Archive for the ‘Revenooer Rants’ Category

Time’s A Wastin’

Posted on December 29th, 2014 by by George Ashley

The clock is about to run out – but there may be just enough time remaining to enable you to save a few shekels from the grasp of Uncle Sam.  A few last minute reminders: Check your portfolio and consider taking those unrealized losses now.  And even if you like that stock or mutual fund, […]

Congress Finally Acts on Year End Tax Measure

Posted on December 22nd, 2014 by by George Ashley

In characteristic fashion, on its way out of town for the Holidays, Congress did bestow upon us plebes a few last minute extensions of a number of provisions which had otherwise expired at the beginning of 2014.  Check out the “Tax Increase Prevention Act of 2014” for the details.  Some of the extended provisions which […]

IRS All Worked Up Over Budget

Posted on December 15th, 2014 by by George Ashley

Seems the IRS Oversight Board heard a whole lot of whining from the Chief Revenooers, last week, regarding their expected 2015 budget which, among other things, suggests that IRS will have to “absorb” $345 million in additional costs, which will eventuate in reduced “customer service,” enforcement and information technology infrastructure. Let us shed a tear. […]

Time Running Out For “Portability” Election

Posted on December 8th, 2014 by by George Ashley

An important recent change in the estate tax law provided an opportunity to surviving spouses, some of whom have a “grace period” until December 31, 2014 by which they can take advantage. IRS issued a fatwah earlier this year regarding estates of decedents who died before January 1, 2014, the total value of which falls […]

“Extenders” Deal Looms

Posted on December 2nd, 2014 by by George Ashley

We hear that even though they were on vacation last week, some Congresspersons actually found a minute or two to conduct some last minute business as year end approaches – discussing with their colleagues and possibly finding some common ground under which some of the “extender” provisions (Internal Revenue Code sections which have lapsed unless […]

Wyden’s Retirement Arrogance Warrants Rebuke

Posted on November 24th, 2014 by by George Ashley

Talk about rants. Check out the latest bleat from Senate Finance Committee Chairman (thankfully, not for long) Ron Wyden (D-OR) following the release of a typical Democrat “soak the rich” report by Obama’s GAO regarding Individual Retirement Accounts with large accumulated balances:  “The state of retirement savings in the U.S. is completely out of whack.  […]

If You Want to Deduct It, You Have to Pay It!

Posted on November 17th, 2014 by by George Ashley

            Such was the reminder emanating from the Tax Court in its recent decision in the Copeland case. Mr. and Mrs. Copeland are cash basis taxpayers – like most ordinary folk.  And also like many others in this era of unusually low interest rates, they refinanced their home mortgage in […]

2015 Tax Filing Season Looks Grim

Posted on November 11th, 2014 by by George Ashley

              That’s what the Commish recently said, echoed by the National Taxpayer Advocate. Koskinen predicts that nearly half the folks trying to reach IRS by phone, before next April 15 celebrations, probably won’t get through.  “Phone service (he uses the term loosely – ed.) could plummet to 53%,” quoth the Commish.  That would be […]

What Hath Congress Wrought?

Posted on November 3rd, 2014 by by George Ashley

That’s what Senator Tom Coburn, M.D. (R-OK) asks each year via publication of his annual Wastebook, which outlines some of the more egregious and outrageous things our profligate government considers necessary to spend money on.  Quoth Coburn in this year’s edition, “Only someone with too much of someone else’s money and not enough accountability for […]

Memo to Obama: Get Real Regarding Retirement Savings Policies!

Posted on October 28th, 2014 by by George Ashley

In recent months, there have been ruminations coming forth from various government pooh-bahs relative to the potential of trying to limit the amounts that may be contributed to/accumulated within IRAs and various forms of retirement savings vehicles which have been tax favored for lo these many years.  The government just needs the money, don’t ya’ […]

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