Since this is the anniversary of the first paperback books, I suppose this is an appropriate time for the shipment that just arrived. We’ve been waiting and waiting to get a certain shipment of paperback books (BIIIG, HEAVY PAPERBACK BOOKS) for our EA Exam students. The publisher finally gotten them from the printer and shipped them to us. Wow! You should see this place – cartons and boxes everywhere. I can hardly wait for Monday so we can ship them all out and I can see the couch again!
And the great thing is, by the time they arrived, we were already sold out and had to place more orders. This year, more tax professionals than ever are aiming to pass the IRS exam. It may be in anticipation of the new laws that are expected to be written, establishing national licensing requirements for tax professionals. Do you know that in at least 47 states there is absolutely no oversight of tax preparers? Do you really understand the consequences? Those of you facing audits because IRS is scrutinizing every single tax return your preparer prepared understand the problem.
Although, odds are the 90% of tax offices in those states are totally legitmate, competent and have well-trained staff, there is a significant population of tax offices that are run by people who know nothing about tax law, except how to make up numbers for their clients’ tax returns to get them the maximum refund possible. Legally or illegally, they don’t seem to care. Many of them just open up a storefront in an area, advertise heavily and get thousands of clients for that tax season, then disappear. That’s got to be stopped. And IRS working on it!
In fact, the lead story in IRS News this week is about a tax professional IRS just nabbed for preparing a fraudulent tax return to snag the first-time homebuyers credit. We follow up with the update on the California budget.
Hmmm…meanwhile, we have nothing new on the Health Care Reform Bill. It’s still working it’s way through the political system. My friend Don thinks the problem is too big to push through all at one time. How about small bites – like tort reform – set sensible limits on judgments to reduce health insurance premiums and malpractice premiums? And how about permitting small businesses to group together in some fashion to get group rates on employee premiums. Another way to bring small business costs down. These are just some baby steps that would work – painlessly.
In today’s Money Funny – you will learn how the economy works.
TaxQuips this week was very lively. People were really having fun commenting on the questions and situations. This week we learned about designating shares of stock sold; taking personal responsibility for the consequences of our own actions; deducting placing your dog in a kennel while away on business; and more about tax bankruptcies.
Oh yes, did you register for the CSEA workshop next week?
Aug 5, 09 – 11:00 am – CSEA – Audio Tax – Hobby Loss
As always, we love your feedback, opinions and ideas.
You are what makes all this fun – and interesting!
Please use the Comments link online.
Hugs from your favorite TaxNerd,
Eva Rosenberg, EA
Your TaxMama is watching…out for you.
TAX CALENDAR 2009
07.31.2009 2nd Quarterly Payroll Returns and Pay Taxes Due
07.31.2009 2nd Quarterly Sales Tax Returns and Pay Taxes Due
08.17.2009 Employers Make monthly Payroll tax deposit
09.15.2009 Employers Make monthly Payroll tax deposit
09.15.2009 Corporate & Partnership Returns Due- FINAL DEADLINE
09.15.2009 3rd 2009 Estimated Payment – all entities Due
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