Choosing the Nation’s Fiscal Future : Statement of Rudolph G. Penner to the National Commission
In testimonyto the National Commission on Fiscal Responsibility and Reform, Rudolph Penner contends that stabilizing the national budget will require sweeping policy changes Americans are not used to. He summarizes findingsfrom theOur Fiscal Future committee organized by the National Academies of Science and Public Administration. The group’s report warns that crisis is imminent if entitlements are not reformed, but offers four packages of reform options that can be used to achieve fiscal stability.
More Dismal Prospects for the Federal Budget: It’s All Greek to Me
Bill Gale and Alan Auerbach are once again ruining another beautiful spring day. Bill, the Tax Policy Center’s co-director, and Alan, a highly-respected economics professor at Berkeley, have updated their federal budget outlook. And their projections—based on realistic assumptions of what may happen to tax and spending—are truly frightening.
In the short run, Bill and Alan figure that today’s deficit—roughly 10 percent of Gross Domestic Product—will ease somewhat as the economy improves. It will bottom at 2.3 percent of GDP in 2014, but after that, it is off to the races.
Without big policy changes, they project the deficit will be back to nearly 7 percent of GDP by the end of the decade, more than twice the Congressional Budget Office’s official forecast. At that pace, we will accumulate another $11 trillion in deficits through 2020. And by mid-century, the red ink will be 8 percent of GDP and rising. They see a permanent budget gap of 9 percent of GDP.
Matters would be slightly better under President Obama’s budget, but not very much. For instance, Obama would add a mere $9 trillion to deficits over the coming decade.
What could deficits like these mean? In another new article, Len Burman lays out one terrifying–but hardly improbable–scenario.
The bottom line: If Congress keeps doing what it has been doing, which is to say both spending and cutting taxes as if there were no deficit, be very afraid. If current policy does not change, Bill and Alan figure revenues will hover around 18 percent of GDP—where they’ve been for much of the past few decades. Spending, now about 23 percent of GDP, will fall to about 20 percent over the next few years, but then head rapidly north. By mid-century, the federal government will be spending about 26 percent of GDP.
The dollars may be incomprehensible but the math isn’t so hard. If Washington spends 26 percent of our economic output, but collects only about 18 percent in taxes, we’ve got a problem. We may not be Greece, where the deficit is now estimated to be about 13.6 percent of GDP, but we are not in a good place. Plus the weather isn’t as nice.
How do Bill and Alan come up with their numbers? They start with CBO’s budget baseline, which assumes current law. That is, the Bush tax cuts all expire at the end of the year, millions of middle-class households get hit by the Alternative Minimum Tax and the like. They then adjust the forecast to reflect what would happen if Congress, instead, continues current policy into the future. Thus, the Bush tax cuts would be extended, the middle-class would continue to get relief from the AMT, and dividend and capital gains rates would remain at 15 percent. On the spending side, they figure Medicare physician payment rates remain frozen at current levels but not cut, defense spending falls modestly, and non-defense discretionary spending (that is, government operations except for Medicare, Medicaid, and Social Security benefits) increase only to keep up with inflation and population growth.
My own best guess is that Washington will make some changes to current policy. For instance, I suspect Congress will raise tax rates for top bracket taxpayers, but will also give Medicare docs a raise. Add it up, and the bottom line won’t change much.
The point is, Alan and Bill have again added their voices to those warning that we are living Stein’s Law here. Herb Stein—who was top economic advisor to President Nixon and father to comic Ben Stein—used to have a well-known aphorism that went something like this, “If present trends can’t continue…they won’t.”
And to that, I propose we all stand and toast. Somebody pass the Retsina.
Ask TaxMama Issue 550 – May Day and Homebuyer Credit Deadline
April 30, 2010 by Tax Blog
Filed under Questions & Answers
Dear Family,
Well, it’s the end of April.
The world somehow survived a volcano and an earthquake that left travelers stranded all over the world. It’s interesting the different ways that tavel companies dealt with it. Yesterday, within seconds of each other, I received two emails. The first was from an executive at British Airways, apologizing for the inconvenience and outlining what they are doing to make their stranded passengers a priority. The second was a Los Angeles Times Travel article talking about folks who couldn’t reach their port of embarkation for their Princess Cruise ship in Valparaíso, Chile. They were stranded in-country and couldn’t get transportation. Princess Cruises flatly refused to refund their money – said they should have bought travel insurance. Doesn’t British Airways’ behavior make you feel good? Yet, the millions of people who read the LA Times are going to think twice before booking with Princess Cruise Lines.
http://www.latimes.com/travel/la-tr-leftbehind-20100503,0,3000671.story
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This is an ever smaller world. Individuals consumers have power. Even when we cannot get satisfaction from legal venues, word-of-mouth spreads rapidly. Whether good or bad.
