The Internal Revenue Service continues to roll out processing for most federal income tax returns. The IRS announced this week that taxpayers can begin filing federal income tax returns with depreciation and education forms this week. On Sunday, February 10, the IRS will accept tax returns which include federal form 4562, Depreciation and Amortization, and…
Nobody likes Monday. This week, the “super committee” really doesn’t like Monday. With three days left to come up with $1.2 trillion in budget cuts, the week will start with the failure to reach a deal. Wait, that’s not quite right… The week will start with the failure to do much of anything. A formal…
Last night, the President delivered his annual State of the Union speech to members of Congress and to the nation. The text follows below but here are a few notable observations: The speech, as written, is 6,830 words in length and ran for 61 minutes during delivery. The word “economy was used 7 times and…
So now that members of Congress (and President Obama) are patting themselves on the back after their 11th hour tax deal, the real work begins: the IRS and tax professionals get to explain for the next month and a half why they can’t actually start processing your taxes on time. That’s because even though they…
Despite all of the grumbling in the press, most Americans are happy with the new tax deal, according to a CNN poll. Three in four of those polled said that they favored the bill when asked: Congress has passed and President Obama has signed into law a bill that would extend tax cuts for all…
Earlier this week, I got a message from the folks at FoxBusiness.com. They saw my piece on Reuters and asked if I might comment further on what all this waiting around for a tax deal means. You can see my reply here: The Tax Deal is Done, So Now What? – FoxBusiness.com
You know how when you were a kid, you’d think about something coming up that you were really looking forward to – like Christmas or your birthday or vacation – and then it would come and you were all, “This is it?” The tax deal passed last night in the House. It was kind of…
Word out of the House today was that the controversial tax deal is going to pass with no significant changes. They just aren’t going to do it this afternoon. Last night, the House Rules Committee agreed to a vote that would separately address the estate tax provisions desired by House leadership. The idea was to…
Not surprisingly, the Senate the tax cut package today by an overwhelming majority (81-19). And I know what you’re thinking: all of the “No” votes came from the Democrats. Nope. Here’s who voted against the deal: Bingaman (D-NM) Coburn (R-OK) DeMint (R-SC) Dorgan (D-ND) Ensign (R-NV) Feingold (D-WI) Gillibrand (D-NY) Hagan (D-NC) Harkin (D-IA) Lautenberg…
Former President George W. Bush recently appeared on Scott Hennen’s radio broadcast to discuss his economic policy. You can give a listen to part of what he had to say here: With respect to the current tax deal in Congress, Bush clearly supports extending those cuts but he noted that some of the hesitation to…