* Kay Bell statesthe obvious in discussing politicians in her post “No-Tax Lies and Shifts on No-Tax Pledge” at DON’T MESS WITH TAXES – “They'reall lying”.
*A press releasefrom PRWEB tells us “UK Tax Freedom Day 2012 to be the 29th May”
“The 29 May will mark ‘Tax Freedom Day’, anotional time in the year when UK taxpayers will, as a whole, have earnedenough income to pay off their tax burden and start earning for their ownbenefit. Calculated annually by the Adam Smith Institute, it will take theaverage UK worker 149 days this year to pay off their debt to the state.”
Aren’t you glad tobe an American? The Tax Foundation putthe US “Tax Freedom Day” at April 17 this year – coincidently the initialfiling deadline for 1040s.
* Jean Murray iscorrect when she says “’Limited Liability’ Doesn't Mean ‘NO Liability’" ather ABOUT.COM BUSINESS LAW/TAXES blog.
She lists “some measures you and other owners of yourbusiness can take to minimize liability:
• Keep excellent corporate and LLC records.This includes LLCs too. Record all meetings and actions of the board and LLC membership.
• Don't mix business and personal funds. Mixing fundsdestroys the "veil" between business and personal finances and canleave owners at liability for other actions.
• Document transactions between owners and thebusiness. A loan to the business by an owner, for example, should be documentedjust like any other transaction.”
* Joe Kristan talksabout a disastrous Tax Court decision (for the taxpayer involved) in “An $18 Million Foot-Fault” at THE ROTH AND COMPANY TAX UPDATE BLOG.
As usual Joe’sbottom line tells it like it is -
“Themoral? Cheap tax help is oftenthe most expensive. By doing a returnwith an $18 million deduction by himself, the taxpayer saved on tax prep feesaltogether, so he has that going for him, anyway.”
WhileJoe states that the return in question was “self-prepared”, the post does notindicate whether or not the poor soul used tax preparation software to assistin incorrectly preparing the return.
* Howard Gleckmanreviews two different strategies for tax reform in “Tax Reform: Going Long v. Going Prudent” at the TAX VOX, the blog of the Tax Policy Center.
“And, of course, there is perhaps the mostlikely option of all: Go home. As they have for decades now, policymakers willtalk about tax reform even as they add more targeted tax breaks to the code.”
Howardends the post by posing a question to readers – “What do you think: Should tax reformers go long, or go prudent?”
Golong, Howard. Go long!
* Bill Bischoff,“The Tax Guy”, lists “3 Tax-Smart Ways to Pay Grandkid's Tuition” atSMARTMONEY.COM.
* Over at TAXABLETALK Russ Fox reports on “Another Survey, Another Bad Result for California”.
And, of course,another bad result for New Jersey –
“Alvarez & Marsal Taxand, a consultingand tax advisory firm, surveyed 800 financial executives (302 responded). Amongthe questions asked was Which states do you view as most competitive from a tax perspective? The usual suspects finished onthe bottom: California, New York, and New Jersey.”
* Trish McIntirecritiques a new “Tax Preparer Fraud Bill” at OUR TAXING TIMES.
I guess Congressdoes not think making preparers sit through 2 hours of ethics preaching eachand every year will automatically turn them all honest.
* Jason Dinesenanswers the question “What Does Thursday’s DOMA Ruling Mean for Taxes?” at theDINESEN TAX TIMES.
As Jason explains –“For now, nothing changes”.
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