SNAPSHOT OF THE FINANCIAL OVERHAUL BILL

(Wall Street Journal) -- A summary of the financial overhaul bill is posted at WSJ.com. See it by clicking:

http://online.wsj.com/article/SB10001424052748703722804575369072934590574.html?mod=WSJ_hpp_MIDDLETopStories#project%3DFINCHART1007%26articleTabs%3Dinteractive

QUOTE OF THE WEEK

"The block of granite which was an obstacle in the path of the weak, becomes a steppingstone in the path of the strong."
--Thomas Carlyle,
Scottish satirical writer

HELP BAIL ME OUT!

I'm excited to tell you that I have chosen to serve as an MDA Jailbird and am being Locked-Up...that's right, I'm going behind bars to help Jerry's Kids©. In order to be released on good behavior, I need your help to raise my “bail.”

My bail has been set at $1,600.00 and if everyone I know makes a tax-deductible donation, I’ll reach my goal quickly!

Just click here to make a secure, online donation before 08/17/10. This is a fun event benefiting individuals and families served by MDA who are affected by neuromuscular disease. I am honored to partner with MDA, and help this important cause.

Don't hesitate to call or e-mail me with any questions.

Thanks in advance for your help. Together we'll make a difference!

Larry

P.S. I'm counting on you, click here to donate.

USAIN BOLTS FOR TAXES

I don't know about you but I am a real fan of track and field. I am amazed at the speed of Usain Bolt, the Jamacain who is the worlds fastest man. Now it seems that tax policy may keep him out of the 2012 Olympics that will be held in Great Britian.

It seems that the fastest man in the world has finally found the one thing that will slow him down: Britain’s tax laws.

According to the BBC, Bolt may not compete in the UK until the 2012 Olympics. He told a news audience, “I am definitely not going to run [in London].”

Like the US, the UK attempts to tax on worldwide income. However, unlike the US, the UK prorates the amount of tax based on the number of events that the athlete competes in; the Telegraph points out that this is a departure from the old rules which calculated tax according to the number of days of competition in the UK, not appearances. This is in addition to a 50% tax rate on appearance fees.

As you can imagine, this doesn’t sit well with many athletes. Spanish golfer Sergio “El Nino” Garcia has admitted limiting appearances in the UK because of the country’s tax laws. Event promoters worry that other athletes will follow suit. There is one saving grace: in order to ensure that athletes actually show up for the 2012 Olympics, the British taxing authorities have agreed to a limited exemption to the rule.

NOW IS THE TIME TO START GEARING UP FOR 1099 REPORTING

The Health Care Reform Act has a provision that requires 1099s for goods, not just services, starting in 2012.

Beginning in 2012, self-employed individuals, small businesses and charities will be required to provide 1099 forms to every vendor from which they buy more than $600 in goods, under a provision in the new health care reform law. The Internal Revenue Service is considering exempting some small-business purchases made with credit or debit cards, as the IRS will already receive a record of those transactions from financial institutions, starting in 2011. "We're looking at ways to try to minimize the burden on businesses as much as possible," said IRS spokesman Terry Lemons. USA TODAY

WASHINGTON IS NOW WONDERING IF THE IRS CAN ACTUALLY HANDLE HEALTH CARE

An important part of the the health care bill was that it relied on the IRS to do enforcement and monitoring of the program. If you have been following my emails I was leery of the ability of the IRS to take on this new challenge. The IRS has enough on its plate already without this additional burden. Now in an article in The Hill it appears that Washington is starting to realize the problem.

http://thehill.com/blogs/healthwatch/health-reform-implementation/108015-tax-report-rehashes-debate-over-cost-effectiveness-of-health-reform-law%3C/span%3E

NATIONAL DEBT WENT UP BY $166B IN ONE DAY LAST WEEK

Did you see this? According to the following article in the Washington Times our debt increased in one day more than the entire 2007 debt.

(Washington Times) -- WashingtonTimes.com reports that the nation's debt leapt $166 billion in a single day last week, the third-largest increase in U.S. history, and it comes at a time when Congress is balking over higher spending and debt has become a key policy battleground. "The one-day increase for June 30 totaled $165,931,038,264.30 -- bigger than the entire annual deficit for fiscal year 2007 and larger than the $140 billion in savings the new health care bill will produce over its first 10 years." Adds the Times, "The figure works out to nearly $1,500 for every US household, or more than 10 times the median daily household income."