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New York Times Has Trouble Finding Tax Accountants To Discuss Tax Bill
The opening paragraph tells us about the fate of Jonathan Traub Managing Principal, Tax Policy Group at Deloitte. You have to understand something. One of my running jokes lately has been referring to the “failing New York Times”. That is always meant ironically as a reference to our President’s characterization. I love the New York Times and always have since Mr. Moroney required our sophomore class at Xavier High School to read parts of it every Sunday.
Remember the headline – “Tax Bill Is Great for Accountants – Unless They Have Holiday Plans”. The fellow in the lead paragraph – Jonathan Traub – seems like a tremendous guy. One problem, notwithstanding that Mr. Traub works for one of the top accounting firms in the country, he is not an accountant and based on his resume has never been one, nor does he even have the most basic qualifications to be one.
Retroactive Depreciation Changes Encourage Closing Deals Before Year End
Originally published on Forbes.com. The Tax Cuts and Jobs Act has radically changed the rules for bonus depreciation at least for a while. Instead of 50%, we will be...
Conference Agreement Splits The Difference Between House And Senate On Commercial Real Estate
I still think the bill is terrible – as a citizen that is. It saves me money and will make for lots of interesting working, but it violates a fundamental principle of income tax simplicity in that it creates a new type of income with a special feature. If we can’t figure out a way to make income not be recognized, we try to have it be capital gain. Failing that we will now struggle to make it qualified business income. It’s going to be fun. Reilly’s Third Law of Tax Practice – Any reasonably complex tax matter involving significant dollars, regardless of whatever else it might be, is a white-collar jobs program.
GOP Tax Bill: Beer, Wine & Whiskey Makers Get A Break
The alcoholic provisions all came from the Senate. I’ve been so absorbed in studying the bill that I have not been able to devote much time to reports of the sausage making. According to this story Justin Kendall in Brewbound gives credit to Senators Roy Blunt and Rob Portman. The thing about the political dynamics of the bill is that any Republican Senator willing to hold his or her breath till turning blue can get a puppy or a case of beer or something to bring them around. So that’s probably the way it went. My theory that Senators saw the House Bill and all decided to go out and get drunk doesn’t hold that much water, but it is entertaining.
One of my best friends from high school tweeted about these provisions that you gotta love that if you are Irish. Ethnic stereotypes are a really bad thing regardless of any statistical basis of this or that group having more than its share of this or that vice or virtue. What is really bad is when the group rather than objecting to a bad characterization embraces it. You will find that most groups who do this satisfy themselves by joking about themselves – but not us. We have to take a religious holiday and dedicate it to binge drinking. That is really bad. So please support Sober St. Patrick’s Day.
How To Enjoy The Tax Cuts And Jobs Act – Part 2
I was really pleased that they left 1031 intact for real estate. Its repeal would create a crisis in the market for net lease commercial real estate, which is fueled by 1031 money. But the fact that they eliminated it for everything else, makes me nervous.
How To Enjoy The Tax Cuts And Jobs Act
Each section is divided into four parts. Present Law, House Bill, Senate Amendment and Conference Agreement. Skip to the Conference Agreement. That will give you an explanation of the actual bill that the House and Senate will be voting on. In some cases, it will refer you back to either the House Bill or the Senate Amendment, then you have to roll back. Or you may be curious enough to roll back anyway to see the different thinking of the House and the Senate. Sometimes the Conference Agreement has no provision and then you can roll back and see what people were thinking about that did not make it into the final bill.
Qualified Business Income Is Key Provision To Tax Cuts And Jobs Act
Is it possible that the Republicans are trying to create a world in which everybody is either living off capital or being entrepreneurial? Frankly, I don’t think that will work well. Much of what makes the world work is people showing up and doing what they are told with skill, knowledge, and dedication. If they are getting a pretty fair deal, they will be loyal – more loyal than their employers deserve usually. I have a great deal of admiration for entrepreneurs. Part of my job is to understand them. And there are other types of celebrated people that I stand in awe of. But I could probably get by without them better than I could without the guys emptying the dumpster and plowing the snow in my condo complex. And for the life of me, I can’t see why I should pay less tax on the same dollars than they pay.
Tax Cuts And Jobs Act Might Mean More Woman Partners
There was language in the bill to the effect that it would not apply to guaranteed payments. But who needs guaranteed payments? Last year Sally’s firm shared $10 million among the equity and income partners. It ended up being a 50/50 split. $5 million for the thirty income partners and $5 million for the 15 equity partners. The equity partners celebrated by going to a football game. The income partners celebrated by going to the ballet. The $5 million to the income partners was $4.7 million in guaranteed payments and $300,000 in bonuses.
For Tax Matters Use The United States Postal Service And Don’t Cut It Too Close
The fact that the taxpayers squeaked by does not change the practical lesson. If it says 90 days, make-believe it is 80 days. At Joseph B Cohan and Associates during tax season in the eighties, the hardcore guys would work till 10:30 PM most weeknights. One of our jokes was telling somebody leaving the office at three in the afternoon on Sunday to have a nice weekend. But on April 15, we sat around all day playing bridge and waiting for emergency calls and went drinking around 5:30. Well usually.
And if you need proof that you sent something, use the US Post Office and do it in person. Let the clerk figure out the postage and stamp your proof of mailing with the date. And anytime anybody tries to tell you that the Founders thought that private businesses do absolutely everything better than the government does tell them to reread the seventh item of Section 8, giving them the benefit of the doubt that they ever actually did read the Constitution
Vexatious Litigation Penalties Upheld Against The Courtroom Commando
Mac has not drunk the tax protester Kool-Aid that will convince you that the income tax is limited to treasury messengers who live in the District of Columbia or some other inane notion. He has, however, adopted a technique that the sophisticated among the not conventionally tax compliant will use – holding the feet of the IRS to the fire of meticulous procedural scrutiny. That was the approach that got him sanctioned. After receiving the transcripts from the hearing officer, he requested “a summary record of assessment” (Form 23C), Form 4340, a copy of the actual document signed by the officer and the delegation order showing authorization to assess.