The Monday release of the 2012 IRS Data Book provides a look at agency activities from 10/1/11 - 9/30/12. Information available includes the number of filed returns, amount of taxes collected, enforcement, filing method (paper vs. electronic), taxpayer assistance and IRS budget/workforce among others. The IRS said it examined less than 1% of all tax [...]
Sometimes that chatty person in the airplane seat next to you has something useful to say after all... Years ago I found myself on a flight home after visiting a client. It was an uneventful trip - terrible airport food, inevitable flight delay and so forth. The person occupying the seat next to mine began [...]
Come back in time with us to the glory days of The Simpsons. An episode entitled Like Father, Like Clown - season #3 if we're not mistaken - offers a parody of The Jazz Singer. (We're partial to the Neil Diamond 1980 remake but for the purists there's also Al Jolson's 1927 original.) In one particular scene several young Jewish scholars [...]
We're conflicted about this article. On one hand we understand quite well. Thanks to regulatory requirements we have a treasure trove of archived e-mails. We too were overwhelmed with fearful clients pounding the table to sell. The best (or worst?) example is a panicked client who e-mailed us on March 6, 2009 (the S&P 500's trough) [...]
When we advise that strategies are means to an end rather than ends in themselves we like to joke that our clients have tuned us out or drank the Kool-Aid. It's also possible we've worn them down to the point where they believe resistance is futile. Kidding aside no investment or tax or insurance solution can be [...]
We play games for a variety of reasons - they entertain us, they are a social activity, they teach us, they cure boredom. Some games are simple. Some are complex. Some are expensive. Some are free. What makes for a good game is a combination of things. A game that's challenging yet fun or a [...]
In an attempt to fix America's broken housing market Fannie Mae and Freddie Mac at the direction of The White House previously authorized short selling - transactions allowing homeowners to sell their properties for less than what's owed on the mortgage. Instead of lenders pursuing to recoup the difference sellers are permitted to cancel the debt. In another gift [...]
Starting with the 2013 tax year the Internal Revenue Service is introducing a simplified means for small business owners and home-based employees to claim the home office tax deduction. Those working from home and maintaining a qualifying home office are able to deduct $5/ft2 of office space on up to 300 ft2 for a maximum deduction of $1,500/yr. Current [...]
Following his final round of the U.S. PGA Tour's Humana Challenge in La Quinta, California, professional golfer Phil Mickelson was asked for an opinion about the reduced schedule of some of his colleagues. "I'm not exactly sure what I'm going to do yet. If you add up all the federal and you look at the [...]
Ever wonder why taxpayers are outraged? Could something like this be a contributing factor?