Tuesday, July 18, 2017
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
* Kay Bell, the yellow rose of taxes, tells us “IRS to seek stay in PTIN fee collection court ruling while it ponders its additional legal options” at DON’T MESS WITH TAXES.
While Kay says the IRS and Department of Justice have not officially decided to appeal the decision that shut down the collection of a fee to apply for or renew a tax preparer’s “PTIN” (Preparer Tax Identification Number), IRS Commissioner Koskinen “said his agency is likely to appeal the PTIN ruling”.
Kay continues –
“The reason the IRS is so committed to PTINs, noted the commissioner, is that the public, especially among the elderly and in low-income and immigrant communities, can be vulnerable to abuse by tax preparers.”
The Court affirmed the IRS authority to require a PTIN for all individuals who prepare tax returns for a fee and to maintain a PTIN registry. But there is no need to add an excessive fee, partially going to an outside agency, for the PTIN.
Koshinen continues to want Congress to allow the IRS to regulate paid preparers. The last thing I want is for Congress to create a tax preparer regulation regime. The Commissioner said in his recent address "But there are enough [preparers] out there who either don't know a lot about what they’re doing or consciously are trying to take advantage of taxpayers." I say there are enough Congresspersons out there who either don’t know a lot about what they’re doing or consciously are trying to take advantage of voters.
I see the need for a universally accepted tax return preparer credential to protect the public – but not mandatory and not administered by the IRS or the government. It should be administered by an independent industry-based organization.
* My THE TAX PROFESSIONAL blog is back! Check out this week’s post “Another Practice Tip and Some TAXPRO BUZZ”.
* A warning from Tony Nitti of FORBES.COM – “Failure To Substantiate Charitable Contributions Costs Family $142,000 In Deductions”.
* The CCH daily headline newsletter reports “White House Committed to Tax Reform This Year, Mnuchin Says”.
My reaction. The occupant of the White House should be committed (to a mental institution).
I won’t be holding my breath for Congress to pass substantive tax reform this year. The Republicans can’t seem to get anything done, thanks mostly to the idiot in the White House.
* My editor at the NJ TAXING TIMES told me, and other NJ tax preparers, about a great resource for tax pros and taxpayers – a “Glossary of Tax Terms” from the NJ Division of Taxation. It is indeed comprehensive and the individual definitions include links to appropriate pages on the NJDOT website.
THE FINAL WORD
Wise words from former Presidents Clinton and Bush on why arrogant buffoon Donald T Rump will never be a competent or adequate President or leader, reported by CNN in “Bush and Clinton stress value of humility in Oval Office” -
“Event moderator, billionaire David Rubenstein, asked the two at the scholastic leadership event in Dallas about what they viewed as the most important quality for someone who wants to be President. Both stressed the virtue of humility.
‘I think it's really important to know what you don't know and listen to people who do know what you don't know,’ Bush said.
Clinton -- who, like Bush, didn't mention President Donald Trump -- agreed that officeholders need to be humble, and warned that those ‘who are real arrogant in office’ have forgotten that history will be their judge.
‘If you want to be President, realize it's about the people, not about you,’ Clinton said. ‘You want to be able to say, 'People were better off when I quit.' ... You don't want to say 'God, look at all the people I beat.'"
Humility is an impossible quality for Trump to understand, let alone express. And, in Trump’s deluded and unstable mind, everything is always about Trump, and never anyone else.