Wednesday, March 30, 2016
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – ANOTHER SPECIAL TAX SEASON EDITION
Another BUZZ with information that cannot wait until after the tax season -
* Jason Dinesen tells you “6 Things You Might Not Know About Enrolled Agents” at ACCOUNTING WEB.
I was not fully aware of Item #6 – “Until recently, there was no protection for EAs to hold themselves out as EAs”.
I also wish to modify Jason’s #5 - “In the tax world, we are 100 percent equal to CPAs and attorneys”. It is true that “there are three groups of licensed professionals who have unlimited practice rights when handling tax matters for taxpayers: CPAs, attorneys, and … enrolled agents”. However Enrolled Agents are certainly superior to CPAs and attorneys (to be fair in most cases) when it comes to knowledge of the Tax Code. EAs have proven knowledge of the Tax Code by testing and, unlike CPAs or attorneys, are required to take annual CPE in federal tax topics.
If you have a choice of three preparers, and all you know about them is that one is a CPA, one is an attorney, and one is an EA, the obvious choice is always the EA.
* And Jason also explains “What is a 501(c)(3) and What’s the Big Deal?".
* Completing the blog trifecta – Jason provides a timely warning to “Beware of the Deadlines on Amended Tax Returns” (highlights are JASON’S) –
“In most cases, you have 3 years to file an amended tax return. For most people who file their 1040 without extension, that means April 15th, 3 years later. For example, a 2012 amended tax return (where the original 2012 return was due April 15th, 2013) must be filed by April 15, 2016.
Normally the term “filed” means “postmarked.” But this is not the case with amendments.
The term ‘filed’ for amendments means when the IRS receives the amended return.”
* Kay Bell reports that dangerous buffoon “Trump is Last Holdout as Kasich Releases Tax Returns”.
I wouldn’t hold my breath waiting for the idiot to finally release his returns.
One thing remains perfectly clear – Tronald Dump must not be elected our next President!
* Kay also discusses “Problems with Prepaid Card Tax Refunds” -
“Reloadable prepaid cards are available from many tax preparation software programs. Or from tax preparation firms. Or from major retailers such as grocery, drug and big box stores. Just Google the term for myriad options.
But there's one big problem with these cards. Tax crooks absolutely love them.”
* Michael Cohn of TAXPRO TODAY gives us the word that “AICPA and H&R Block Feud Over Ad Campaign”.
If it were not tax season and time is precious I would have some appropriate comments on this "feud".
THE FINAL WORD-
Be careful what you wish for!
For years I have said I would like to see a true successful businessman, who is not a “professional politician”, run for office – Congress, Governor, President.
I had hopes for Jon Corzine. But he was not really a true successful businessman – he was basically a salesman who rose to his level of incompetence in business. He was a true disappointment.
And now we have dangerous buffoon Donald Trump.
Donald Trump is not a true successful businessman. He did not create a product or a company and build it from nothing to success. He inherited millions from his father and invested in real estate in New York. Duh. He has lots of nonsense with his name on it – Trump steaks, Trump water, etc – but he just sold his name to be put on someone else’s product. And he has consistently screwed his investors and lenders, and is proud of this. Besides, he is a narcissistic buffoon. Everything he says and everything he does is completely motivated by the desire to feed his undeservedly enormous ego.
The best example of what I wished for is Michael Bloomberg. He is a true successful businessman – he started with nothing and built a successful international enterprise. And he was a success as mayor of New York City.
It still remains totally inconceivable to me that anyone with any intelligence, awareness, and responsibility could even consider voting for Donald Trump for anything.
God help the US and the world if Tronald Dump becomes President!
Posted by Robert D Flach