Sunday, March 30, 2014

This Person Really, Really Loves Tax Season [feedly]

  

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This Person Really, Really Loves Tax Season
// feeds.feedburner.com/goingconcern

For all your misery as you drag yourself ever closer to April 15th, you have people like this on the opposite side of the spectrum:

Y'all still ballin or nah? #TaxSeason

I counted $3500 but I have bad eyes and am not that good at counting either so might need one of you to check my work.


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The Forgotten Spouses of Public Accounting [feedly]

        I love you, Alan Tatum!

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The Forgotten Spouses of Public Accounting
// feeds.feedburner.com/goingconcern

We talk a lot about what you all go through during busy season, but what about those people in your life who barely see you for several months out of the year? You know, your spouse, your kids, your dog? What are they going through day after day, watching you grind out the very last bit of effort you have just to take out the garbage?

This wife of a "recovered public accountant" wrote a touching account of living her life as the misunderstood partner of a public accountant:

I am a spouse of a recovered public accountant.

I say to people,"My husband worked as a public accountant." And then they say,"Oh, so does he do taxes?" I say, no. And then we stop talking about my husband the accountant.

When I say, "My husband worked in public accounting for 4 years." I am actually saying, "My husband traveled 4 months out of the year. He worked 50 hour weeks consistently, and sometimes 60-80 hour weeks for months at a time."

I mean to say, I was alone. I think he was, too. He fought his battles at work, and would come home drained. Anything I asked him to do was added pressure.

"Can you take out the trash?" He would say yes, and then forget to do it. Not on purpose. He gave everything he had at work. There was nothing left.

You could almost substitute "public accountant" for alcoholic and feel her pain. Her partner was never home and when he was, he was unreliable and checked out. Even something so basic as taking out the trash was an insurmountable task.

I imagine that his work was full of pressure. People feeling pressure from money, and deadlines, and then the pressure gets pushed down through the ranks.

The thing with public accounting is the culture. Part of it is the nature of the job, like with a doctor. Doctors have to be on call, and work strange hours because people get sick all hours of the day. However, the 24-48 hour shifts that doctors work is the culture. Nurses work 12 hour shifts. That is culture. It doesn't have to be that way, but it is the way the business is set up, and the precedent is set.

So, with public accounting part of the job is the nature of the profession. It requires travel to get to the electric utility company in Mora, New Mexico. Someone has to go there. Then the culture requires that they work from 7am-7pm at the job sight [sic]. Then they eat dinner, and work from 9-midnight from their motel rooms.  It is the way the deadlines are set up, the staff managed, and the work distributed.

Despite her disappointment, this wife of a former public accountant mentions that her burned out husband still managed to carve out some time for his kids. But life is much better now that he made the leap into private. They not only eat dinner together as a family, sometimes they even eat lunch. LUNCH.

I know it's not very GC of us to talk about things we actually care about as opposed to the things we hate but maybe now would be a good time to discuss how you make time for the things that matter in your life. This isn't touchy-feely work/life balance bullshit, it's about the people in your life who you are working so hard to provide for.


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Wednesday, March 26, 2014

HHS exchanges to loosen PPACA enrollment deadline | LifeHealthPro

Insert smart-a** comment here!


Thrift Shops Issue Specific Guidance on Deduction Amounts for Used Underpants [feedly]

        You know it's late in tax season when I laugh this hard at the cynicism of a Going Concern blog!

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Thrift Shops Issue Specific Guidance on Deduction Amounts for Used Underpants
// feeds.feedburner.com/goingconcern

Have you ever dropped off a sack of crap at the Goodwill and said to yourself, "I'd like to have a defensible estimate of the value of each turd in this sack so that I can properly itemize this non-cash donation for tax purposes"?

Neither have I.

Regardless, several groups, like The Salvation Army and Goodwill, have published "Donation Value Guides" to give you the value of the items that you donated because your garbage can was full.

Some interesting trivia from the Donation Value Guides:

Donated blankets and afghans are valued at $2 - $15. Afghans are probably closer to the low end because of the Taliban.

The value of used stuffed animals is listed at $0.50 - $1.00. That seemed low, so I tested it out with my nine-year-old son, Grady.

