Saturday, June 18, 2011

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

* I learned from a post by Joe Kristan at the ROTH AND COMPANY TAX UPDATE BLOG that Dan Meyer was back blogging about taxes and accounting at TICK MARKS – which has nothing to do with lyme disease (gee, I haven’t said that in a long time). Welcome back Dan!

The post to which Joe referred is “What Will the TPIN Competency Exam Look Like? A Reasonable Guess”. Dan suggests three possible scenarios. While Dan expects it to be one of the 2 more difficult options, at this point I tend to agree with Joe that it will, at least at first, be relatively simple.

As Joe correctly points out – “. . . a truly hard exam will destroy the tax prep industry”.

* While we are talking about the ROTH AND COMPANY TAX UPDATE BLOG, Joe makes a good point in his post “Two Tax Wrongs Don’t Make A Right”.

If the deduction is improper, you don't get a permanent private exception for it just because the IRS missed it before.”

* And speaking of the test, I agree with Trish McIntire of OUR TAXING TIMES that the survey for tax preparers from Prometric, the company that will be writing and administering the competency test, is a “Stupid Survey” (see my comment).

* Trish continues her ongoing comprehensive series of posts on tax issues for taxpayers considering starting a business, taking time out now and then for commentary on happenings relating to the tax preparation industry (like the post referenced above).

A good “must read” entry in the series is “Payroll Money”, in which she warns about what could be a very expensive problem for the new business owner – trust-fund mismanagement.

* And, new small business owners, Bruce, the MISSOURI TAX GUY, provides a “Financial Tool for Business Owners” with his discussion of the Budget Vs Actual Report.

* A reminder for June brides, or divorcees, from the IRS of what I have been saying for years in “Five Tips if You Changed Your Name Due to Marriage or Divorce”.

* In light of my recent posts on deducting contributions for volunteers, TAX MAMA Eva Rosenberg answers a question about “Coaching Expenses”.

FYI – you may not be able to directly access the link. You may have to “register” with TM.

* “Mama” also brings to our attention a “Proposed Congressional Reform Act of 2011” that is “making its way across the Web via email”. As Mama says – “There’s a lot of wisdom in this”.

* In Wednesday’s BUZZ I referenced Jean Murray’s blog post about the tax consequences of flea markets, farmers markets, and craft fairs. In a subsequent post at ABOUT.COM: US BUSINESS LAW/TAXES she tells us “Having a Garage Sale or Yard Sale? Don’t Forget Taxes and Permits

Several issues are involved here: (1) Income taxes on the profits from the sale, (2) sales taxes on the items sold, and (3) local permits and licenses.”

Jean takes a look at each issue.

* In honor and anticipation of father’s day tomorrow Kay Bell discusses “Tax Help When You Help Out Your Aging Dad (or Mom)”, and references two related blog posts from her BANKRATE.COM blog.

* And, in a somewhat related topic, Bill Bischoff reveals “A Tax Break for Retirement Community Costs” that I have come across in my own practice over at SMARTMONEY.COM.

* I welcome a new entry to the “Tax Blogosphere” – Tax Didactic by Knox Marlow “a ‘retired’ tax attorney with a background in political science and politics”.

Does the web need another blog discussing taxes, politics and economics?

Maybe not. Most of us are suffering from information overload. Many of us have to make a conscious effort to unplug, relax, and avoid the Three Ps (pundits, politicians, and partisan rhetoric). All of us have better things to do, when push comes to shove.

For me, however, now is the time to take the plunge and launch Tax Didactic. If you have stumbled across my blog, I hope you learn something new or take a look at something old from a new perspective.”

Welcome, Knox, and thanks for including TWTP in your blogroll.

As an aside - one benefit from the title Wandering Tax Pro is that it is often last when in an alphabetical list. As many a vaudevillian would have told you – if you can’t get top billing being last is the next best thing.


* Tax pros who prepare NJ Property Tax Reimbursement applications for clients, and NJ senior and disabled homeowners, may want to check out my post “A PTR FYI” at the NEW JERSEY TAX PRACTICE BLOG.

* I have on occasion said that while it is a proven fact that the members of Congress are idiots, they are not necessarily stupid. Weinerdog has shown us that some are both.

TTFN

1 comment:

Knox Marlow said...

Robert, many thanks for the plug!