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

* ICYMI – I provided my “review” of Trump’s tax reform “plan” in “The Devil Provides Few Details”.

 

* This week’s post at THE TAX PROFESSIONAL gives us “A Little This-A, A Little That-A”.

 

* Russ Fox suggests it may be time to “Prepare to Panic!” at TAXABLE TALK.

 

* And Russ reports “IRS Suspends ASFR Program”.

 

ASFR is the Automated Substitute for Return program.  If you do not file a return eventually the IRS will create a “substitute” return form using the information it has in its information document matching system.  However, it will create the worst possible return – filing Married Filing Separate if married, claiming no dependents, reporting gross proceeds from investment sales as income, and with no deductions or credits – and generating the highest possible tax liability.

 

I agree with the bottom line of the post –

 

“As a tax professional, I’m not a fan of the suspension. Sure, this program may have been overall a cost center; however, it likely forced noncompliant individuals in to compliance—and that’s the goal of the IRS (current compliance). Overall, this change seems to me to be a shocking mistake.”

 

I do believe that receiving an ASFR return forces delinquent taxpayers to submit a correct return, which has happened a couple of times in my practice.

 

* Tina M. Kleckner EA explains “What is an Enrolled Agent Anyway?” at her blog.

 

Tina includes an important reminder (highlight is mine) -

 

“EA’s are the only practitioners who have demonstrated technical competence to the IRS specifically in matters of taxation.”  

 

Please note – a person with the initials CPA after his/her name has NOT “demonstrated technical competence to the IRS specifically in matters of taxation.”

 

* FREE! FREE! FREE! New tax e-newsletter - TAX TOPICS.  Check it out!

 

* Jean Murray lists “8 Great Year-end Business Tax Planning Tips” at THE BALANCE.

 

THE LAST WORD

 

Every single day arrogant mentally unstable demagogue Donald T Rump does something to demean American principles of democracy and freedom and to embarrass America.  

 

People have said give arrogant Donald T Rump a chance.  He has had 9 months and has proven himself beyond a doubt to be incompetent, unfit and mentally unstable.

 

Enough is enough!  We must remove Trump NOW!

 

TTFN