ME:        Hey, Grady. Grady. Grady!
GRADY:     What?
ME:         Pause your video game.
GRADY:    What?
ME:        You know your stuffed animal, Harry the Elephant? The one you've had since you were a baby and that you couldn't fall asleep without? Can I buy that from you for 50 cents?
MY WIFE:    No you may not!
ME:        Shut the hell up, woman! You're not part of this! So can I, Grady?
GRADY:    He's not for sale.
ME:        How about for a dollar?
GRADY:    OK.

That one checks out.

DonationGuide.com says that used single mattresses are worth $18 - $42 and double mattresses are worth $42 - $90. Treatments for mattress-borne hepatitis are about $200 depending on your copay.

Men's under-shorts are valued at $1.20 to $3.60, whereas kids' underwear are worth $1.20 to $4.20. Used women's underpants aren't listed which seems to imply that they're worthless; however, in 1993 they were sold for $50 from vending machines in Japan. Put that in today's dollars, and used women's underwear should be worth about $75.67. That's far from worthless, but not far from your gag reflex.

One- and two-piece bathing suits can be valued up to $12. That's a lot of for a small amount of cloth that you know you've peed through.

But instead of taxpayers itemizing their strangely-not-worthless crap, the IRS allows us to claim up to $250 as long as we grab a receipt when we drop off the detritus of our consumer lifestyle. According to The Salvation Army, 83 pairs of used underpants are worth $250, and it's pretty easy for any taxpayer to assume that whatever they drop off is worth as much as 83 pairs of old tighty-whiteys.


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The IRS Has 99 Problems But Obamacare Ain't One [feedly]

  

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The IRS Has 99 Problems But Obamacare Ain't One
// feeds.feedburner.com/goingconcern

We no longer run a daily "quote of the day" over here at GC, but if we did, these thoughts from former acting IRS commissioner Danny Werfel would certainly be in the running.

POLITICO got to pick his brain recently and while he refused to answer any questions about that Lois Lerner chick and how Ways and Means is in his business like white on rice, he did have some thoughts on how Obamacare is quickly becoming the best thing to happen to the IRS since the 16th Amendment:

But there was one area that Werfel said the IRS deserves praise for: Obamacare. The agency has so far avoided any real criticism for the rollout of the 2010 health care law — a status Werfel credited to its technology prep. "Information technology, at this point in time, is a significant strength for the IRS. The chief technology officer over there [has] a shop that is top-notch, I was extremely impressed with what the technology folks over at the IRS are able to accomplish. The launch of the IT solutions went very smoothly, it was not without hard work. The final months leading up to October…what I saw was a very effective technology team," he said.

So let me make sure I read that correctly. We are in the very early stages of Obamacare's rollout and the guy who ran the show at the IRS for 7 months while the IRS was embroiled in a political scandal thinks Obamacare is one of the IRS' greatest victories?

Cool story, bro.


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Friday, March 21, 2014

State Policy and EITC Expansion for Childless Workers [feedly]




State Policy and EITC Expansion for Childless Workers
// Tax Policy Center: Urban-Brookings Tax Policy Center
President Obama and others have proposed increasing the federal earned income tax credit for workers without qualifying children. That would automatically raise state EITCs in the 23 states that calculate a state-level credit for this group as a percentage of the federal credit.

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Tax Return Preparation Mistakes

Enrollment in Obamacare Exchanges: How Will Your Health Insurance Fare? [feedly]




Enrollment in Obamacare Exchanges: How Will Your Health Insurance Fare?
http://www.heritage.org/research/reports/2013/10/enrollment-in-obamacare-exchanges-how-will-your-health-insurance-fare

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New York banker Kenneth Bellando kills himself in ELEVENTH finance suicide this year | Mail Online

Case of Faith, Profit, Obamacare, Contraceptives to Hit High Court - DailyFinance [feedly]




Case of Faith, Profit, Obamacare, Contraceptives to Hit High Court - DailyFinance
http://www.dailyfinance.com/2014/03/21/hobby-lobby-obamacare-lawsuit-hits-supreme-court/

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IRS employs former cop convicted of FBI snooping - Washington Times [feedly]




IRS employs former cop convicted of FBI snooping - Washington Times
http://m.washingtontimes.com/news/2014/mar/20/irs-employs-former-cop-convicted-of-fbi-snooping/

