Well, the President is at it again. He wants to propose capital gains taxes on the wealthy and take the savings to increase tax breaks for the middle class. He and the democratic Congress did this a few years ago, and now wants to do it again. See the article from Accounting Today by Richard Rubin and Margaret Taley Bloomberg for more details: http://www.accountingtoday.com/news/government-news/obama-proposes-tax-increases-on-wealthy-to-aid-middle-class-73356-1.html The most annoying part of this is the taxability of some inherited assets that are now exempt by the estate tax exclusion. Why does every Presidential Proclamation have to do with tax increases – why can’t it have more to do with overall overhaul of the tax code to make it simpler and making more sense than adding more code pages and loopholes. It is like taking a battleship (big, slow moving) and putting butterfly wings on it (Ttat just won’t fly anymore!) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Musings of a Burbank CPA: IRS Braces for Start of Tax-Filing Season
Well, the IRS is gearing up for tax filing season. They have updated systems and forms and supposedly are ready to roll. See the article from Accounting Today by Michael Cohn for more details: http://www.accountingtoday.com/news/irs-watch/irs-braces-for-start-of-tax-filing-season-73332-1.html?utm_campaign=daily-jan%2016%202015&utm_medium=email&utm_source=newsletter&ET=webcpa%3Ae3662044%3A2498807a%3A&st=email Starting January 20, the IRS will begin processing e-file returns (their free FastTax service opens today). The Service says that budget cuts will further delay processing paper filed returns, so they are recommending taxpayers e-file tax returns (why they don’t allow e-filing of amended returns still escapes me.) Well, time to file. Better make your appointment with your tax preparer early; looks like a busy season. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
CPA Tax Musings: Social Security won’t seize tax refunds to collect old debts
If you owe the Social Security Administration an overpayment of social security benefits this year, you are in luck. Social Security will no longer seize income tax refunds to repay these debts. See the details in this article in SFGate by Stephen Ohlemcher: http://www.sfgate.com/news/politics/article/Social-Security-won-t-seize-tax-refunds-to-6010047.php Apparently some of these debts were from decades ago when beneficiaries were children. When members of Congress started complaining about this, the acting Social Security Commissioner suspended the program. Just remember that these debts are still out there and will be collected when beneficiaries are starting to collect Social Security themselves. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa