WHOOP!

Now this just goes to show the complexity of tax law (in this particular case the complexity of Texas state tax laws). (And by complex, I mean someone did not think something thru and make it simple because well that would just not be right, right?)

For those not familiar with Texas State Law: A Texas domiciled business has to file a Texas Franchise Tax Report (TFTR) each year. (We accountants like to abbreviate everything and then walk around discussing CPAs, AICPAs, TFTRs, 1040s, IRS as though we're smarterr than the rest of the world when in fact we're just as normal as the next person...) anyway, back to my annoyance....

A TFTR is much like a Form 1040, which most of you are familiar with. It is a document used to indicate business income for a year and thus be taxed by Texas. In 2008, laws taxing Texas businesses were changed and new forms and regulations were passed creating a new learning curve. But this one just baffles me.

There are 4 terms on these various forms that when at first glance would be the EXACT SAME THING, but alas are not in fact the same things nor do they even follow logic.

Terms:
Reporting Period
Accounting Period
Privilege Period
Report Year

Definitions:
Reporting Period: The year which you are 'reporting' income for. (I know to not end a sentence in a preposition but this is easier for me)
Accounting Period: The year which you are "accounting" income for.
Privilege Period: The year which you are filing the TFTR. Allows you the 'privilege' of continuing to do business in Texas for that period.
Report Year: The year which you are filing the TFTR.

Now wouldn't logic tell you that a Reporting Period and a Report Year would be the same thing? I mean seriously? Or is that just too simple? Or too complex for my wee little brain?

Why couldn't they have 2 Periods? Accounting and Privilege? Wouldn't that still cover all the bases? So as to not confuse me? So as to not get a letter in the mail sent to my client telling them something is wrong and their Texas Business Privileges will be revoked if they don't fix this problem...oh and they're given a week from the date the letter is mailed (mid-December) to receive the letter, fix the problem, mail the letter back and be processed by the very understaffed Texas Comptroller Office, I mean is this really that difficult? No!

Man am I upset. I know, I know. I'm breathing.

Anyway...18 days!!

Alex posted a sneak peek of our Engagement Pics! Go Have a look see!! He did such a GREAT job and we love them all! Hope you like them too.

Thanks Alex for you hard work!! You Rock!!

Have a great day!

Jeremy asked me marry him last night. And I said YES!

He proposed where we first met on the eve of our anniversary...Go here for pictures...

http://www.facebook.com/album.php?aid=2751321&id=8360877&l=059588504b

What is the correct way to show that the CinamonMelts belong to McDonald's? I mean McDonald's already has an " 's " to denote ownership of the 'thing' following, so is that correct? Or should it be McDonald's's CinnaMelts because McDonald's is the proper name. I'm so confused. Either way they ROCK!

Yes, Natalie tax season is over, but I'm boring and don't have much to say.

Jeremy is such a blessing to me. He definitely helped make this past tax season much easier on me. He's just too sweet.


This summer is very, very busy. We've got something planned nearly every weekend from May 1-July 31. But it's sure to be fun times!

I know that was quite an exhaustive update. So, any questions?

Oh yeah, Linda King suggested I have a 'Tax Advice' blog. Wherein I answer any tax questions you may have and ramble about new tax things you may or may not know about. What do you think? Do you really care to know about taxes at all?

Have a great day!