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Wednesday, March 19, 2014

» 28-Year Old Former JPMorgan Banker Jumps To His Death, Latest In Series Of Recent Suicides Alex Jones' Infowars: There's a war on for your mind! [feedly]




» 28-Year Old Former JPMorgan Banker Jumps To His Death, Latest In Series Of Recent Suicides Alex Jones' Infowars: There's a war on for your mind!
http://www.infowars.com/28-year-old-former-jpmorgan-banker-jumps-to-his-death-latest-in-series-of-recent-suicides/

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Obama's budget bad for 401(k) savers - CNBC [feedly]




Obama's budget bad for 401(k) savers - CNBC
http://www.cnbc.com/id/101504549

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IRS Violated Procedures in Trying to Collect from Bankrupt Taxpayers

IRS Employee Took Home Data on 20,000 Workers at Tax Agency

Missouri Man Assaults H&R Block Employee Because Tax Return [feedly]




Missouri Man Assaults H&R Block Employee Because Tax Return
//

Is this turning into the most violent tax season ever or what? First the guy in Detroit shooting people over his lady friend not getting her refund in cash and now this.

A Missouri man is facing a third degree assualt charge after he allegedly choked the shit out of an H&R Block employee. Guess we know who won't be in on getting his billion back, eh?

53-year-old Michael Wright was apparently unhappy with the result of his tax filing, so naturally he shoved his preparer to the ground and choked a Block.

Dude, we get it, taxes are frustrating. It's bad enough the preparer has to work at a St Louis H&R Block, do you really have to choke him while he's down?

Missouri man enraged over his taxes accused of attacking H&R Block worker [KY3]



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Tuesday, March 11, 2014

Spring is in the Air! Caution: Rated X----tra stupid

http://goingconcern.com/post/sex-office-during-busy-season-guide

http://www.ajc.com/news/news/breaking-news/sex-in-school-office-leads-to-resignations/nd94H/

Wall Street's new mantra: Meditate [feedly]




Wall Street's new mantra: Meditate
// Business and financial news - CNNMoney.com
Firms want to offer a $1,000 course on Transcendental Meditation to employees.

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Voting Records Raise Questions After Mummified Body Found « CBS Detroit

Putin is a 'young Joe Stalin': Boone Pickens - CNBC [feedly]




Putin is a 'young Joe Stalin': Boone Pickens - CNBC
http://www.cnbc.com/id/101483438

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5 Web predictions that were WAY off [feedly]




5 Web predictions that were WAY off
// Business and financial news - CNNMoney.com
So long, spam? Nobody will buy books or read news online? The end of government snooping? These are a few of the predictions about the Web that turned out to be very wrong.

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The Uninsured Are Unaware of Obamacare Deadline [feedly]




The Uninsured Are Unaware of Obamacare Deadline
// Money Talks News
A new poll shows only 1 in 4 uninsured know that March 31 is the deadline to sign up for indivuual health insurance.

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Obama Budget Busts Spending Caps, According to Senate GOP Analysis [feedly]




Obama Budget Busts Spending Caps, According to Senate GOP Analysis
//

Two months after President Obama signed the Ryan-Murray spending caps into law (P.L. 113-73), his fiscal year (FY) 2015 budget would burst through those statutory limits and spend an additional $791 billion, according to a Senate GOP analysis of the president's budget proposal. Senate Budget Committee ranking member Jeff Sessions, R-Ala., said that it calls for spending $56 billion more than the Ryan-Murray limits. "The president's budget then calls for another huge tax increase of well over $1 trillion and to increase spending by almost $1 trillion," said Sessions in a recent statement.

According to Senate Budget Committee Republicans, the president's plan projects mandatory spending growth of 78 percent and Medicare and Medicaid spending growth of 73 percent over 10 years. Means-tested welfare and poverty spending, which now total $750 billion and is the largest federal expense, "continues to soar without reform."

Sessions said that President Obama's budget, by his own numbers, would add more than $8 trillion in new debt, bringing the total from approximately $17 trillion to $25 trillion. "This national profligacy is already inflicting an excruciating toll," he said. Sessions also charged that the budget assumes savings from the passage of the Senate immigration bill, believing the immigration bill will produce hundreds of billions in new tax receipts from payroll contributions from newly legalized workers. "These workers, upon retirement, will draw out every penny and more that they have paid into these programs," said Sessions.

