* Were you following Russ Fox’s annual “Bozo Tax Tips” series at TAXABLE TALK?  * Kay Bell tells us “Fake business tax credits, bogus charities, and phishing and smishing all make the2024 IRS Dirty Dozen list” at DON’T MESS WITH TAXES. * And Kay was also “Checking out the 2023 tax returns of Biden and Harris”. Of course we will never see moron Trump's tax return. * Michael Cohn reports “IRS free tax pilot enticed 140K taxpayers” at ACCOUNTING TODAY - “ . . . 90% of respondents ranked their experience with Direct File as excellent or above average, and 90% of the respondents who use ..read more

  As I contemplate the possibility of retiring from writing about income taxes I am making a special offer to my fellow tax preparers. I will send you, as an email Word attachment, my recently updated and expanded collection of Tax Professional Forms, Schedules, and Worksheets for only $5.00. I have created these forms, schedules, and worksheets over my 50+ years as a tax pro.  Many are given to clients to compile information needed to prepare their tax returns. Be advised these forms are copyrighted material and for use in your tax practice only. Send your check or money order for ..read more

  Sadly, the discussion of tax law and tax “reform” never involves issues of fairness and equity in the law.  It only involves political agendas. There have existed for years several true inequities in the tax law – some that penalize taxpayers and some that erroneously benefit taxpayers. For example - the way Social Security, gambling activity, and hobby income is taxed, the disallowance of legitimate required “out of pocket” employee business expenses, the double taxation of corporate dividends, limiting the deduction for state and local taxes, using the Tax Code to distribute so ..read more

  Please remember, absolutely NOTHING is more important for the future of America, and ultimately the world, than making sure Trump is NOT returned to the White House and today’s Trump-embracing and Religious Right-controlled Republican Party does NOT gain control of Congress. The greatest enemies facing America. True American values, and American freedoms and democracy today are NOT Russia, China, or radical fundamentalist Muslims – it is Trump, the Republican Party, and radical fundamentalist (actually fake) Christians. I very sincerely believe that if Trump wins and/or Republicans gain ..read more

  It’s been a while since we had some BUZZ. * Good news. “IRS enhances Where’s My Refund? tool for 2024 filing season”. Don’t bother your preparer if your refund is late.  There is absolutely nothing he, or she, can do to expedite the processing of your return or the issuance of your refund.  Go here first. Most states have similar tools on the applicable department’s website. * At TAXJAR (new to me) Sarah Craig provides a listing of “2024 sales tax holidays”. * TaxGirl Kelly Phillips Erb explains “Investment Income Can Be Tricky At Tax Time—Here’s What You Need To Know” at FORB ..read more

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  * From the IRS – “Michigan taxpayers impacted by severe storms, tornadoes and flooding qualify for tax relief; various deadlines postponed to June 17”. * F.I. TAX GUY Sean Mullaney, and Andrea MacDonald, discuss “Tax Return Reporting for Net Unrealized Appreciation.”   * Kay Bell reports “FTC alleges H&R Block deleted customer tax data, used deceptive advertising” – (highlight is mine) “The Federal Trade Commission (FTC) this afternoon announced it has filed an administrative complaint against H&R Block for wiping out customers' entered data as a way to pressure t ..read more

  This I know to be true. Extreme fundamentalist Christians are no less a danger and threat to America, and to freedom and democracy, than extreme fundamentalist Muslims.  Or any group that distorts/perverts religious beliefs and teachings. The separation of Church and State, a basic concept that American democracy was built on, requires that the specific beliefs of one individual sect or religion is NEVER legislated or forced upon the populace by the government.  As an intelligent and patriotic American, and one who happens to have been raised on the true teachings of Jesus Chr ..read more

  * From Kay Bell at DON’T MESS WITH TAXES – “Attention Alabama & Maryland shoppers: Special sales tax holiday savings come your way in February”. * From the IRS - “West Virginia taxpayers impacted by severe storms, flooding, landslides and mudslides qualify for tax relief; various deadlines postponed to June 17”. * Speaking of disaster relief, Jeff Stimpson reports on “Tax relief for Maine weather victims” at ACCOUNTING TODAY. “Individuals and businesses in parts of Maine that were affected by severe storms and flooding that began on Dec. 17 now have until June 17 to file various fed ..read more

  As the tax filing season begins here is some good advice, taken from my book THE JOY OF AVOIDING TAXES - You should not rush to be among the first taxpayers of the year to have your taxes done. Do not give or send your tax preparer your ‘stuff’, or attempt to prepare your own returns, until you have received all the forms and information needed to complete the returns! That means every W-2, every 1099, and every K-1 and all the cost basis information on the sale of investments. Over the years I have had several experiences where a client came in very early in the season and had his or h ..read more