The week in review

Posted by on Sep 19, 2010 in Week in review | 0 comments

I wanted to let you know first that on September 13th Intuit announced the release date for its newest version, QuickBooks 2011, which includes several new features that will help small business owners find data when they need it, perform everyday tasks and access business information remotely.

According to Intuit, the software goes on sale September 27. – to my clients. Update when you will but please note that I won’t get there until Jan 2011.

Some quick tax cut calculations – Taxes are all about the numbers.

Next I want to mention that there are several bloggers giving out a weekly list of Tax and personal finance bloggers.

Blogroll Beans

WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION

WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – usually posted every Saturday over at THE WANDERING TAX PRO

“. . . who says all CPAs, attorneys and EAs have a tax background and the appropriate competency?” I hear the comment and feel the same. In fact, all I know and most who I read from all feel the same. So from all our point of view to what is actually happening how is that so many are going to be just presumed to know what they need to know? Becoming a Registered Tax Return Preparer.

Home Business: Are You Providing a Product or a Service? – When you start a home business, it is important to understand the distinction between a product and a service. This is because this distinction could affect how you are paid. Consider:

  • Most people pay for a product before they receive it.
  • Most people pay for a service after they receive it.

Regulating Paid Tax Return Preparers

If that’s not regulation, I’d hate to see what regulation looks like I’d consider the source, but true enough he was regulated. Joe,  agreeably, somebody willing to commit blatant fraud isn’t going to have a change of heart because they have a registration number and have to pass some lame “proficiency” test.

What $1 buys

Five Myths about the Bush Tax Cuts –  popular myths coming from both sides in the tax cut debate.

More on the Bush Tax Cuts

Compare Traditional and Roth 401k – As it’s name implies, a Roth 401(k) is a 401k plan with features similar to a Roth IRA.  It has a variety of benefits over the Traditional 401k, depending on your specific financial situation.

10 Ways to Boost Your Retirement Savings Starting Now – With longer predicted life expectancies, a roller coaster stock market, and more pending job losses, it’s more important than ever to find ways to boost your retirement savings now.

Dumb Money: Early 401k Withdrawals – The economy is still struggling to get going. While jobless claims recently fell more than expected there were still 451,000 initial applications for unemployment.

Making Progress with Mileage-Based Road Fees

Obama names Warren to set up consumer protection agency – Calling Warren “one of the country’s fiercest advocates for the middle class,” Obama said she would ensure the Consumer Financial Protection Bureau ends abusive practices.

A rant…

New to the taxguy post Joe Taxpayer with this  A Retirement Shortfall.

Trustworthy Tax Professionals are a Must When Seeking Tax Help

The left hand of the government apparently does not know what the right hand has been doing not really sure there was any question of that but I like to see the proof – thanks Mary.

The IRS Announces: No More Paper Coupons It’s Time to Learn How To Use EFTPS – It’s time for those taxpayers who are fighting the electronic age to step it up.  The IRS today issued proposed Regs to discontinue the use of paper coupons as early as next year.  If you try to send in a paper coupon after December 31, 2010, there wont be anyone at the Treasury Department to process it.

Blogging and Tax Obligations

Maybe You Shouldn’t Be In Business is an interesting read. If you’re thinking about starting a business, read this then give your situation some real thought before proceeding.  

5 Insider Tips for Starting a Small Business

Tax Hike on Pass-Through Businesses Twice that on “companies that ship jobs overseas”

This ended a week of post from USATaxAid’s Blogs series concerning steps you need to take with your business to protect your assets. Read all the post:

Lack of Paperwork Nails Taxpayer in IRS Audit

3 Steps to Asset Protection that Really Works

Does a Single Member LLC Protect Your Assets?

Why LLCs are Better than Corporations for Asset Protection
The Consequences of Tax Education Deficiency

No Advance Fees-Sort Of – The FTC has recently amended the Telemarketing Sales Rule to cover abusive practices by debt collectors. While aimed at those who are targeting consumers who want relief from credit card debt, tax debts to governments are also covered.
What If They Gave a Tax Party and No One . . . .

In an off tax note I found DangerousCrayon, the post I was drawn to homemade vanilla extract. I came across this in Homemade Gift Series #1: Vanilla Extract from Trent over at the simple dollar. Very cool

I was asked recently why I don’t mention more of the “more popular” tax blogs that are on the web. Aside from popularity being over rated, I don’t care much for those who are overly flashy or what have you.

Let’s face it, please, there are those who blog about taxes and finance because they enjoy the topic themselves (thank you to those people) and just want to get the information out to the average taxpayer/reader.

Don’t get me wrong, there is nothing against making money with your blog be it a tax blog or a PF or other sort of blog, but if your motivation behind your blog is only financial, please pick something other than taxes to write about. The general taxpayer deserves someone who is generally interested in helping them (taxpayers) not bleed them out. If a blog is in my week ending post then it falls under my thoughts of those who are interested in informing you about taxes/personal finance first, that is the purpose of their blog, at least from where I sit.

Also I was hoping I could get some more suggestions for PF blogs. If you know of a good one please send me a note.

Thanks

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“. . . and here, we, go. . .”

Posted by on Mar 25, 2010 in Preparer regulations | 0 comments

The first of many new costs to paid preparers is coming. When I return to the blogging world on a regular basis, I will be covering this more, a great deal more. For now, know that it begins. . . 

My peers and friends in the “field” say there won’t be that much extra cost, I say there will be enough cost to the preparer that this will undoubtedly raise preparer charges thus raising the cost to taxpayers who use paid preparers, we shall see.

Honestly, I hope I am wrong.

Please see highlighted section of the below IRS news wire.

IRS Provides Guidance on Identifying Numbers for Tax Return Preparers 

WASHINGTON — The Internal Revenue Service today issued proposed regulations allowing the IRS to require that tax return preparers use Preparer Tax Identification Numbers (PTINs) as the preparer’s identifying number on all tax returns and tax refund claims that they prepare. These regulations when final will implement some of the recommendations in Publication 4832, Return Preparer Review.

“These regulations allow the IRS to better identify and match tax return preparers with the tax forms and claims they prepare.  This proposed PTIN system will help us ensure taxpayers receive competent, ethical service from qualified professionals and strengthen the integrity of our tax system,” said IRS Commissioner Doug Shulman.

 
Under the proposed regulations, the IRS will issue forms, instructions, or other guidance that will require paid tax return preparers to begin using PTINs for all tax returns and refund claims filed after Dec. 31, 2010.  Currently, tax return preparers must use either a PTIN or their social security number on tax returns or refund claims that they prepare.

The proposed regulations also provide that tax return preparers must apply for a PTIN, regularly renew the PTIN, and pay associated user fees, which will be described in upcoming guidance.  As part of the process, some tax return preparers would also be subject to a tax compliance check, which could include a review of the preparer’s history of compliance with personal and business tax filing and payment obligations. 

Tax professionals and other interested parties have until April 26, 2010 to submit comments regarding the attached proposed regulations.

The IRS plans to launch a new system later this year through which all tax return preparers will be required to register, including those who already have a PTIN.  Tax return preparers who already have a PTIN will have the number revalidated and reassigned to them through the new system, while tax return preparers who do not have a PTIN will be issued one through the new system.

It is estimated that there are as many as 1.2 million paid tax return preparers. 

 

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