The recently released Republican analysis reports spending in 2015 would total $3.901 trillion under the president's spending policies, an increase of nearly 8 percent ($279 billion) above current levels. This exceeds by $114 billion the Office of Management and Budget (OMB) baseline, which assumes compliance with the Budget Control Act (P.L. 112-25), as revised by the Ryan-Murray spending agreement.

Much of the new spending in 2015 would stem from the president's proposed Opportunity, Growth, and Security Initiative, which would provide an additional $28 billion for nondefense and $28 billion for defense above the recently signed into law discretionary spending caps, according to the GOP analysis. The budget does not allocate the additional funds among programs but, rather, "provides a laundry list of items that the new spending could support," according to Senate Republican Budget Committee members.

The analysis states that other noteworthy new spending in 2015 includes: $10 billion for education (principally student loan forgiveness); $8 billion for training the long-term unemployed, displaced workers and summer jobs for youth; $6 billion for immigration reform; $5 billion for Medicaid enhancements related to provider shortages; and approximately $25 billion to continue the Medicare "doc fix," Emergency Unemployment Compensation and Postal Service policies the president would start in 2014.

By Jeff Carlson, CCH News Staff

 



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How States Are Cracking Down on Small Business Tax Cheats - Businessweek [feedly]




How States Are Cracking Down on Small Business Tax Cheats - Businessweek
http://mobile.businessweek.com/articles/2014-03-11/how-states-are-cracking-down-on-small-business-tax-cheats

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TRUE JOE WAYS: Using a Portable Company File to Re-Index QuickBooks Files - intuitiveaccountant.com

WHAT IF: I need to move my QuickBooks Company file to a new computer? - intuitiveaccountant.com

IRS to Turn Over More Documents on Lois Lerner to Congress

Evernote tips for a painless tax season




Evernote tips for a painless tax season
View in a browser
Evernote Market
Simplify your Taxes with Evernote
Make this the year you go paperless, starting with digitizing your tax prep docs. Try these simple steps to create a streamlined process in Evernote.
Create a notebook Create a notebook for tax documents
Year round, scan all of your tax related documents - from pay stubs to receipts - into a designated Evernote notebook. By tax time, all of your documents will be in one place.
Tag your notebook Tag your notes with key phrases
Searching in Evernote is even faster when you use tags. Add tags such as 'moving expenses' or 'charitable donations' to help you instantly find the document you're seeking.
Share the notebook Share the notebook 
When you're ready to file your taxes, share the notebook with your tax preparer. (ParrottCPA.com!)
Painlessly Paperless ScanSnap Evernote Edition Scanner
The ScanSnap Evernote Edition is a powerful tool for expense tracking. It identifies receipts and automatically files them in the right place in Evernote, easing tax prep and reimbursements throughout the year.
 
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Monday, March 10, 2014

A Web Tool to Calculate ACA Tax Penalties [feedly]




A Web Tool to Calculate ACA Tax Penalties
// TaxVox

The deadline is looming: If you don't have approved insurance coverage by March 31 (and are not exempt from the requirement), the Affordable Care Act will hit you with a penalty on your 2014 income tax return. It is often said the tax is $95, but for many people it will be much more. A new calculator from the Tax Policy Center shows just how big it could be.

For a single person who makes enough in 2014 to file a 1040, the penalty can be as little as $95 or as much as $3,600, depending on income. For families, the penalty is much larger: A couple with two children could owe between $285 and $11,000.

My TaxVox post last November explained what determines the penalty. For low-income households, it's a fixed dollar amount: $95 per adult plus $47.50 per child, up to a total of $285. Higher-income families will owe 1 percent of their income (net of specified deductions), up to the average national cost of getting basic (bronze level) insurance coverage for all family members. According to the Urban Institute's Health Policy Center, that coverage will cost about $3,600 per adult plus $1,900 per child in 2014.

The penalty will be higher in subsequent years—2 percent of income with a minimum of $325 in 2015 and 2.5 percent of income but at least $695 in 2016 (again with a cap equal to the average premium for bronze plans in each year).

Take the calculator out for a spin and see how big the penalty can be. But be warned:  It's almost always more than that widely-cited $95.

And after you've checked out TPC's calculator to see what people will pay if they don't enroll, you can use the Kaiser Family Foundation's subsidy calculator to find out how big a subsidy they'd get if they do sign up for a plan.



