Tax Guru-Ker$tetter Letter

Thursday, March 09, 2006

Alternative Minimum Tax – Not Just for High Earners Anymore

Unless things change, the nonpartisan Congressional Budget Office estimates that by the year 2016, AMT will affect 33 million taxpayers to the tune of $81 billion.

Our rulers' refusal to address this insanity is a blatant dereliction of duty, which is nothing unusual for that bunch of incompetent bumbling bozos in power, of both parties.

No Change in IRS Interest Rates for the Second Quarter of 2006 – Staying at 7.0%. I’ve updated this info on my Quick Reference page.

IRS Selects Three Firms to Take Part in Delinquent Tax Collection Effort – The Sopranos will have to wait until 2008, when IRS will contract directly with ten collection firms. Of course, that doesn’t stop them from sub-contracting for these three who won the initial contracts.

Consumer Groups Contend Regs Would Allow Return Preparers to Peddle Taxpayer Info – In response to the trend of tax prep firms outsourcing the actual work to cheaper workers in India, a topic I have commented on several times.

Senate Budget Proposal Follows White House on Tax Cuts; Would Double IRS Enforcement Funding – IRS’s Tax Gap propaganda campaign, hyping SWAGs as real figures, is paying off quite well for them.

Feds Getting Rid of More Bad Eggs From Our Profession:

Alabama preparer inflated $61,000 of expenses to almost $244,000
Minneapolis preparer claiming false deductions and statuses
Arizona couple promoted bogus trusts

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 3/09/2006 07:01:00 PM Send this post: