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

* John Smith lists “9 Time Saving Tax Preparation Tips” at INSPIRATION FEED, a new blog for me.

While I certainly agree with John’s #6 - Work With An Expert – he has it wrong when he says, “Working with an expert and qualified CPA will work wonders for you.”  The correct advice is working with an expert and qualified tax professional will work wonders for you.  A specific CPA MAY be an expert and qualified tax professional, and working with that specific CPA may work wonders, but the mere fact that a person is a CPA does not in any way, shape or form indicate expertise or qualification, or even knowledge or competence, in the area of 1040 tax preparation.

  

See my article “Don’t Assume”.

* Another new tax blog for me – THE TAX SAVINGS BLOG by tax pro Tony Nova.  I first heard of it via a reference in a Spacebook group to “My two rules about tax preparation fees”.

Back when I was accepting new clients off the street at my storefront office, I also subscribed to his Rule #1 – “If your question about the fee is our first topic of conversation then my policy is to decline interest in preparing your tax return.”

I remember when a new client came into our office in Jersey City and the first thing he said to my mentor was, “How much will it cost for my return?” 

Jim replied, “It won’t cost you a penny, because I am not going to do it!”

* Robert W Wood reminds us “IRS Forms 1099 Come Soon: Taxing Investors, Sharing Economy & Everyone Else” at FORBES.COM  

The post correctly tells us that 1099s must be in the mail by January 31^st.  However, taxpayers with brokerage accounts should not run out and have their returns prepared.  Most likely they will receive at least 1 “Corrected Form 1099” from the brokerage, probably in early March.

* Once again “Tax Refunds Delayed In NJ This Year”, as reported by Tom Davis at PATCH.COM.

“The NJ Division of Taxation, meanwhile, says it is taking steps to protect New Jersey taxpayers from refund fraud and identity theft. These enhanced efforts will result in early filers getting their refunds starting March 1. Normally, refunds come as early as mid-February.”

*  I was recently reminded of the great resource that the IRS website is.  It has a page on “Tax Reform Provisions that Affect Businesses” with links to lots of good info and resources.

And the IRS has also issued FS-2018-18 “Reconstructing records after a disaster; IRS provides tips to help taxpayers”, as well as other helpful Fact Sheets.

*  Jason Dinesen adds a new word to his “Glossary” post series – “Railroad Retirement Benefits”.  He identifies the differences between Tier 1 and Tier 2.

* Following in Henry and Richard’s footsteps.  Jeff Stimpson of ACCOUNTING TODAY reports “Jackson Hewitt to pay some $187K for misleading ads”.

“Tax preparation franchiser Jackson Hewitt Tax Service will pay more than $187,000 to resolve allegations that it violated Massachusetts consumer protection laws with “\’misleading and deceptive advertisements’, according to Massachusetts Attorney General Maura Healey.”

TTFN