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Friday, March 7, 2014

I swear I get the best fortunes.

It's tax season, so I've dispensed with trying to cook dinner at night!  Tonight: Chinese.  

God and I had a conversation this morning about "his" business, and apparently he didn't want me to miss this week's lesson:


Thursday, March 6, 2014

IRS Video Portal

Fwd: Important changes to the Affordable Care Act






 
 Intuit
 

Affordable Care Act Update

health insurance costs

New Deadlines
—and what they mean
for your small business

You may have heard some rumblings in the news lately about new Affordable Care Act deadlines and changes to mandatory employer requirements. But what does it all mean to you?

Here's what you need to know:

employee

If you have 1 to 49 full-time-equivalent employees, nothing's changed. You are still not required to provide health insurance for your employees—though a new program makes it easy (and affordable) to offer individual health insurance coverage on an employee-by-employee basis.

employee

If you have 50 to 99 full-time-equivalent employees, it's still mandatory to offer health insurance to your employees under the Affordable Care Act, but with the new revision, you get another year—until 2016—to comply.

employee

If you have more than 100 full-time-equivalent employees, you need to offer affordable insurance to 70% of your full-time workforce now—phasing in to 95% starting in 2015.

So, if you employ fewer than 50 people, nothing really changes. If you have more than 50 but fewer than 100 employees, you get another year to comply. However, even the smallest businesses often help employees afford better health insurance—even though it's not required.

To learn more about how the new changes in the Affordable Care Act may affect your taxes, visit this IRS site.

To find out how to help your employees meet the new requirement to carry insurance so they can avoid paying a tax, learn more here.

To your (and your employees') health,

Renard Ihlenfeld
Intuit Health Care team



Have more questions? We're here to help at intuithealthbenefits@intuit.com.



 

 




Liz Wahl’s on-air resignation from RT: What are U.S. mainstream media journalists whitewashing? [feedly]




Liz Wahl's on-air resignation from RT: What are U.S. mainstream media journalists whitewashing?
// Infowars
Mike Adams | RT news anchor Liz Wahl resigned on air yesterday.

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The Tax Changes in President Obama’s Fiscal Year 2015 Budget [feedly]




The Tax Changes in President Obama's Fiscal Year 2015 Budget
// Tax Foundation - Tax Foundation's "Tax Policy Blog"

President Obama released his fiscal year 2015 budget yesterday. Overall, the president proposes to increase revenue by $1.759 trillion over ten years. This new revenue comes in the form of a couple large tax changes, numerous small tax changes, and new fees (which we don't discuss in this post).

This analysis is a general overview and is based on the few specifics that the White House's budget documents provide.

Major Changes for Individual Taxpayers

The President's fiscal year 2015 budget introduces and expands a number of programs. He proposes to expand the child tax credit and the EITC, two of the largest family tax benefits. His budget also proposes to alter retirement plans and create an auto-enrollment IRA program. In order to pay for these expansions, his budget will raise taxes on high-income earners through a series of changes to tax expenditures, most notably placing a cap on the value of itemized deductions.

Expansion of the Earned Income Tax Credit and Child Tax Credit

The Earned Income Tax Credit and the Child Tax Credit are refundable tax credits aimed at working families. The size of these credits depends on income, marital status, and number of children.

Obama's proposal would double the current EITC for childless working taxpayers from $496 to $1,000 and make the credit available for taxpayers who earn $7.50 an hour and work 40 hours a week (approximately $15,600). The proposal would also reduce the minimum age a taxpayer is eligible to receive this credit from 25 years to 21 years.

This proposal will cost approximately $60 billion over ten years according to the budget documents.

The additional cost would be offset by revenue from a series of tax increases such as taxing carried interest as ordinary income ($13.79 billion in new revenue), making S-corporation liable for self-employment taxes ($37.67 billion), imposing taxes on shareholders that enter into "Intermediary Transaction Tax Shelters" ($5.23 billion), and changing the rules for determining the cost basis of certain portfolio stock ($3.51 billion).

The Child Tax Credit will also be expanded (no details on how this expansion will affect taxpayers). The expansion will cost an additional $9.6 billion over ten years.