Speaking of legal redress, I got a call this week from a blue-collar fellow paying over $1800 in child support payments for his two children. Even before the furlough days and cutbacks cut his paycheck my 25%, this amount was over 50% of his take-home pay. He has paid attorneys fees of over $25,000 over the last couple of years to resolve this issue – and got nothing done because of attorney error. Why am I hearing about huge attorney fees in divorce cases, where the attorneys mess up horribly? This isn’t the first time. Over and over again, I am hearing from people who pay $20k-$50k and up and the attorneys don’t file the right paperwork, or don’t file on a timely basis, or don’t retain, or request, the key documents needed. Can anyone tell me if there is a way to screen divorce attorneys in advance? Or do folks need to resort to paralegal services and do-it-yourself tools?
Anyway, I found him these tools. Perhaps they can help you.
Look up your state’s forms
http://www.divorce.com/divorce-forms
NOLO is offering 40% off during their Annual eBook Sale through June 1, 2010.
Use coupon code is A123 for an additional 10% off any product.
http://www.nolo.com/legal-encyclopedia/family-law-divorce/?img=17&kbid=1453
(disclosure – TaxMama receives a commission)
IRS just released their Cash Audit Techniques Guide. If you have a business that primarily operates on cash, take the time to really study this guide. Or make sure your tax pro does. You definitely want to know what IRS will be looking for when they audit your business. And IRS will be auditing. They realize that substantial portion of the Tax Gap can be found in businesses that get paid primarily in cash. Businesses like laundromats, restaurants, convenience stores; and where employees get paid in cash, like construction and trucking.
http://www.irs.gov/businesses/small/article/0,,id=211049,00.html
Reminder – the federal homebuyers credits end TODAY! If you’re going to claim that free $8,000, be sure to open escrow (or your local equivalent), or sign an offer to buy, by TODAY! You have until June 30th to complete the purchase.
Incidentally, if you want to make a difference, The Internal Revenue Service is requesting membership nominations for the Information Reporting Program Advisory Committee (IRPAC), which provides recommendations to IRS leadership on a wide range of information reporting and administration issues.
APRIL SPECIAL ends MAY 3rd. SIGN UP NOW
Tax Professionals interested in taking the EA Exam. The first 50 people to sign up before May 3rd will get free TaxMama FAMILY MEMBERSHIPS. You will also be getting this handy dandy tote to hold all your books, notes and discs.
http://irsexams.com/news/
AccountingWeb.com covers the tax woes of former child stars
http://www.accountingweb.com/topic/celebrity-news/child-stars-learn-growing-can-be-taxing
TaxMama is taking a break from MarketWatch until mid May.
http://www.marketwatch.com/Journalists/Eva_Rosenberg
But you’ll find lots of useful tax information in the MarketWatch.com Tax Guide.
http://www.marketwatch.com/taxes
In today’s Money Funny, beware of watchful eyes!
http://taxmama.com/category/asktaxmama/money-funnies/
In IRS News today you will learn that your employer’s medical plan may cover children under age 27. And about the extension to COBRA coverage.
http://taxmama.com/category/asktaxmama/irs-news/
In TaxQuips this week we learn about S corporations, the Taxpayers Advocate Service, reliable sources you can cite for your tax returns, what to do if your refunds are lost.
http://taxmama.com/category/tax-quips/
As always, we love your feedback, opinions and ideas.
You are what makes all this fun – and interesting!
Please use the Comments link online.
http://taxmama.com/asktaxmama/ask-taxmama-issue-545/
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COBRA Subsidy Eligibility Period Extended to May 31
WASHINGTON — Workers who lose their jobs during April and May may qualify for a 65-percent subsidy on their COBRA health insurance premiums, according to the Internal Revenue Service. The American Recovery and Reinvestment Act established this subsidy to help workers who lost their jobs as a result of the recession maintain their employer sponsored health insurance.
The Continuing Extension Act of 2010, enacted April 15, reinstated the COBRA subsidy, which had expired on March 31. As a result, workers who are involuntarily terminated from employment between Sept. 1, 2008 and May 31, 2010, may be eligible for a 65-percent subsidy of their COBRA premiums for a period of up to 15 months. In some cases, workers who had their hours reduced and later lose their jobs may also be eligible for the subsidy.
