MERRY CHRISTMAS!

What The Extended Tax Cuts Really Mean.

Its hard to have missed the recent hustle and bustle in Washington about the the extension of the "Bush Tax Cuts."  Many tax commentators have spent time explaining what the extension legislation says: what was extended, what wasn't included and the mitigated return of the estate tax.  

But what does it really mean?  I try to answer that in a recent article published in the Wisconsin Law Journal that can be found here. Enjoy.

2010 Tax Relief Act

Even if John Q. Public doesn't find tax law all that interesting, he has to admit that it has been interesting enough over the past few years to keep two out of three branches of government talking about it half of the time.  

Because of the developments, we tax types are all rather busy these days.  That said, this is a tax law website and I want to share both analysis and commentary of what the new tax laws say.

For some analysis, visit the Komisar Brady & Co., LLP website for an article written by Mike Burzynski.

For commentary, come back to the Tax Law Forum.

Friday's Tax Quote - December 17, 2010

“[P]eople don’t complain about taxes because they are selfish or stingy. They complain because they simply don’t believe they’re getting their money’s worth.”

- Zell Miller

Friday's Tax Quote - December 10, 2010

“Introduce a wise and efficient system of taxation, and life and energy will pervade the country. Without such a system, it will sink into general and fatal paralysis.”

- The Atlantic Magazine

The IRS is following you...

The IRS is following you...on Twitter that is.  Today the IRS announced that you can get all the IRS news you want by following @IRSnews on Twitter.  Tax professionals on Twitter may also want to follow @IRStaxpros.

This is certainly a good sign that the IRS is now trying to use social media tools to inform the taxpaying public of news and developments in the tax law.  However, I have to wonder how any one of us Twitter users will feel when we receive the email notification telling us that "The IRS is now following you."

Friday's Tax Quote - December 3, 2010

“A sales tax is a tax on the freedom of purchase.”

- Felix Frankfurter