Auto Enroll IRAs and a Cap on Retirement Accounts        

Auto enroll IRAs make a return appearance in the budget. This proposal would require businesses with more than ten employees to automatically enroll workers in an individual retirement account (IRA). Employees would be able to opt-out if they choose. Businesses would receive tax credits to offset the cost of setting up these programs. This would cost approximately $14.5 billion over ten years.

In addition, the budget will place a cap on retirement accounts in order to raise $28 billion for what is called the "Opportunity, Growth, and Security Initiative."

New Taxes on High Income Earners

Obama's budget reintroduces several tax proposals that aim to raise more tax revenue from high-income earners. This is where the budget gets most of its revenue.

Obama's budget will limit the value of itemized deductions for high-income taxpayers, raising approximately $600 billion in new revenue. This change will only allow taxpayers to take itemized deductions against a 28 percent income tax rate, rather than in the tax bracket they actually fall. This reduces the value of itemized deductions and boosts taxes paid by high income taxpayers. The Buffet Rule, or the "Fair Share Tax," is a 30 percent minimum tax on high-income earners. It would raise only about $53.02 billion over ten years. Increases the Estate Tax rate from 40 percent to 45 percent and lowers the exclusion, raising about $131 billion over ten years.

Major Changes for Businesses

Overall President Obama's budget would raise taxes on businesses through the elimination of tax expenditures, changes to accounting rules, and altering provisions in the international tax system. Small businesses receive some treatment to lessen the double taxation in the tax code, but S corporations may now face higher taxes.

Possible Future Rate Change

The budget promises that a portion of the proposed tax increases on business will be used to pay for a future cut in the corporate rate to 28 percent and 25 percent for manufacturing. Future rate cuts for small businesses are mentioned as well, but the budget does not mention details.

Improves Capital Treatment for Small Businesses, But Subjects S Corps to Payroll Tax

The Obama budget made some changes to the treatment of small businesses. The budget proposes to extend increased expensing for small business. This is often known as section 179 deduction, which allows a business to fully expense capital costs up to a certain dollar amount. At the end of 2013, the section 179 allowable amount reverted back to $25,000 of capital investments, down from $500,000. Correct treatment would allow the full expensing of all capital investments.

Additionally, the budget proposes the elimination of capital gains taxation on investments in small business stock. Both these moves would help mitigate the bias against saving and investment present in the current tax code. These types of changes should not be limited to small businesses only.

On the flip side, the proposal would subject S corporations to the self-employment tax. As detailed above, this is one of the taxes used to pay for the EITC expansion.

New Revenues from Changes to the International Tax System

The international provisions in the Obama budget result in numerous tax increases on U.S. businesses that operate on an international basis. One of the largest changes would be to determine the foreign tax credit on a pooled basis. This would result in a tax increase of $74.7 billion over ten years for businesses that take the foreign tax credit.

Additionally the budget calls for a deemed repatriation of the foreign earnings currently held abroad. The administration estimates a one-time revenue gain of $150 billion from a retroactive tax on the $1-2 trillion worth of profits currently held or reinvested overseas.  

New Tax on Banks

Like Chairman Dave Camp's (R-MI) tax reform plan, the Obama budget comes with a bank tax, or a "financial crisis responsibility fee." This tax would be imposed on bank liabilities, as opposed to bank assets as seen in the Camp proposal, and would raise $56 billion in revenue over the budget window.

Repeal of LIFO

As in Camp's and Baucus's plans, the Obama budget proposes to repeal last-in, first-out (LIFO) accounting rules. It is unclear whether or not the Obama budget would institute this tax retroactively as in the Camp and Baucus proposals.

Research and Experimentation Tax Credit

The Obama budget would enhance and make permanent the R and E tax credit, increasing its size by $108 billion over ten years.

