Tuesday, May 30, 2017
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
Not much BUZZ this installment.
* A very sad day in the tax blogosphere. In THE ROTH AND COMPANY TAX UPDATE BLOG’s “Last Post” on Friday June 2th author Joe Kristan told us –
“Since I started blogging here around 2002, I have had a great time. As we begin a new adventure, I will need to spend extra time working to make our transition successful, so it’s time to bring the Tax Update to a close.”
In an online interview with Joe years ago he told me -
“I blog because I enjoy it, and because I think it is good for me professionally. I have long started my day reading the tax news, so it wasn't a big leap to start commenting about it. I think it helps keep me sharp, and it helps me stay current on the ideas and issues out there. And, of course, there's the glamour, fan adulation and women. Well, ok, none of those things, but there should be.”
I have enjoyed Joe’s blog posts over the years, and lately used the “Tax Roundups” as my daily source of tax BUZZ. I especially enjoyed our occasional online debates and discussions, always respectful, on issues of importance to tax professionals, and I thank Joe for his continued support of THE WANDERING TAX PRO over the years.
The blog’s great information and Joe’s expert commentary and his sense of humor will truly be missed.
* I agree - although perhaps from a different point of view - with Roger Russell’s opening statement in “What reform will mean for tax pros” at ACCOUNTINGTODAY,
“While the move to overhaul the tax system under the Trump administration’s tax reform proposal and the House GOP Blueprint may aim to greatly simplify taxes, it won’t mean there will be any less work for tax preparers.”
I have been calling for true tax simplification for years. See my website A TAX PROFESSIONAL FOR TAX REFORM and my booklet “A Tax Professional for Tax Reform”.
Here is what I have said about why a tax pro wants tax simplification –
“Some people may wonder why a tax professional is calling for a simpler tax system. Does not each new tax law, and each complexity added to the code, put money in our pockets? Is not a more confusing Tax Code better for business?
I believe that a much simpler tax system would not hurt our business. I sincerely believe that if I did nothing but 1040As all day during the tax season, I would make more money, experience less agita, and substantially reduce the number of extensions needed.
Most clients would not decide to do their own returns if the tax system was simplified; they would continue to come to us. Most taxpayers who use a tax professional simply don’t want to be bothered with the task of preparing their tax return, and want to make sure they do not miss anything.”
And even with a simpler Tax Code taxpayers will still need us to prepare Schedules C, D, E, and F.
Fellow tax pros, do you agree?
As for the likelihood of substantial tax reform being passed this year – normally, considering the fact that the Republicans control both houses, I would expect this to happen, but when you factor in the current nut job in the White House I would not bet on it. In any case I do not think there will be any big changes to the 2017 Form 1040.
* Jason Dinesen continues his post series on tax definitions with “Glossary: Bonus Depreciation” at DINESEN TAX TIMES.
THE FINAL WORD
It appears that the American public considers most politicians to be ethically-challenged and of questionable character, and in many cases this may be to some degree true.
But no American politician or public figure has ever been as obviously devoid of ethics and character, as self-centered and self-absorbed, and as just plain stupid, based on a lifetime of words and deeds, as the current nut job in the White House – Donald J Trump.
And make no mistake – delusional egomaniac Trump is truly a big loser. In business he has had more losses than wins – because he sincerely believes that NOBODY can do anything better than he can. The truth is that ANYBODY can to ANYTHING better than Trump!