Employers must provide COBRA coverage to eligible individuals who pay 35 percent of the COBRA premium. Employers are reimbursed for the other 65 percent by claiming a credit for the subsidy on their payroll tax returns: Form 941, Employers QUARTERLY Federal Tax Return, Form 944, Employer’s ANNUAL Federal Tax Return, or Form 943, Employer’s Annual Federal Tax Return for Agricultural Employees. Employers must maintain supporting documentation for the claimed credit.
There is much more information about the COBRA subsidy, including questions and answers for employers, and for employees or former employees, on the COBRA pages of IRS.gov.
Some people who are eligible for the COBRA subsidy also qualify for the health coverage tax credit (HCTC) and may want to choose the more generous HCTC benefit, instead. The HCTC pays 80 percent of health insurance premiums for those who qualify. See more at HCTC: Eligibility Requirements and How to Receive the HCTC.
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COBRA Subsidy Eligibility Period Extended to May 31
April 30, 2010 by Tax Blog
Filed under Questions & Answers
WASHINGTON — Workers who lose their jobs during April and May may qualify for a 65-percent subsidy on their COBRA health insurance premiums, according to the Internal Revenue Service. The American Recovery and Reinvestment Act established this subsidy to help workers who lost their jobs as a result of the recession maintain their employer sponsored health insurance.
The Continuing Extension Act of 2010, enacted April 15, reinstated the COBRA subsidy, which had expired on March 31. As a result, workers who are involuntarily terminated from employment between Sept. 1, 2008 and May 31, 2010, may be eligible for a 65-percent subsidy of their COBRA premiums for a period of up to 15 months. In some cases, workers who had their hours reduced and later lose their jobs may also be eligible for the subsidy.
Employers must provide COBRA coverage to eligible individuals who pay 35 percent of the COBRA premium. Employers are reimbursed for the other 65 percent by claiming a credit for the subsidy on their payroll tax returns: Form 941, Employers QUARTERLY Federal Tax Return, Form 944, Employer’s ANNUAL Federal Tax Return, or Form 943, Employer’s Annual Federal Tax Return for Agricultural Employees. Employers must maintain supporting documentation for the claimed credit.
There is much more information about the COBRA subsidy, including questions and answers for employers, and for employees or former employees, on the COBRA pages of IRS.gov.
Some people who are eligible for the COBRA subsidy also qualify for the health coverage tax credit (HCTC) and may want to choose the more generous HCTC benefit, instead. The HCTC pays 80 percent of health insurance premiums for those who qualify. See more at HCTC: Eligibility Requirements and How to Receive the HCTC.
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- IRS News at TaxMama.com :: Where you can comment on this
Tax-Free Employer-Provided Health Coverage Now Available for Children under Age 27
IR-2010-53, April 27, 2010
WASHINGTON — As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee’s children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010.
The Internal Revenue Service announced today that these changes immediately allow employers with cafeteria plans –– plans that allow employees to choose from a menu of tax-free benefit options and cash or taxable benefits –– to permit employees to begin making pre-tax contributions to pay for this expanded benefit.
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IRS Notice 2010-38 explains these changes and provides further guidance to employers, employees, health insurers and other interested taxpayers.
“These changes give employers a unique opportunity to offer a worthwhile benefit to their employees,” IRS Commissioner Doug Shulman said. “We want to make it as easy as possible for employers to quickly implement this change and extend health coverage on a tax-favored basis to older children of their employees.”
This expanded health care tax benefit applies to various workplace and retiree health plans. It also applies to self-employed individuals who qualify for the self-employed health insurance deduction on their federal income tax return.
Employees who have children who will not have reached age 27 by the end of the year are eligible for the new tax benefit from March 30, 2010, forward, if the children are already covered under the employer’s plan or are added to the employer’s plan at any time. For this purpose, a child includes a son, daughter, stepchild, adopted child or eligible foster child. This new age 27 standard replaces the lower age limits that applied under prior tax law, as well as the requirement that a child generally qualify as a dependent for tax purposes.
The notice says that employers with cafeteria plans may permit employees to immediately make pre-tax salary reduction contributions to provide coverage for children under age 27, even if the cafeteria plan has not yet been amended to cover these individuals. Plan sponsors then have until the end of 2010 to amend their cafeteria plan language to incorporate this change.
