Tuesday, December 16, 2014
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – TUESDAY EDITION
Guess what arrived in the mail this past Saturday. A delinquent client’s 2011 tax “stuff”! So it looks like the first Form 1040 I prepare in calendar year 2015 will be a 2011 Form 1040. I hope the 2012 and 2013 “stuff” will follow shortly.
* Tax pros, PLEASE check out the December “issue” of THE TAX PROFESSIONAL and let me know your comments on my “Soapbox” editorial.
* The AICPA is not giving up in its attempts to crush competition for 1040 preparation clients and to “put down” any program, voluntary or otherwise, that provides a tax preparer credential or indicates any form of competence or currency in 1040 preparation for “unenrolled” preparers.
Blake Treu reports at the FULLER TAX BLOG that “AICPA Appeals Lawsuit Against Tax Preparer AFSP Program to DC Appellate Court”
“. . . the AICPA has filed the necessary documents to appeal the adverse ruling they received on their challenge of the Annual Filing Season Program newly initiated by the Internal Revenue Service.”
Blake goes on -
“After the result was handed down by Judge Boasberg in the D.C. District Court in October, the AICPA responded claiming they were “shocked and disappointed” at the result, not understanding why their suit would not be evaluated on the merits of its claim. Although it seemed to me that the reasons were made perfectly clear in logically sound ways, the AICPA has decided to have another go at the issue in the Court of Appeals.”
Judge Boasberg correctly identified the AICPA’s true purpose in filing the original lawsuit, stating in his ruling that the CPA group did not have standing to sue because its members are CPAs and accounting firms and not the unenrolled tax return preparers who are the target of the IRS program –
“. . . the crux of [the AICPA’s] concern is apparent: its membership feels threatened by the specter of increased competition from previously uncredentialed tax return preparers who choose to complete the program.”
* Tax pros – are you preparing for the upcoming tax filing season? Here is something that you should have – my compilation of TAXPRO FORMS, SCHEDULES, WORKSHEETS, CLIENT MEMOS AND HANDOUTS.
* I provide "A 2014 Year-End Tip for Mutual Fund Investors to Lower Tax Liability" at MAINSTREET.COM!
* There is a new weekly post up at BOB’S BABBLINGS – I discuss the nearby Forestburgh Playhouse’s 2015 summer season. And, of course, I always leave you laughing.
* Roger Wohlner, THE CHICAGO FINANCIAL PLANNER, lists “7 Reasons to Avoid 401(k) Loans”.
I want to especially emphasize the first and last reasons –
· “Leaving your job triggers repayment” and the amount not repaid is treated as a premature distribution
· “You will have less at retirement.”
* William Perez goes into detail on “Year-End Tax Planning Tips for Freelancers and Self-Employed Persons” at ABOUT.COM.
* "This Just In! Final Regulations On Reporting of Foreign Specified Assets On Form 8938!” So Manasa Nadig reports at THE BUZZ ABOUT TAXES.
* Mikey Rox lists “7 Ways to Pick the Bank That's Right for You” at WISEBREAD.
I realize this is not a tax-related post. But the title interested me. In the past I have advised clients and readers to use for their personal banking the smallest local bank in town – a one branch bank if you can find it. Your account will carry more weight and you will probably get better and more personalized service.
Do you agree with me?
* Alltop.com led me to a September post that I had missed from the PHILADELPHIA ESTATE AND TAX ATTORNEY BLOG titled “College Tuition: Discover How Grandparents Can Help Their Grandchildren and Save Taxes Too”.
* From MAINSTREET.COM - “You Can't Deduct Your Wedding and Other Things You Shouldn't Be Expensing” by Nicholas Pell.
THE FINAL WORD –
A newspaper cartoon from last week explained the difference between a lawyer and a reptile.
A reptile does not bill by the hour.