Guess what arrived in the mail this past
Saturday. A delinquent client’s 2011 tax
“stuff”! So it looks like the first Form
1040 I prepare in calendar year 2015 will be a 2011 Form 1040. I hope the 2012 and 2013 “stuff” will follow
shortly.
* Tax pros, PLEASE check out the December “issue”
of THE TAX PROFESSIONAL and let me know your comments on my “Soapbox”
editorial.
* The AICPA is not giving up in its
attempts to crush competition for 1040 preparation clients and to “put down”
any program, voluntary or otherwise, that provides a tax preparer credential or
indicates any form of competence or currency in 1040 preparation for “unenrolled”
preparers.
Blake Treu reports at the FULLER TAX BLOG
that “AICPA Appeals Lawsuit Against Tax Preparer AFSP Program to DC Appellate Court”
“. . . the AICPA
has filed the necessary documents to appeal the adverse ruling they received on
their challenge of the Annual Filing Season Program newly initiated by the
Internal Revenue Service.”
Blake goes on -
“After
the result was handed down by Judge Boasberg in the D.C. District Court in
October, the AICPA responded claiming they were “shocked and disappointed” at
the result, not understanding why their suit would not be evaluated on the
merits of its claim. Although it seemed to me that the reasons were made
perfectly clear in logically sound ways, the AICPA has decided to have another
go at the issue in the Court of Appeals.”
Judge Boasberg correctly identified the
AICPA’s true purpose in filing the original lawsuit, stating in his ruling that
the CPA group did not have standing to sue because its members are CPAs and
accounting firms and not the unenrolled tax return preparers who are the target
of the IRS program –
“. . . the crux of
[the AICPA’s] concern is apparent: its
membership feels threatened by the specter of increased competition from
previously uncredentialed tax return preparers who choose to complete the
program.”
* Tax pros – are you preparing for the
upcoming tax filing season? Here is
something that you should have – my compilation of TAXPRO FORMS, SCHEDULES, WORKSHEETS, CLIENT MEMOS AND HANDOUTS.
* I provide "A 2014 Year-End Tip for Mutual Fund Investors to Lower Tax Liability" at MAINSTREET.COM!
* There is a new weekly post up at BOB’S BABBLINGS – I discuss the nearby Forestburgh Playhouse’s 2015 summer
season. And, of course, I always leave
you laughing.
* Roger Wohlner, THE CHICAGO FINANCIAL
PLANNER, lists “7 Reasons to Avoid 401(k) Loans”.
I want to especially emphasize the first
and last reasons –
· “Leaving your job triggers repayment” and
the amount not repaid is treated as a premature distribution
· “You will have less at retirement.”
* William Perez goes into detail on “Year-End Tax Planning Tips for Freelancers and Self-Employed Persons” at ABOUT.COM.
* "This Just In! Final Regulations On Reporting of Foreign Specified Assets On Form 8938!” So Manasa Nadig reports at THE BUZZ ABOUT
TAXES.
* Mikey Rox lists “7 Ways to Pick the Bank That's Right for You” at WISEBREAD.
I realize this is not a tax-related
post. But the title interested me. In the past I have advised clients and
readers to use for their personal banking the smallest local bank in town – a
one branch bank if you can find it. Your
account will carry more weight and you will probably get better and more
personalized service.
Do you agree with me?
* Alltop.com led me to a September post that
I had missed from the PHILADELPHIA ESTATE AND TAX ATTORNEY BLOG titled “College Tuition: Discover How Grandparents Can Help Their Grandchildren and Save Taxes Too”.
* From MAINSTREET.COM - “You Can't Deduct Your Wedding and Other Things You Shouldn't Be Expensing” by Nicholas Pell.
THE FINAL WORD –
A newspaper cartoon from last week explained
the difference between a lawyer and a reptile.
A reptile does not bill by the hour.
TTFN
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