Bowl Season

Bowl Season

Like many, I took some time to enjoy - in my case, try to ignore - the holidays. But the nuttiness didn't stop in the tax community. Here are my top five stupid tax things from the last couple of weeks.

  1. While we were partying, our fearless leaders enacted a two-month extension of the so-called payroll tax holiday. Bar none, this is the stupidest tax policy idea I have ever seen - and, as we all know, that's a high bar...
  2. Republican presidential candidate Mitt Romney says he won't make his tax returns public. Stupid idea, Mitt. Sooner or later you will be pressured into making your returns public - it's pretty much a requirement now,..
  3. ... [T]he Treasury Inspector General for Tax Administration reported that more than 300 prison inmates - including 43 who are serving life sentences - have obtained preparer tax identification numbers under the IRS's ongoing implementation of the e-file mandate for tax return preparers...
  4. While we were ringing in the New Year, there was another reason to celebrate: ringing out the tax credit for ethanol. At least we got rid of one stupid tax policy idea for now...
  5. Lastly, it's college bowl season... When I was a kid, there used to be a Gator Bowl; now it's the TaxSlayer Bowl. Nothing's sacred.

But Happy New Year, anyway.

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View TaxAnalysts' Chris Bergin's opinion in its entirety on TAX.com.

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