Posts Tagged ‘weekend roundup’

Seminal moment in the Nitti household this weekend. I found a $5 bill shoved between the couch cushions. Oh, and my 3-year old boy learned to ride a bike. But how ’bout that fiver, huh?

The VP debate gets the SNL treatment.

S corporation sells substantially all of its assets on the installment method with contingent earn-out payments; IRS grants seller right to use special method to allocate basis to payments received when it is clear a portion of the earn-out payments will not be received.

The WSJ reminds us that the employee’s share of payroll taxes will return to 6.2% from 4.2% on January 1, 2013, and is kind enough to provide a calculator you can use to determine how much cash will be missing from your paychecks next year.

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The Obama administration addresses the math behind Mitt Romney’s $1 trillion $5 trillion tax cut. Wait…what?

Nation’s pastors agree to take a Sunday off from decrying same-sex marriage; taunt IRS instead.

From the WSJ: Be advised, the last chance to undo a Roth IRC conversion is October 15, 2012.

Xzibit — of “Pimp My Ride” fame — owes the IRS $130,000 for 2011. Weird, I would have thought that a guy who installs custom fish tanks into Honda Civics would understand the need for conservative spending and sound investment.

Could the U.S. really do away with corporate interest deductions?

Often ignored in the presidential campaigning is the growing problem of violence in the suburbs:

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Boy, that Tebow trade has really added a dynamic new element to the Jets’ offense, no?

A few pictures from a Sunday spent in and around Leadville, CO, the highest (think altitude, not reefer) incorporated city in the U.S.

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So this is why my college years were so lonely. All the chicks with loose morals were economic majors.

If everyone’s so fired up about the 47% of Americans who don’t pay income tax, perhaps we should tax them. Howard Gleckman has five ways you could do it. His most novel suggestion: fix the economy and get people working again.

Hey, maybe Romney’s plan to cut rates while keeping tax revenue level is possible. After all, it worked for Reagan.

From the WSJ: Is your political contribution tax-deductible?

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I spent the weekend doing some mountain bike-assisted leaf peeping, as the fall colors are in “full splendor” mode right now in the Rockies:

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On to the tax stuff. For good or bad, there’s no bigger story in the tax world right now than the release of Mitt Romney’s 2011 tax returns. It’s a shame in a way, because it has to suck to publish your most sensitve personal information only to immediately have every hack (i.e., me) scrambling to their laptops to offer up their unsolicited opinions regarding your financial dealings on the internet. But such is the way of the world, so below are some links to other, more reputable sources and their thoughts on the Romney returns:

NY Times

Washington Post

The Atlantic


Of course, as I’ve mentioned before, the bigger question is: will the information contained within those 300 pages of tax return really have an impact on election day? The Wall Street Journal has some theories.

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I pulled into the driveway Saturday night to find a bear munching on crab apples in my front yard. I believe this clip from The Simpsons accuratley reflects my cool, composed reaction:

The bears have been everywhere this fall, having been forced by a dry spring and summer to leave the highcountry and venture into human populations in search of the berries necessary to fatten them up for a winter’s rest. This, naturally, has led to numerous bear-human interactions, some of which have ended badly. A few of us concerned citizens implored City Hall to do something about the situation, but our catchy slogans were to no avail:

On to the tax stuff:

An interesting read on the tax obligation of those Facebook  employees who received restricted stock units pursuant to the recent IPO.

The WSJ has the first of what is likely to be many discussions on this topic: what should investors do with stock holdings given the uncertainty surrounding 2013 capital gains tax rates?

Also from the WSJ: Here’s more information that you’d ever care to know about the evolution of the personal income tax rates from 1945 to today. Most interesting tidbit: the average tax rate for the top 0.1% of taxpayers has plummeted from 55% in 1945 to approximately 26% today.

Albert Hunt at Bloomberg questions the political feasibility of Mitt Romney’s proposed base broadening.

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We’ll hit this weekend’s roundup in a moment, but first,  a public service announcement: At the risk of sounding unpopular, with the dawn of a new NFL season, please allow me to remind you that regardless of what you may think, no one — and I mean no one — cares about your fantasy football team.

On to the tax stuff…

As you may have heard, the Democrats threw their once-every-four-year soiree last week, and despite what The Onion might have said, the DNC involved more than just applauding the image of a dead Osama bid Laden for three hours. No, there was some actual tax policy discussion going on, and now that both the Republicans and Democrats have finished their little pep rallies, the interwebs are rife with reaction from tax eggheads:

The Tax Foundation crafted this analysis comparing Romney and Obama’s tax plans to the one devised by the Simpson-Bowles Commission, a bipartisan group established in 2010 and charged with recommending a tax plan that would simplify the Code while reducing the national deficit. The conclusion? While neither plan mirrors that of the Commission, Romney’s proposals — if politically possible to implement — come much closer to meeting the Simpson-Bowles goals of cutting rates and eliminating deductions in a manner that leads to a decreased deficit, economic growth, and a simplified tax code.

Next, Howard Gleckman over at the Tax Policy Center sums up both conventions — and bipartisan politics in general — wonderfully by pointing out that both Romney and Obama spent all of their time taking issue with the other candidate’s plans, neglecting to ever clarify the proposals for tax reform they would enact if elected.

Lastly, David Johnston at Reuters published a scathing column attacking the tax goals of the Romney-Ryan campaign, arguing that the Republican income tax proposals would further enrich the super wealthy while nearly doubling the income tax burden of the middle class, while their push to remove the estate tax would create a nation of dynasties that would have a devestating effect on economic growth.

In non-convention news, Kelly Erb over at Forbes has this tidbit: Hustler Magaizine publisher Woody Harrelson Larry Flynt is offering $1,000,000 cash for the unpublished Romney tax returns. Wonder why he hasn’t just brokered a deal with these guys?

Finally, allow me to send you off into the workweek with this wonderful montage of the slow transformation of Breaking Bad’s Walter White from mild-mannered chemistry teacher to ruthless meth kingpin. [May not be safe for work. Unless you work in a meth lab, in which case it should be fine.)

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I hope you enjoyed your long weekend. I certainly had myself a nice little Saturday.

An old friend came to visit, and we spent the morning and early afternoon touring the better part of the Aspen-Snowmass wilderness on our mountain bikes:

where we ran into this little guy:


Don’t be fooled, he’s smarter than the av-er-age bear. While we were riding, he stole our pic-a-nic basket!

After 4 hours and 4,000 feet of climbing, there was just enough time for a celebratory beer and a late lunch before heading off to the Mumford and Sons show, as they were headlining the annual three-day long Jazzfest festival.  Sadly, we didn’t have enough time for Bed Bath and Beyond.

On to the tax stuff:

George Clinton owes the IRS. In fairness, having to keep your band members in wedding dresses and diapers ain’t cheap.

Tax Vox has the update to Mitt Romney’s tax proposals arising from the RNC. The most notable item: the Republican presidential candidate vowed to protect and preserve the deduction for charitable contributions, making his promise to lower tax rates by 20% while keeping the plan revenue neutral even more difficult to achieve (if you ever believed it was possible in the first place.)

Feel free to take Section 179 on that vineyard of yours.

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