In addition to changing the tax rules as described above, the Affordable Care Act also requires plans that provide dependent coverage of children to continue to make the coverage available for an adult child until the child turns age 26. The extended coverage must be provided not later than plan years beginning on or after Sept. 23, 2010. The favorable tax treatment described in the notice applies to that extended coverage.
Information on other health care provisions can be found on this website, IRS.gov.
[TaxMama Note: Remember, you can find a comprehensive overview of the Health Care bills, in spreadsheet form in our Special Reports.]
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Tax-Free Employer-Provided Health Coverage Now Available for Children under Age 27
April 30, 2010 by Tax Blog
Filed under Questions & Answers
IR-2010-53, April 27, 2010
WASHINGTON — As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee’s children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010.
The Internal Revenue Service announced today that these changes immediately allow employers with cafeteria plans –– plans that allow employees to choose from a menu of tax-free benefit options and cash or taxable benefits –– to permit employees to begin making pre-tax contributions to pay for this expanded benefit.
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IRS Notice 2010-38 explains these changes and provides further guidance to employers, employees, health insurers and other interested taxpayers.
“These changes give employers a unique opportunity to offer a worthwhile benefit to their employees,” IRS Commissioner Doug Shulman said. “We want to make it as easy as possible for employers to quickly implement this change and extend health coverage on a tax-favored basis to older children of their employees.”
This expanded health care tax benefit applies to various workplace and retiree health plans. It also applies to self-employed individuals who qualify for the self-employed health insurance deduction on their federal income tax return.
Employees who have children who will not have reached age 27 by the end of the year are eligible for the new tax benefit from March 30, 2010, forward, if the children are already covered under the employer’s plan or are added to the employer’s plan at any time. For this purpose, a child includes a son, daughter, stepchild, adopted child or eligible foster child. This new age 27 standard replaces the lower age limits that applied under prior tax law, as well as the requirement that a child generally qualify as a dependent for tax purposes.
The notice says that employers with cafeteria plans may permit employees to immediately make pre-tax salary reduction contributions to provide coverage for children under age 27, even if the cafeteria plan has not yet been amended to cover these individuals. Plan sponsors then have until the end of 2010 to amend their cafeteria plan language to incorporate this change.
In addition to changing the tax rules as described above, the Affordable Care Act also requires plans that provide dependent coverage of children to continue to make the coverage available for an adult child until the child turns age 26. The extended coverage must be provided not later than plan years beginning on or after Sept. 23, 2010. The favorable tax treatment described in the notice applies to that extended coverage.
Information on other health care provisions can be found on this website, IRS.gov.
[TaxMama Note: Remember, you can find a comprehensive overview of the Health Care bills, in spreadsheet form in our Special Reports.]
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Under Watchful Eyes
April 30, 2010 by Tax Blog
Filed under Questions & Answers
A rabbi was walking down the street when he noticed one of his congregants on the other side of the street entering a Chinese restaurant.
The rabbi crossed the street to peer in the window of the restaurant to see what his congregant was doing in the tref (non-kosher) restaurant.
The congregant ordered some spare ribs and some fried shrimp. The rabbi continued to watch and soon, the waiter brought the spare ribs and shrimp. The congregant was eagerly devouring it with a hearty appetite when the shocked rabbi, unable to contain himself, burst into the restaurant to confront his congregant.
“Stop!” the rabbi shouted indignantly. “How could you do this? How could you eat this food? It’s ribs and shrimp. It’s tref! Pig! Shrimp! absolutely not kosher!”
“Hold on,” said the congregant. “Rabbi, did you see me walk into this restaurant?”
“Yes, I did,” replied the rabbi.
“Did you see me sit down at this table?”
“Yes, I did, “the rabbi again testified.
“Did you see me order?”
“I most certainly did,” the rabbi attested.
“Did you see the waiter bring this food to my table?” the congregant asked.
“Yes, I did,” the rabbi again affirmed.
“Did you actually see me eating the ribs and the shrimp?” asked the congregant
“Yes, I did. I watched you the entire time!” exclaimed the rabbi.
“Well, then,” the congregant said calmly, “what’s the problem? It was all done under rabbinical supervision!”
Courtesy of Floyd T Greenman EA in Chatsworth, CA
Please remember to send us your humor.
Clean jokes preferred.
