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In the Blogs: All in the Planning

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Highlights from some of our favorite tax bloggers this week.

All in the planning

  • TaxMama: “A ReasonableMan” asks about his wife’s inheritance. “Essentially, it boils down to this. His mother-in-law died. Among the items his wife inherited is an IRA. When a person is over age 70-?, they are required to draw a certain amount out of their IRAs and retirement plans each year -- or face a substantial penalty.” Sorry for the loss, and what to do.
  • H&R Block blog: Health care and the tax return: A marriage made in Washington in coming tax years, with scenarios here based on family income to look at eligibility for financial assistance on health care costs. Glad for the help -- trying to figure this out on your own can make you sick.
  • Tax Break: The TurboTax Blog: And here, a timetable of big dates regarding Obamacare.
  • Backtaxeshelp: Saving for college comes with more landmines than you might expect, given the nobility of the enterprise. Nonetheless, blogger Rebecca Lake looks at 529 plan mistakes to avoid. Probably there are 529 of them, too.
  • Brian’s Financial and Tax Musings: Too many small businesses make light of cash flow improvement and we can’t argue with one of Brian’s core statements: “It seems like there is never enough cash when you need it.” Five cash management leaks to avoid, including bloated bank fees and over-taxation.
  • Mauled Again: The latest installment of “Polishing Subchapter K” looks at factually determining whether a business partnership exists -- and why Section 704(e)(1) continues to.

 

Changes upon changes

  • Taxing Subjects: The big eyes of FASB and the IASB settled on lease accounting recently; the two boards issued the Joint Discussion Paper “Leases: Preliminary Views” that could massive change the balance sheets of public companies. “The paper addresses abuse and errors in the way the companies account for leases of facilities and equipment,” and, like so much of finance these days, stems from the likes of Enron.
  • Tax Maven: Diane Gilabert offers nine true/false questions on the Section 199 deduction, “one of the most overlooked tax breaks for businesses” that offers, for those who wade “the alphabet soup of acronyms, a potential tax deduction of 9 percent of qualifying taxable income. Engrossing write-up that opens with figuring the basic calculations.
  • Rubin on Tax: Look at a recent private letter ruling illustrating how a non-U.S. procurement corporation can generate Subpart F income -- and illustrating an exception to the creation of that income.
  • Law Office of Irina N. Goldberg: Danger, Will Robinson! “If you intend to discharge your tax debt in bankruptcy … if you file your tax return after the IRS has already prepared a substitute return (SFR) on your behalf, your form 1040 does not qualify as a tax return for purposes of bankruptcy.”

 

Dirty doings

  • Due Diligence: In this week’s round-up: “Rules For Expatriation? How About an Exit Tax!”; “Tax Evasion FBAR Post -- Lawyer Pleads to Tax Charges”; “Anderson Scott Hall Faces New Charges in Abaco Securities Scam”; “Baby Boomers Succumb to TIC Fraud.”
  • Taxable Talk: We’ll Get Back to You Dept.: Yet more news on the IRS scandal, including Tax Analysts firing off a Freedom of Information Act request to the service for all materials used since 2009 to train IRS personnel in the IRS-exempt organizations determinations office in Cincinnati and the extensions (ha ha) the IRS has pleaded for since then.

 

What they write about when they write about taxes

  • Don’t Mess with Taxes: How the chairs of Congress’s two tax-writing committees, Rep. David Camp, R-Mich., of the House Ways and Means and Sen. Max Baucus, D-Mont., of Senate Finance, are winging to Silicon Valley to hear Tax Code ideas of high-tech companies, among other stops. Dude, keep it simple.
  • The Wandering Tax Pro: Can’t Expect Them to Remember Everything Dept.: “What the idiots in Congress fail to do when they add ‘tax expenditures’ to the Tax Code is take into consideration the special record-keeping requirements that apply to specific deductions and credits.” How they did recently require basis reporting on 1099-Bs (“… a step in the right direction …”) and the example of interest on home-equity debt being deductible only on principal up to $100,000.
  • Tax Girl: The lady has hit The Big M (as in 1,000 posts) and offers a look back at what she’s learned from all that writing about taxes, such as “things change really quickly,” “be open to opportunity” and “tax is important.” Thanks for the memories and for the writing, and we look forward to the next 1,000. 

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