at FARM CPA TODAY.
*Kelly Phillips Erb, the internet’s TaxGirl, has a thoughtful post worth readingat FORBES.COM – “Lawmakers, Guns and Money: Where Do We Go After Sandy Hook?”.
*And Kelly continues her “12 Days of Charitable Giving 2012” by highlighting “Doctors Without Borders”.
THELAST WORD
Ihope you have a “successful” Christmas holiday!
Iwill be continuing with my annual tradition of typing W-2s on Christmas Eve(and New Years’ Eve), and driving to New Jersey for a homemade Christmas Daydinner with my sister. As such, this yearI am NOT dreaming of a white Christmas.
Don'tforget animals in your holiday charitable giving. Support your local non-profitanimal shelters & rescue groups. Check out www.petfinder.org.
“Talk”to you again next Wednesday!
HO!HO! HO!
TTFN
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