IRS says, “Show us the money!”
Recently reported data shows that close to 11,000,000 taxpayer accounts are in IRS Collection. This represents a near doubling since 2002 as shown in the accompanying graphic. The typical deadbeat owes $10,756.
IRS Releases New Draft of Estate Tax Form
The Internal Revenue Service ("IRS") has released a new draft version of Form 706 - the form used to prepare and file the Estate and Generation-Skipping Transfer Tax Return. For the first time the draft includes a check box enabling an executor to opt out of the portability election for the unused portion of a deceased spouse's estate and [...]
Flo Forgot to Mention This
You get what you pay for. Seems simple enough. This concise yet powerful statement effectively conveys the idea that inexpensive means shoddy while expensive means top quality. Is this always true? Of course not. But marketers expect us to believe it. Why buy store brand Puffed Rice when, clearly, the more expensive Kellogg's Rice Krispies are far [...]
The Entitlement Crisis and ‘Welfare State Death Spiral’
Whether you agree or disagree with George Will he offers some rather tasty food for thought.
Almost Half of Americans Die Impoverished
A disturbing study released by the nonpartisan National Bureau of Economic Research finds that almost half of Americans die with less than $10,000 in assets. Not surprisingly the study has gone largely overlooked given the penchant of Americans to ignore bad news and that which might suggest the need for positive behavioral changes. The study's authors (James [...]
Taxing Olympic Athletes
Athletes tax their bodies. The U.S. taxes athletes. As Yakov Smifnoff might say, "What a country!" To put it plainly the IRS defines income as 'everything unless we specifically say it's not.' There's a method to the madness. Imagine a scenario where a handful of specific items are classified as income. The result is we'd all scramble [...]