Pro Insider tip: You know its gonna be a good fee generator when the bookkeeping staff becomes weepy worried about tax season deadlines.
The Department of the Treasury has concluded that some employers, insurers, and other providers of coverage need additional time to adapt and implement systems and gather, analyze, and report the information. Employers and coverage providers are encouraged to provide returns and statements as soon as they are able to do so.
The only hiccup I see is in the implications of the extended 1095 deadlines on the deadline for 1040 filers in particular.
How about a couple of stories we’ve been following. First up it appears the light bulb has finally turned on in an area of Hizzoner’s brain that was once thought to have been completely and irreversibly damaged:
Where’s the DOJ money? Bay council blocks mayor’s $88K transaction ~ Wes Muller
Caught in a trap…..
Ah hem, lest I digress we had a major federal court hearing in Gulfport on the Singing River Hospital Disaster. Of particular interest was the Singing River/Jackson County gang that can’t seem to shoot straight waxing both apologetically and indignantly attempting the play the different crowds in the different venues. What follows is the indignant: Continue reading “Friday Omnibus: Love them new 1095s like red beans and rice”
“It’s a nothingburger”. That’s how Chris Matthews described the Right’s effort to find a scandal in the IRS where there isn’t one. I agree. Indeed, when the dust settles, this matter will be more of a problem for the Right than the Left.
Let’s look at the essentials.
The Law. Since 1913, organizations that “engage exclusively in social welfare activities” are exempt from Federal Income Tax under the Internal Revenue Code.
The Regulations. In the 1950s, the IRS adopted a regulation that effectively changed the law to allow a tax exemption for organizations engaged “primarily” in social welfare activities.
If you find that weird, you’re right. The IRS, like all other government agencies, has no power (like zip, nada, bupkes) to change the clear requirements of a law passed by Congress.
Principled Republicans who believe in Constitutional government should be outraged by this usurpation of power by unelected bureaucrats at the IRS, of all places. The fact that they aren’t is evidence that the Party’s agenda is being driven by slick opportunists looking for any chance to tarnish Obama.
Targeting. The charge by the Right is that the IRS targeted groups with right-wing sounding names and went easy on groups with left-wing sounding names. That’s exactly what they should have been doing. Seriously. Continue Reading…….