A new study from the Tax Policy Center discovered that more taxpayers will be subject to the alternative minimum tax in the coming years — 6.1 million by 2023 — but man, things could've been really interesting/irritating. Without the fiscal cliff deal, 22.6 million taxpayers would've gotten to know Form 6251 in 2013, growing to 56.3 million by 2023. An H&R Block franchisee can dream, I guess. [TPC via The Hill]
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Deadline Watch: The Tardy Client
A little over 24 hours from now, anyone that is currently up to their asses in 1040s will grab the nearest person and try to shameless make out make out with them like it’s V-J Day.
Between now and then however, a client will call some of you DEMANDING that you complete their return that has a dozen K-1’s and a mind-numbing AMT calculation, before the midnight deadline. Oh, and they don’t want to pay any tax.
You, typically being the mild-mannered accountant, just up and lose your shit on this unsuspecting client, who then realizes their tardiness is the cause of this little conundrum, not your lack of a magic wand.
Congrats! You’ve successfully convinced a client that they’ll be filing late, paying a penalty and hereby suck at life. They deserve it anyway, asshats. Feel free to discuss your favorite delivery of last minute bad news to clients and enjoy the next 24 hours, 1040 trolls.
Charlie Rangel’s Name to Appear on Tax Scofflaw Website?
Maybe! The State of New York remains in a fiscal crisis and is so desperate for money that apparently all ideas are being considered. According to the Daily News, the latest bright idea from Albany is to publish the top 200 businesses and the top 200 individual delinquents on the Internet apparently to shame those delinquents into paying their share.
Everybody seems to think it’s a good idea but can’t agree on who should be handling it. The State Tax Department would prefer that they put the list up themselves but legislators in Albany smell populism:
Tax officials say they oppose the law, preferring to enact the measure administratively.
Given the fiscal crunch, the state tax department has already increased its efforts to go after tax scofflaws.
The department can’t commit to creating a list until it explores the “resources we need,” particularly in a time of fiscal crisis, Burns said.
[Assemblyman William Colton (D-Brooklyn)] said he wants it done soon. “When the state desperately needs dollars to provide services to schools, hospitals and nursing homes, we don’t have time to wait,” he said. “We need to get this program implemented.”
Well played, Assemblyman. But obviously the important question is: will Rangs have to give up his rent controlled apartments? It’s important.
Expose tax cheats’ Web of deceit – pols [NYDN via TaxProf Blog]
Alan Grayson Attempts to Explain Why He Doesn’t Support the Tax Cut Deal
The only problem is, MSNBC host Lawrence O’Donnell (an unabashed Democrat who supports the deal) IS NOT HAVING IT.
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Some favorite moments:
• “I use that term specifically, ‘caved in.'” – Because that’s what Dems do, baby!
• Circa :54 – any use of the term ‘pernicious’ is welcome in our book; Some bald guy is shaking his head incessantly; Arianna Huffington looks like an amused heiress (which is what she always looks like).
• At 2:27 – Larry officially starts flipping out.
• “You are WRONG, sir.” – Grayson is already fanning the heat with his hands at this point.
• “When you’re out of office in January and watching this from the sidelines.” – Too soon!
• At 3:25 there’s an audible sigh by Grayson that gives us the impression he can’t keep from laughing.
• “BE AN ADULT ABOUT THIS CONGRESSMAN!”
[via BI]