Energy Tax Provisions

Green Energy

The president's budget makes permanent multiple tax provisions for green energy, including:

Tax credit for renewable electricity production Deduction for energy efficient commercial building property Modify and extend tax credit for construction of energy efficient new homes Tax credit for the production of advanced technology vehicles Tax credit for medium and heavy duty alternative-fuel commercial vehicles Additional tax credits for investment in qualified property used in a qualifying advanced energy manufacturing project Tax credit for cellulosic biofuel

Oil, Coal, and Natural Gas

The president's budget eliminates multiple provisions pertaining to the treatment of oil, coal, and natural gas. The eliminated provisions for oil and natural gas include:

Expensing of intangible drilling costs Percentage depletion for oil and natural gas wells Domestic manufacturing deduction for oil and gas (Section 199) Increase in amortization period for independent producers to seven years Dual Capacity (International Tax Provision)

The eliminated provisions for coal include:

Expensing of exploration and development costs Percentage depletion for hard mineral fossil fuels Capital gains treatment for royalties Domestic manufacturing deduction for coal and other hard mineral fossil fuels (Section 199)

Revenue Estimates of Tax Changes Included in the President's Budget

We've included below a table of the revenue estimates of the tax changes in President Obama's budget. The budget includes net revenue increases of $1.759 trillion over the next ten years, which includes tax increases of over $1.3 trillion (as outlined below). This table does not include the revenue the budget raises from new fees, such as the mandatory surcharge for air traffic services or revenues gained from new compliance rules.

Some of the largest tax increases are $598 billion from the limitation of itemized deductions for high earners, $131 billion from changes to the estate and gift tax, $276 billion from the changes to the international tax system, $56 billion for a new tax on banks, and $53 billion from the new "Fair Share Tax" inspired by the famous Buffet Rule.

See below for the list of tax changes (both increases and decreases). For reference, the information is presented in the same order as the summary tables. Please let us know if we forgot any changes.

Revenue Estimates for Tax Changes in President Obama's Fiscal Year 2015 Budget

Source: OMB Summary Tables of 2015 Budget

Tax Change

Revenue Increase/Decrease in Millions

Opportunity, Growth, and Security Initiative

 

 

Limits to Total Accrual of Tax Preferred Retirement Accounts

$28,377

Surface Transportation Reauthorization

 

 

Transition to Reformed Business Tax System (Deemed Repatriation)

$150,000

Early Childhood Investments

 

 

Increased Tobacco Taxes and Index for Inflation

$78,217

Earned Income Tax Credit Expansion

 

 

Expanded EITC

-$59,740

Tax Expenditure Changes for High Income

 

 

Taxes Carried Interest as Ordinary Income

$13,797

 

Conform SECA Taxes for Professional Service Businesses

$37,679

 

Impose Liability on Shareholders to Collect Corporations Unpaid Income Taxes

$5,238

 

Cost Basis of Stock Covered by Security must be determined with Average Cost Basis Method

$3,515

Tax Provisions for Clean Energy and Manufacturing

 

 

Provide Additional Tax Credits for Investment in Qualified Property Used in a Qualifying Advanced Energy Manufacturing Project

-$1,896

 

Designate Promise Zones

-$5,876

 

New Manufacturing Communities Tax Credit

-$4,664

 

Tax Credit for the Production of Advanced Technology Vehicles

-$4,825

 

Tax Credit for Medium and Heavy Duty Alternative-Fuel Commercial Vehicles

-$401

 

Modify Tax Exempt Bonds for Tribal Governments

-$112

 

Extend Tax Credit for Cellulosic Biofuel

-$1,698

 

Modify and Extend Tax Credit for Construction of Energy Efficient New Homes

-$2,048

 

Reduce Excise Tax on LNG to Bring into Parity with Diesal

-$20

Tax Cuts for Individuals

 

 

Automatic Enrollment in IRAs, including a Small Employer Tax Credit and Double the Tax Credit for Small Employer Start-up Costs

-$14,507

 

Expand Child and Dependent Care Tax Credit

-$9,610

 

Extend Exclusion from Income for Cancellation of Certain Home Mortgage Debt

-$7,665

 

Exlusion from Income for Student Loan Forgiveness for students in Certain Income Repayment Programs who have Completed Payments

-$5

 

Exclusion for Student Loan Forgiveness for Certain Scholarship amoutns for Participants in HIS programs

-$165

 

Make Pell Grants Excludable from Income

-$8,863

Tax Increase for Upper Income Earners

 

 

Reduce Value of Certain Tax Expenditures for Upper Income Earners

$598,066

 

Implement Buffet Rule through new "Fair Share Tax"

$53,026

Changes to Estate and Gift Tax Provisions

 

 

Revert to 2009 Parameter for Estate and Gift Tax and Additional Changes

$131,057

Reform Treatment of Financial Industry

 

 

