The post to which Joe referred is “What Will the TPIN Competency Exam Look Like? A Reasonable Guess”. Dan suggests three possible scenarios. While Dan expects it to be one of the 2 more difficult options, at this point I tend to agree with Joe that it will, at least at first, be relatively simple.
As Joe correctly points out – “. . . a truly hard exam will destroy the tax prep industry”.
* While we are talking about the ROTH AND COMPANY TAX UPDATE BLOG, Joe makes a good point in his post “Two Tax Wrongs Don’t Make A Right”.
“If the deduction is improper, you don't get a permanent private exception for it just because the IRS missed it before.”
* And speaking of the test, I agree with Trish McIntire of OUR TAXING TIMES that the survey for tax preparers from Prometric, the company that will be writing and administering the competency test, is a “Stupid Survey” (see my comment).
* Trish continues her ongoing comprehensive series of posts on tax issues for taxpayers considering starting a business, taking time out now and then for commentary on happenings relating to the tax preparation industry (like the post referenced above).
A good “must read” entry in the series is “Payroll Money”, in which she warns about what could be a very expensive problem for the new business owner – trust-fund mismanagement.
* And, new small business owners, Bruce, the MISSOURI TAX GUY, provides a “Financial Tool for Business Owners” with his discussion of the Budget Vs Actual Report.
* A reminder for June brides, or divorcees, from the IRS of what I have been saying for years in “Five Tips if You Changed Your Name Due to Marriage or Divorce”.
* In light of my recent posts on deducting contributions for volunteers, TAX MAMA Eva Rosenberg answers a question about “Coaching Expenses”.
FYI – you may not be able to directly access the link. You may have to “register” with TM.
* In Wednesday’s BUZZ I referenced Jean Murray’s blog post about the tax consequences of flea markets, farmers markets, and craft fairs. In a subsequent post at ABOUT.COM: US BUSINESS LAW/TAXES she tells us “Having a Garage Sale or Yard Sale? Don’t Forget Taxes and Permits”
“Several issues are involved here: (1) Income taxes on the profits from the sale, (2) sales taxes on the items sold, and (3) local permits and licenses.”
Jean takes a look at each issue.
* In honor and anticipation of father’s day tomorrow Kay Bell discusses “Tax Help When You Help Out Your Aging Dad (or Mom)”, and references two related blog posts from her BANKRATE.COM blog.
* And, in a somewhat related topic, Bill Bischoff reveals “A Tax Break for Retirement Community Costs” that I have come across in my own practice over at SMARTMONEY.COM.
As an aside - one benefit from the title Wandering Tax Pro is that it is often last when in an alphabetical list. As many a vaudevillian would have told you – if you can’t get top billing being last is the next best thing.
* I have on occasion said that while it is a proven fact that the members of Congress are idiots, they are not necessarily stupid. Weinerdog has shown us that some are both.