Saturday, August 18, 2012
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’
* Check out my post “To 1099-C or Not To 1099-C” at my THE TAX PROFESSIONAL blog.
* A guest post by Julian Block at Peter J Reilly’s FORBES.COM “Passive Activities” blog discusses provides us with “Some Presidential Words On Federal Income Taxes”.
I especially liked this quote from Ronald Reagan –
“If you will forgive me, you know someone has once likened government to a baby. It is an alimentary canal with an appetite at one end and no sense of responsibility at the other.”
* Staying at FORBES.COM – While I do hate the GD extensions, I accept the fact that they are necessary in certain circumstances. TaxGirl Kelly Phillips Erb touches on the subject in “What Romney and I Have in Common With More Than 10 Million Taxpayers”.
Actually, my 2011 Form 1040 was also extended!
* ACCOUNTING TODAY has a “slide show” of “Midyear Tax Planning: Top 10 Tips in a Time of Uncertainty”.
* Thursday’s edition of the NATP weekly email newsletter included the following item -
“New Director of the Return Preparer Office
David Williams, Director of the Return Preparer Office (RPO), has resigned his position effective at the end of August. Carol Campbell, currently the IRS Deputy Chief of Staff in the Commissioner's office, has been chosen to become the Director of RPO. Campbell has more than 20 years of IRS experience including working as a senior docket attorney for Chief Counsel and counsel to the National Taxpayer Advocate.”
I did a Google search and could not find any information on this topic. I will let you know when more information is available.
David Williams was an excellent Director. I will be sorry to see him go. It is good to see that his replacement worked with the National Taxpayer Advocate office. I expect I will be writing to the new Director concerning the need to grandfather long-time tax pros and to require CPAs and attorneys who want to prepare 1040s to take the test and take the annual CPE in taxation.
* A tweet led me to this definition from the URBAN DICTIONARY (the highlights are mine) -
Congress usually refers to the national legislative body of a country. However, congress is a term also used for a group of baboons. That there are obvious similarities between these groups should be pretty obvious to most.
Consider a group of Baboons, they are the loudest, most dangerous, most obnoxious, most viciously aggressive and least intelligent of all primates. And what is the proper collective noun for a group of baboons? Believe it or not ....... a Congress!
I guess that pretty much explains the things that come out of Washington!”
* Russ Fox of TAXABLE TALK keeps us informed on tax “bozos” like the CPA discussed in his post “I Don’t Need Proof: Since I Worked for the IRS and am a CPA, You Should Just Accept my Deductions.”
The bottom line to the story -
“If you have expenses, document, document, and document some more. You will be happy you have done so. And if you’re a tax professional and you don’t, well, have your checkbook handy.”
* Don’t forget to check out THE TAX FOUNDATION’s “Weekly Tax Update”.