"Financial Crisis Reponsibility Fee" and Other Financial Reforms

$56,374

Other Revenue Raisers and Tax Expenditure Changes

 

 

Require Non-Spouse Beneficiaries of Deceased IRA Owners to Take Inherited Distributions over No More than Five Years

$5,159

 

Increase Oil Spill Liability Trust Fund

$951

 

Reinstate Superfund Taxes

$23,270

 

Make Unemployment Insurance Surtax Permanent

$15,200

 

Enhance and Modify Conservation Easement Deduction

$522

 

Eliminate Deduction for Dividends Help in Certain ESOPs

$7,883

Tax Comliance Reforms

 

 

Tax Gap and Compliance Reforms

$17,078

Changes to Complexity of Code

 

 

Including Simplification of Rule for Claiming EITC for Workers without Qualifying Children and Repeal of Telephone Excise Tax

-$11,129

Provisions Pertaining to Manufacturing, Research, Clean Energy, and Insourcing

 

 

Tax Incentive for Locating Jobs and Business Activity in U.S.

-$212

 

Enhance and Make Permanent the R and E Tax Credit

-$108,146

 

Extend and Modify Certain Employment Credits

-$9,714

 

Modify and Make Permanent Renewable Electricity Production Tax Credit

-$19,286

 

Modify and Make Permanent the Deduction for Energy-Efficient Commercial Building Property

-$6,068

Tax Changes for Small Businesses

 

 

Extend Increased Expensing for Small Business

-$56,828

 

Eliminate Capital Gains Taxation on Investments in Small Business Stock

-$9,202

 

Increased Limitation for Deductible New Business Expenditures and Consolidates Provisions for Start-Ups

-$4,258

 

Expand and Simplify Credits Provided to Qualified Small Employers for Non-Elective Contributions to Employee Health Insurance

-$1,326

Incentives to Promote Regional Growth

 

 

Permanently Extend and Modify the New Markets Tax Credit

-$8,713

 

Reform and Expand the Low-Income Housing Tax Credit

-$1,390

International Tax Provisions

 

 

Changes to International Tax Provisions

$276,305

Elimination of Oil and Gas Provisions

 

 

Elimination of Oil and Natural Gas Tax Provisions Including Elimination of Intagible Drilling Costs and Percentage Depletion

$44,838

 

Elimination of Coal Provisions Including Repeal of Expensing of Exploration and Development Costs

$3,965

Additional Revenue Raisers Dealing with Accounting and Miscellaneous Provisions

 

 

Repeal of LIFO

$82,708

 

Modification of Like-Kind Exhanges for Real Property (1031 Exchange)

$18,270

 

Other Revenue Changes Inclusing Modification of Depreciation Rules for Business Aircrafts and Changes in Other Acounting Method

$18,148

Total

$1,311,276

Update: We have made a change to more accurately reflected the effect of the cap on itemized deductions on high-income taxpayers in the "Major Changes for Individual Taxpayers" section.



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Chances Are You Work With at Least One Sociopath [feedly]




Chances Are You Work With at Least One Sociopath
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Have you ever looked at a colleague, manager, partner, or other leader and thought to yourself it's entirely possible they could be a secret serial killer?

While it's unlikely they decapitate kittens on their days off, it's entirely possible they could be a sociopath:

[D]id you know that we ­cross paths with sociopaths on a regular basis  — and often don't even know it?

All serial killers are sociopaths. But not all sociopaths are serial killers.

In fact, many researchers believe that 1 in 25 Americans fit the criteria for sociopathy. One in 25! Think of all the people you have met in your life. Average one in 25. That's 4% of the population, or about 12 million Americans. Hard to believe, right?

Not really. Think American Psycho -- it wasn't the tale of an insatiable killer, it was a story about how the very quality that led Patrick Bateman to success in a ruthless field also drove him to kill.

So how do you recognize a sociopath? It's pretty easy.

Sociopaths are good at making you doubt yourself. Making you do things you wouldn't normally do. Making you do things for them. Making you feel crazy.

Sociopaths like to win, they like to dominate.

But the defining characteristic of a sociopath is a person who has no conscience.

What does this mean? No empathy. An inability – not a choice, but an inability – to care or even think about the feelings of anyone else. An ability to move through life with complete disregard for their actions: no remorse, no capacity for shame, and no guilt.

Sound like anyone you know?



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