Tax news February 2009

Tax

Free Microsoft Excel-Based 1040 Form Available

By David H. Ringstrom, CPAJust in time for tax season, Glenn Reeves of Burlington, Kansas has created a free Microsoft Excel-based version of the 2008 U.S. Individual Tax Return, commonly known as Form 1040. The spreadsheet includes both pages of Form 1040, as well as these supplemental schedules: 
Tax

"Rangel Rule" would give taxpayers a free pass on penalties

When ordinary American taxpayers don't pay their taxes on time, they face penalties owing to the IRS. Three prominent Democrats, Charles Rangel, Timothy Geithner, and now Tom Daschle have all been shown to have seriously underpaid their taxes until they were caught. All three of them did pay up when it was clear their political futures might be in jeopardy, but none of them was charged the penalties that the rest of us would have to pay. In each case, the politicians said the mistakes were "honest" or "careless" or they indicated they did not know the money and benefits received were taxable.

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