Scrap Public Unions

Unions in the private sector are fine but unions in the public sector should be forbidden.  Wages for public sector jobs should be set according to private sector jobs.  It is a conflict of interest for our lawmakers, who represent the citizens, to be  negotiating with unions and setting the wage scale.  

IRS Records Department

There was some question recently how long we needed to keep records of our tax returns.  My very efficient X-bookkeeper (my wife) decided to look it up at www. IRS.gov.  How long should you keep records?  Here is their answer.

 

How long should I keep records?

The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out.

The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or that the IRS can assess additional tax. The below information contains the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date.

Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.

1. You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years.

2. You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.

3. You file a fraudulent return; keep records indefinitely.  (Uh-huh, sure!)

4. You do not file a return; keep records indefinitely.

5. You file a claim for credit or refund* after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.

6. You file a claim for a loss from worthless securities or bad debt deduction; keep records for 7 years.

7. Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

The following questions should be applied to each record as you decide whether to keep a document or throw it away.

Interesting, isn't it, how more serious the IRS is about your record keeping than there own!  

 JJ

Immigration Reform

I am for immigration reform, I really am.  But I am not in favor of the current immigration bill passed by the Senate.  That would be the Border Security, Economic Opportunity and Immigration Modernization Act of 2013. 

SB 744. has some good point  and I applaud the Senate - especially Senate Republicans - for their effort.  For instance, the path to citizenship requires over $2000 in fines and thirteen years before an illegal immigrant can even begin to apply for citizenship.  There is other stuff too like obeying the laws, learn the english language, and pay taxes, which a illegal immigrant must do before applying for citizenship.  

Some would say that any path to citizenship is amnesty, but I don't think that's true.  Thirteen years of paying taxes and steep fines for the wrongdoing is punishment enough.  It would be easier for them to go back to their country and start over.  And many probably would, saving us the cost or need to deport them.  In the end, many would not apply for citizenship either, and never be eligible to vote or receive any government assistance - including Social Security.  The bill also makes border security mandatory before any issues of the illegals can be addresses.   

Well then, what's the problem?  The bill is too big!  Unfortunately, the bill, 844 pages by my count (some say 1200 pages) is far too large for anyone to really understand.  And there lies the problem.  Like the infamous Obama Care bill, this bill is so big, and so complicated that, well, we won’t know how it will all work until it gets passed.  That’s plain crazy. 

There are five major parts to this bill.  The House should divided SB 744 into five separate bills, simplify and refine them. then pass them individually.  That way everybody, illegals, law enforcement, Congress and citizens like you and me can read the bills and understand them.