* I
made the list of “2012 Tax Connections Top Tax Blogs” at, where else, TAX CONNECTIONS!
* Now the IRS is asked to address “The Phantom
Menace”. Michael Cohn reports “Committee Urges IRS to Combat ‘Phantom Preparers’” at ACCOUNTING TODAY.
“Among
the fraud trends identified in the report is the problem of ‘phantom prepared’ returns,
that is, tax returns prepared by another for compensation and filed as
self-prepared. The problem has been growing in recent years since the IRS
stepped up its efforts to regulate the tax preparation profession. By not
signing the returns, some tax preparers believe they are able to sidestep
scrutiny and the new requirements for registration, testing and continuing
education.”
The IRS should indeed seek out and penalize
non-registered preparers - and equally penalize the taxpayers who use them.
* And at CNN MONEY Jeanne Sahadi compares
“Obama vs. Romney on Taxes” -
“Tax reform.
Both presidential
candidates talk about it -- both say they want it. And there's a good chance
that the one who wins in November will end up presiding over it.
But neither
President Obama nor Mitt Romney has offered a comprehensive plan for how he
wants to overhaul the tax code.
Instead they've
each made broad statements about what tax reform can achieve. And many of the
tax proposals they have offered would work within the current structure of the
code.”
I
continue to call for a total rewriting of the Tax Code – doing away with most
“tax expenditures”. But, unfortunately,
I expect the chances of that happening are slim to none. Considering the specifics provided for each
candidate as outlined in this article I prefer the Romney proposals.
* Kay Bell lists “12 Midyear Tax Moves for 2012” over at DON’T MESS WITH TAXES.
* Lots of tax-related “stuff” in the Tax
Policy Center’s WEEKLY TAX UPDATE.
* Trish McIntire gives us her 2 cents on
how to submit returns to your “Uncle Sam”, or any other “uncle” if you have
more than one to file in “Mailing Returns”.
When reviewing the previous year returns of
new clients I find that I can often amend more than one of the “open year” federal
and/or state returns to claim additional refunds (by correcting mistakes made
by the previous preparer – often a CPA).
I tell my clients to sign and mail the oldest amended return first, and
once the refund check for that return is received to sign and mail the next oldest
return, and so on. I do the same if I am
filing multiple original returns.
I do not want more than one return in “the
system” at the same time, and risk confusing the IRS or state tax authority any
more than they already are.
*
Tax pros – have you checked out my “Special Summer Savings”?
THE
LAST WORD-
This
past July 4th I enjoyed my annual viewing of the movie version of
the wonderfully written musical “1776”, with a great cast of Broadway actors,
on TCM (I saw the original on Broadway as well as the revival with STNG's "Data" as John Adams).
In
the film John Adams explains – “One
useless man is a shame, two is a law firm, and three or more is a Congress”.
And he continues to complain about the
Congress – “We piddle, twiddle, and
resolve. Not one damn thing do we solve.”
It
seems nothing has changed in the past 236 years – at least when it comes to the
idiots in Congress!
TTFN
3 comments:
Jesus Christ you're a clown. "...often a CPA..."
Give it a rest, knucklehead.
Anon-
I was not attempting to be funny. Often the errors were made by a CPA!
TWTP
Anon
No need to blaspheme.
Bob
I almost never edit comments, but I would that one.
Post a Comment