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The Homebuyer Tax Credit Land Rush
If your neighborhood is anything like mine, “under contract” signs are blossoming like dandelions. Many (of the signs, not the weeds) were very likely the result of the artificial land rush created by tomorrow’s expiration of Homebuyer Tax Credit II. The credit gives $8,000 to first-time buyers and up to $6,500 to move-up buyers.
The National Association of Realtors predicts the credit will drive more than 2 million home sales this year. But I worry a bit about those “under contract” signs. The law requires only that the paperwork be signed by April 30, but the deal does not have to close until June 30. And I can’t help but wonder how many of those contracts are going to go up in smoke.
Will these buyers actually be able to get the credit they need to complete their purchase? To protect themselves from busted deals, many sellers are reportedly demanding pre-approval letters from lenders. But I suspect some sellers, whose homes may have been languishing on the market for two years or more, may not be so cautious. Plus, according to USA Today, some of these pre-approvals are being OK’d in as little as an hour. Care to wager whether the documentation on these will hold up?
And how about the buyers? Facing this you-have-to-buy-today hard sell, there is a good chance some will take the only mortgages they can afford, which is to say variable rate loans that will blow up on them in five years. Memories are indeed short.
The credit-induced artificial deadline has helped create a toxic brew of hungry real estate agents, ravenous mortgage brokers, desperate sellers, and frantic and inexperienced buyers. We learned what happened with Homebuyer Credit I. That tax subsidy led to massive fraud (including a large fraction of people claiming the credit who never bothered to buy a house). It also produced both a rush to buy before it (almost) expired last fall, and the inevitable sag in sales that followed.
As my Tax Policy Center colleague Ted Gayer has noted, 85 percent of those who took last year’s credit would have purchased anyway, and the credit merely encouraged them to buy a few months sooner. As a result, Ted estimated it cost the government about $43,000 for each additional sale
My bet is this year will be more of the same. For those who would have bought anyway, the credit will be a pure windfall. At the low end of the market, some will never close their purchases. And of those who do, many will be unable to manage the costs of expensive financing. Sound familiar?
At the same time, more than a few sellers will get burned when their contracts crumble. And, after this subsidy-induced burst of activity, we will still be faced with the real problem: an oversupply of housing, especially after a likely new round of unemployment-driven foreclosures. Don’t be a bit surprised to see third quarter home sales fall after this quarter’s gusher.
Oh yeah, and the Treasury will have given away another $11 billion. And, as Ted notes, because the sales surge will be smaller this time than it was under the old credit, the subsidy per additional home purchase will be even higher. What a deal.
S Corporations
April 29, 2010 by Tax Blog
Filed under Questions & Answers
Today TaxMama hears from Mary in the TaxQuips Forum. She says. “I was taking a real estate course and the instructor brought up the idea of having an s-corporation. He said the IRS will allow you to set up an account as an s-corporation where you are allowed to take out a certain percentage of your earnings and only be taxed on the amount you take out. Either 20% or 30% I tried calling the IRS, but the person didn’t know what I was talking about!”
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Hi Mary,
Your instructor was sort-of right about S Corporations. But wasn’t really clear on the idea.
S Corps were the favorite choice of savvy tax planners for many years. Originally, you could have a business with high income in an S Corp. You could take a small salary, with correspondingly small payroll taxes. That’s where your instructor used to be right.
Where he’s wrong is – all the profits would be reported on your personal income tax return, as if this were a partnership. You would pay tax on all the profits. Why was that a good idea? You would avoid the 15.3% self-employment taxes or Social Security/Medicare on those profits or a high payroll. That saved you several thousand dollars a year.
The bad news is, IRS is auditing all those S Corporations with no shareholder wages or very low, unreasonable wages. So, that planning option is now closed.
The other problem with S Corps is, it may not take deductions for normal employee benefits for anyone who owns more than 2% of the stock. Typically, S Corps are 100% owned by one or two people. So, that shuts the door on deductible benefits. As you can see, it’s not as useful an entity as it used to be.
Mary, you’re wanting to make a long-term decision about how to form your business. You have lots of personal considerations, financial needs and goals that are unique from anyone else. That’s why good tax professionals spend 50+ hours taking classes and staying up to date each year. Please, invest in a two-hour consultation with a good tax pro who can help you choose the right business entity that is best for your life and your business.
And remember, you can find answers to all kinds of questions about s corporations and other tax issues, free. Where? Where else? At www.TaxMama.com.
[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the join TaxMama.com link – it’s free!]
Please post all Comments and Replies in the - New TaxQuips Forum
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