In a thread discussing broker reporting of basis, Sven offers the following:
Blessed are they who keepeth good records, for they shall prevail against the forces of darkness (their brokers) and evil (the IRS) on the day of final audit.
In a thread discussing broker reporting of basis, Sven offers the following:
Blessed are they who keepeth good records, for they shall prevail against the forces of darkness (their brokers) and evil (the IRS) on the day of final audit.
The tax law set off a scramble at the IRS to reprogram its computers and change its forms to reflect all the changes. The agency has announced that the tax filing season will begin on time for most taxpayers, but itemizers and certain others will have to wait until mid- to late February before filing. (more…)
Official figures for the 2011 tax rates, personal exemptions, and other numbers that are adjusted annually for inflation have been released by the IRS and are now available in our Reference Room.
For many years Humberto Cruz has been one of the best in the business of writing about personal finance. I always look for his column in the Sunday paper, and today it included the news that next week’s column will be his last, as he retires to spend more time following his passions. Congratulations and good luck, Humberto, we’ll miss you.
The tax deal brokered by President Obama and Senate Republicans passed its last hurdle when it secured approval from the House of Representatives late Thursday. It was enacted into law when President Obama signed it Friday. For an overview of major tax provisions, see our Q&A on the Tax Deal.
We’re quoted in this article on CNBC.com discussing the use of exchange-traded funds (ETFs) to restore balance in a portfolio during the 31-day waiting period to avoid a wash sale following a stock loss.
Note: Right here of Fairmark.com you’ll find a complete guide to all aspects of the wash sale rule.
Passage of the tax deal received a boost as a strong supermajority of both parties in the Senate voted for cloture, meaning it cannot be filibustered. Opposition was thin and divided roughly equally between the parties as 82% of Senate Democrats joined 88% of Senate Republicans in approving the measure.
This count treats as Democrats two independents who align with that party. Weather delays prevented Oregon’s two Democratic senators from returning in time to vote.
Here’s a summary of the top news, features and other items of interest relating to taxes and investing published recently at Fairmark.com.
The Fairmark Wrapup is also published as a free email newsletter. Click here to sign up. (more…)
The tax deal has turned House Democrats into a flock of angry birds. Are they right to be this upset? Let’s look at the scorecard. (more…)
The Tax Law: What to Call It
Friday, December 17th, 2010Congress gives a name to every piece of major legislation, and people who work with those laws (or write about them) generally end up using that name, or a shortened version — often the initials of that name. Some roll off the tongue better than others. COBRA may be mysterious in its origins, but it’s easy to say and by now we all know it refers to a law that lets us extend our health insurance coverage in some situations. People who work with pension laws like to say that ERISA, the granddaddy of them all, stands for Every Ridiculous Idea Since Adam.
The naming of laws took a downturn in the aughts, with tongue-twisters such as JGTRRA. Speakers of Spanish know how to pronounce a double-r but the rest of us are at a loss. Somehow we adapted.
Now we have — I am not making this up — the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Want to use the initials? Here you go: TRUIRJCA.
Call this my Tea Party moment if you want: I’ve had it. I refuse to use that name. In my writing it will simply be the tax cut extension law. I hope others follow my lead. And I yearn for the time when Congress understands that even if they can’t write laws that work, they can at least give them workable names.
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