WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

I’m back!  Refreshed and, ready to reluctantly get back to the GD extensions.  About 10 more that I can do before I stop for the summer.

* It seems the internet's main topic of discussion tax-wise while I was away was the IRS targeting of Tea Party and conservative organizations seeking tax-exempt status for extra scrutiny.

ACCOUNTING TODAY reports that “IRS Commissioner Fired Over Tea Party Targeting” and “Obama Appoints Budget Official as Acting IRS Commissioner”.

The new Acting Commissioner is Daniel Werfel, controller of the White House budget office.

TAX PROF Paul Caron provides a humungous listing of the media coverage of the IRS scandal in “The IRS Scandal, Day 7” and “The IRS Scandal, Day 8”.  And Joe Kristan lets us know what the tax blogosphere has had to say on the subject in his May 16^th “Tax Round-up” at the ROTH AND COMPANY TAX UPDATE BLOG.

* There were other topics discussed in the tax blogosphere.  For example, Jason Dinesen brought us “Same-Sex Marriage, Community Property, And Multi-State Income — Part 2” and “Part 3” at DINESEN TAX TIMES.

* Congratulations to MISSOURI TAX GUY Bruce McFarland, who has announced that he is “An EA in the Making”.

Bruce probably correctly predicts “the (what I call) pending crash of the RTRP”, and feels that, while he does not necessarily want to represent clients before the IRS, acquiring the EA initials is the only remaining way to obtain recognition as a Tax Professional.

With all the problems that the IRS is now facing, I doubt that they will be able to successfully appeal the Loving decision and bring back their mandatory RTRP requirement.  And I do not believe that they will, as the judge have suggested, maintain the designation as a voluntary one, perhaps, as I have suggested, as part of a two-tiered program that would also encompass the EA designation as well.

Maybe there is hope for the industry-sponsored voluntary Certified Tax Return Preparer designation I proposed.

In any case, best of luck to my buddy Bruce in his quest for the EA designation.

TTFN