I watched a fascinating interview with Jamie Dimon, the CEO of JP Morgan Chase.
Jamie is pro-America and one slice of his interview, brought to my attention by Nick Murray, just made me proud.
“America has the best hand ever dealt of any Country on this planet today and ever. Americans don’t fully appreciate what I’m about to say. We have peaceful, wonderful neighbors in Canada and Mexico. We have the biggest military barriers ever built, called the Atlantic and Pacific. We have all the food, water and energy we will ever need. We have the best military on the planet and we will for as long as we have the best economy. Listen closely to me on that one. OK, because the Chinese would love to have our economy. We have the best universities on the planet. There are great ones elsewhere, but these are the best. We still educate most of the kids who start businesses around the world. We have the rule of law, which is exceptional. If you don’t believe me, we can talk about Brazil, Russia, Venezuela, Argentina, China, India. Believe me, it’s not quite there yet. We have a magnificent work ethic. We have innovation from the core of our bones. You can ask anyone in the room, it’s not just Steve Jobs. We’re the widest, deepest financial markets the world has ever seen. I just made a list of those things. It’s extraordinary. It’s extraordinary. And we have it today.”
YouTube, The Economic Club of Washington, DC, David Rubenstein interview with Jamie Dimon
Students are the latest targets of bogus phone calls from IRS impersonators. The scammers are telling victims they owe a student tax and must pay up or they will be reported to police.
This is on the heels of another phone scam where the impersonator demands payment of overdue taxes in the form of iTunes gift cards. Sounds ridiculous, but the scam works.
Warn your kids and grandkids.
If you do not have health insurance in 2016 you are subject to a fine the greater of two amounts:
Basic fine = $695/adult, 347.50/child with a family ceiling of $2,085.
Income-based Levy = 2 ½% of the excess of household income over the tax return filing threshold, which is (rounded) $10,000 for Singles, $20,000 for Married.
But… Barring reducing a refund on your taxes, the IRS is limited in their collection authority. They cannot put a lien or levy on your income or assets to collect.
The IRS has no recourse against you.
The IRS NEVER communicates by phone or e-mail.
IRS phone fraud scams are reaching epidemic proportion. If you receive a bogus threatening call or email from someone purporting to be from the IRS, please note it is someone impersonating the IRS. Notify the caller that you know it’s a scam and to stop calling. Delete any e-mail that comes to you ‘from’ the IRS. It is nothing more than a scam to obtain your personal data. The IRS will NOT ask for payment using a pre-paid debit card or wire transfer over the phone.
Fill out the “IRS Impersonation scam” form on TIGTA’s website, tigta.gov, or call TIGTA at 800-366-4484.
You can also file a complaint with the Federal Trade Commission at FTC.gov. Add “IRS Telephone Scam” to the comments in your complaint.
The way the IRS does business remains the same, through a letter in the mail.
Health reform has put worker classification back in the spotlight.
The IRS is aggressively attacking W-2 vs 1099 income.
The IRS has historically used a 20-point test to determine if a worker is an employee or an independent contractor.
‘Control’ has always been the main focus.
The IRS boiled the 20-point test down to 3 categories:
Behavioral Test – Does the employer control what the worker does and how he/she performs the work? What type and degree of instruction is given about when, where and how to do the job?
Financial Test – Will the employer reimburse for travel, who will pay for job-related tools and supplies? Hourly pay is indicative of employee status vs being paid a single amount to complete a job. Can the worker work for more than 1 firm and can the worker make a profit or suffer a loss? Does the worker carry his/her own insurance, have letterhead and business cards?
Type-of-Relationship Test – Does the employer provide paid vacations, sick leave, retirement benefits? Is the worker hired indefinitely or for a specific project or period of time?
The IRS ignores contracts that state a worker is independent. They use the above to determine status. The penalties are steep. Bottom Line – if the worker is an employee, pay them as a W-2.
Review your free credit reports annually at www.annualcreditreport.com
Remove your name from marketing lists at www.donotcall.gov
On October 3, 1913, President Woodrow Wilson signed into law the federal income tax.
The rate was 1% on income over $20,000 to $50,000, graduating up to 6% on incomes over $500,000.
An Ohio death certificate must reflect the decedent’s same-sex marriage.
Two men living in Ohio had been together for 20 years. When one was close to death, the couple flew to Maryland, where they married.
A decedent’s retirement death benefits must be paid to her same-sex spouse.
Two women were married in Canada but resided in Illinois. Illinois has not legalized same-sex marriage, but it considers same-sex marriages performed in other states to be civil unions.
Mark Mauro, partner at Mark J. Mauro, CPA, was recently recognized with the distinguished Ralph S. DeVito Award, a top honor awarded by their broker-dealer, The Investment Center, Inc. for extraordinary contributions of time, effort and energy to clients. “We are very proud of the work that Mark and his team are doing for their clients,” said Ralph DeVito, President of The Investment Center, Inc.” “Mark’s professionalism, dedication and drive to do the best for his clients make him a tremendous asset to our firm. Mark and his partner have built a well respected office in Somerville and deserve full credit for all of their achievements.”