Woodland Hills CA CPA Offers Holiday Prayers and Tax Law Overview
by larry71 on Monday, December 19th, 2011
"People travel to wonder at the height of the mountains, at the huge waves of the seas, at the long course of the rivers, at the vast compass of the ocean, at the circular motion of the stars, and yet they pass by themselves without wondering." -St. Augustine
I Attended a major tax update seminar last week and came away with this: Many tax forms have changed; reporting requirements have increased; the tax laws are getting more complicated; and the government will be receiving more information from credit card companies etc. For example, if someone was selling something part-time on Ebay, beginning in 2012, the credit card companies and probably Paypal will now be required to send the IRS a 1099 reporting such sales made voa credit cards or Paypal. This is just one example. The plot thickens. Increases in IRS audits and the new reporting requirements indicate the government is getting more involved and interested in taxpayers activities. The reason is they want their slice. Get ready for the resugence of the IRS. After being relatively quiet since Senator Roth's book, "The Power To Destory" and the senate hearings that followed, they're back ...............................................................................................
It seems that every year around this time that we tax professionals cast our gimlet eyes on Congress, and wait for them to resolve their year-end business -- which ALWAYS affects our work.
Well, ho ho ho ... this year is no different! As of this writing (Monday morning, December 19th), we're seeing the payroll tax cut (worth up to $1K for many working families) be batted around. (A news article on it: http://on.wsj.com/sEufja )
I'll keep you posted with the relevant details, as well as other, hopefully-pertinent information (you never know, with Congress!).
Anyway, I came in to the office this morning, and I noticed that traffic is already a little "lighter" around town. Many of us are still working, but I know of plenty of folks who have already taken time away from work, starting today.
Whatever your faith background, it's hard to ignore the holiday clamor. In my opinion, it's a crying shame that a season of reflection and prayer (Christmas, Hanukkah, etc) would become transformed into something so... busy. It's almost as if we now have to rush around to "purchase" or artificially create nostalgic moments, when they would happen on their own before.
Now look -- as a proud business owner, I've got no problem with people earning money during this season...I just wonder when it's time to say "enough"?
But enough holiday ranting. This week, while everyone else is attempting to slow down, us tax professionals are gearing up. I thought I would take a break from my usual "financial" strategy tips, for the holidays, and pause a moment for reflection with you.
Because as I've been meeting with tax clients in getting ready for the season, I've discovered that many of you are worried and stressed--about finances, family, personal circumstances, etc. It's not my job to save the world on your behalf of course, but I do get to be somebody in your world that can encourage you to slow down, take a breather and keep your perspective on what's really important.
Thanks for your friendship, and for your business in 2011, and (hopefully) in 2012!
This week's Note is to help us all keep perspective, this week...and into next year.
Lawrence J. Danny's
"Real World" Personal Strategy
A Holiday Prayer For All Of Us
"God, help us remember that the jerk who cut us off in traffic last night is a single mother who worked nine hours that day and is rushing home to cook dinner, help with homework, do the laundry and spend a few precious moments with her children.
"Help us to remember that the pierced, tattooed, disinterested young man who can't make change correctly is a worried 19-year-old college student, balancing his apprehension over final exams with his fear of not getting his student loans for next semester.
"Remind us, Lord, that the scary-looking bum, begging for money in the same spot every day (who really ought to get a job!) is a slave to addictions that we can only imagine in our worst nightmares ...
"Help us to remember that the old couple walking annoyingly slow through the store aisles and blocking our shopping progress are savoring this moment, knowing that, based on the biopsy report she got back last week, this will be the last year that they go shopping together.
"Lord, remind us each day that, of all the gifts you give us, the greatest gift is love. It is not enough to share that love with those we hold dear. Open our hearts not to just those who are close to us, but to all humanity. Let us be slow to judge and quick to forgive, show patience, empathy and love. "
Best to you, ~Contact.FirstName~. May your season be truly bright.
Lawrence J. Danny, CPA
POSTED BY: larry71
More From: larry71
- Election Results - Taxes