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More Gossip About Presidents and Taxes

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If you saw your 2012 tax return splashed all over the internet, you'd probably be pretty unhappy. Maybe you don't want your family, friends, or colleagues to know just how well you did last year. Or maybe you'd want them all to think you had done better than in reality. (Donald Trump is famous for pestering the folks who compile the Forbes 400 list of the richest Americans to rank him higher than they do.) But most of us would rather put our most embarrassing eighth-grade class photo online than our taxes.

Well, President Obama and his family don't have that luxury. Legally, presidential tax returns are as private as anyone else's. However, presidents, vice-presidents, and major party nominees dating back to Richard Nixon have released at least some of their tax return information. The Obamas released their 2012 returns on Friday, and they reveal an intriguing snapshot of presidential finances.

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Heeeeere's . . . Jimmy!

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Newsman Edward R. Murrow famously said that television is a vast wasteland. But that doesn't stop millions of Americans from tuning in every night for their favorite comedians. Jay Leno, David Letterman, Conan O'Brien, the two Jimmies (Fallon and Kimmel) and their wannabe imitators squeeze out one last wisecrack before bedtime.

NBC's Tonight Show has been broadcasting since 1954, which makes it the longest-running entertainment program on air. Amazingly, it's had just five hosts since it's inception: Steve Allen from 1954-57, Jack Paar from 1957-1962, the legendary Johnny Carson from 1962-1992, Jay Leno from 1992-2009, and Conan O'Brien for eight short months in 2008-2009. Leno returned in March of 2010, but, in Hollywood's worst-kept secret, announced last week that he would be giving up his chair to current Late Night host and Capitol One pitchman Jimmy Fallon. Leno congratulated Fallon in his

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New Audit Risk

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When it comes to audits, our friends at the IRS are interested in examining returns as accurately as possible. (No, they're not just interested in squeezing out more tax, and some audits actually result in refunds.) So the folks in the Small Business/Self-Employed area have compiled a series of Audit Technique Guides to help examiners with insight into issues and accounting methods unique to specific industries. As the IRS explains, "ATGs explain industry-specific examination techniques and include common, as well as unique, industry issues, business practices and terminology. Guidance is also provided on the examination of income, interview techniques and evaluation of evidence."

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Marry for Love

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April 15 is almost here, and many of you are still scrambling to get your returns ready to file. Here's a collection of fun quotes to help you "sprint to the finish" this tax season:

"Another difference between death and taxes is that death is frequently painless." Anonymous

"A fine is a tax for doing something wrong. A tax is a fine for doing something right." Anonymous

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Late-Payment Relief for Late-Available Forms

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On Wednesday, February 20, the IRS announced that it will waive the penalty normally assessed for late payment of income tax, for taxpayers who have requested an extension of time to file their return and who are filing one of the 31 forms that were delayed until March because of the last-minute tax law changes. Those changes were last minute changes required thanks to the American Taxpayer Relief Act of 2012. You can review a list which contains all of the 31 forms by reading Notice 2013-24 here.

The IRS does warn that even if you are provided relief thanks to their announced notice you may still receive an automatic assessment notice and demand for payment. If so, contact Scholl, Chyo & Company right away and we can help you get the matter resolved.

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Help Wanted

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On March 8, the Bureau of Labor Statistics announced that the unemployment rate had edged down to 7.7% for February. That's good news compared to the high of 10.1% registered back in October, 2009. But unemployment is still unacceptably high, and surveys show Democrats and Republicans alike are citing jobs as our most pressing problem.

You might think that with jobs still scarce, employers would have their pick of applicants. In fact, the New York Times recently reported that some employers are requiring bachelors degrees for positions like file clerk, dental hygienist, cargo agent, and claims adjustor that don't require college-level skills. Nevertheless, there's one pretty important organization who's having trouble with jobs — and that employer, surprise surprise, is our old friend the IRS. It's a cushy enough gig — air-conditioned offices, great holidays and benefits, no heavy lifting, and flexible schedules that let you hit the road before traffic gets ugly. So, what's the problem?