Thursday, December 9, 2010


While the speaker at this morning’s NJ-NATP Breakfast Seminar on “New Tax Preparer Requirements – Federal and State” did an excellent job in providing an update on the subject to a too small audience of NJ and NY tax pros, there was really nothing much new to me.

I was pleased to learn that so far only Oregon, California and New York have registration/regulation requirements for tax preparers. The Oregon regime has been around since 1973, and California for some time as well. The New York system just started last year, with the $100 extortion payment, and is evolving. Florida (which has no state income tax) and New Jersey have “toyed” with regulation (NJ has a bill that hasn’t gone anywhere for a few years now), but have taken no action. It appears that the states are waiting to see how the federal regulation reqime works out.

I did learn upon my return home, via the home page, that “House Democrats Reject Tax Plan Unless Changed”.

House Democrats voted Thursday to reject President Barack Obama's tax deal with Republicans in its current form, but it was unclear how significantly the package might need to be changed.

By voice vote in a closed caucus meeting, Democrats passed a resolution saying the tax package should not come to the House floor for consideration as written, even though no formal House bill has been drafted. Rep. Peter DeFazio, D-Ore., introduced the resolution.”

This despite headlines elsewhere like – “Obama Gets Closer to Bush Tax Cut Deal”.

I was correct when I stated in a previous post – “I have absolutely no faith that the idiots in Congress will do what is right.”

So what next?

According to James Clyburn of South Carolina, the No. 3 person in the Democratic leadership - "I don't know. Well wait and see.”

The Democrats are idiots (not that the Republicans aren’t also). The clock is ticking.

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