Wednesday, August 1, 2012
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION
* “CPAs: Don’t Fear the RTRP”. So says Jason Dinesen, in response to my post “What You Have Been Waiting For” (which was a response to the AICPA post “343,020 Reasons CPAs Should Talk Up Their Tax Expertise Now”) at DINESEN TAX TIMES.
Jason feels the previously unenrolled will get more respect as RTRPs, but does not believe the existence of this designation will make much of a dent in the urban tax myth that CPA = tax expert.
It all depends on the promotion given the RTRP designation. The IRS has promised to publicize the new designation. But there will need to be a serious publicity effort by a RTRP membership group. There is a NSRTP and an NARTRP and an aRTRP – but these all seem to be concentrated on selling CPE, probably for the founder’s profit.
NATP encompasses all tax return preparers, CPAs, EAs, “supervised employees”, and RTRPs. What is needed is an NATP-like and NAEA-like true membership organization for RTRPs only, an AIRTRP, to represent and promote the RTRP designee.
As I have said before, while having the IRS regulate tax return preparers is more better than having it legislated by the idiots in Congress, a better way is with an industry-based AICPA-like AIRTRP organization, which would administer the RTRP designation.
As a blogger and writer I will continue to push the message that only the RTRP and the EA have proven competency in 1040 preparation and must remain current via required CPE.
What do you think?
* Another Peter from FORBES.COM, Peter Ferrara, explains “How President Obama Is Deceiving You On Tax Policy”.
While I may have worded some of his comments differently, I do pretty much agree with the bulk of what he is saying.
* Now here is a bill I would support. Over at the Hill’s FLOOR ACTION BLOG Pete Kasperowicz reports that “House to Vote on Bill Terminating Federal Workers Who Don't Pay Their Taxes”.
“The Federal Employee Tax Accountability Act, H.R. 828, is aimed at dealing with the roughly 100,000 federal workers who are usually behind on their taxes each year. The bill's sponsor, Rep. Jason Chaffetz (R-Utah), has cited IRS data indicating that these workers owed a combined $1 billion in delinquent taxes in 2009.”
I wonder how many members of Congress are among the 100,000?
* Bruce THE MISOURI TAXGUY has a post telling you “Why an Annuity May Not Be Right for You”.
I have always been skeptical of annuities – partially because, I do believe, those who sell them get a fairly high commission.
And, of course, while you are at Bruce’s blog check out the Store.
* Bill Perez gives us the word about “Sales Tax Holidays in Twelve States” at ABOUT.COM TAX PLANNING: US.
Unfortunately I do not see New Jersey or Pennsylvania on the list.
* Professor Jim Maule provides a recent Tax Court example of “The Importance of Tax Record Keeping” over at MAULED AGAIN.
I am one of the tax pros who recommend that tax returns should be kept indefinitely.
* Tax pros – don’t forget to check out my Special Summer Savings!