In light of the final ruling in the “Loving” case, which doesn’t give the IRS authority to regulate paid income tax preparers (except for preparers governed by circular 230, like Enrolled Agents, CPAs and others), the IRS has reinstated some paid preparers it had suspended or disbarred before the case results: http://www.accountingtoday.com/news/irs_watch/irs-reinstates-suspended-disbarred-tax-practitioners-loving-decision-70752-1.html?utm_campaign=tax%20practice-may%2029%202014&utm_medium=email&utm_source=newsletter&ET=webcpa%3Ae2695025%3A2498807a%3A&st=email Since tax preparation doesn’t constitute representation under the court rulings, paid tax preparers cannot be suspended or disbarred from IRS practice, so those preparers so suspended or disbarred need to see if they have been reinstated. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Financial Musings of a Burbank CPA: 11 money-saving habits that can cost you
This article by Natasha Burton in Daily Worth and picked up by MarketWatch from the Wall Street Journal talks about some money saving things that might actually cost you cash: http://www.marketwatch.com/story/11-money-saving-habits-that-can-cost-you-2014-05-29 Some of these problem items may still be worth doing, but the most important item here is to look at what you are getting and what the savings are costing you. After doing your due dilligence and seeing your net savings, then you have a better idea of whether it is worth it to use various savings ideas. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
CPA Tax Musings: Discrepancy Seen in Nearly Half of Alimony Deductions Reported to IRS
This posting by Michael Cohn in AccountingToday talks about another problem in the IRS world – compliance testing on deductions for alimony (spousal support) vs. the corresponding income claimed on other tax returns: http://www.accountingtoday.com/news/irs_watch/discrepancy-seen-in-nearly-half-of-alimony-deductions-reported-to-irs-70660-1.html?utm_campaign=daily-may%2016%202014&utm_medium=email&utm_source=newsletter&ET=webcpa%3Ae2659209%3A2498807a%3A&st=email First of all, is this problem in the deductions taken or the income reported? (I have no data, but I would guesss that later more than the former.) Why hasn’t the IRS put safeguards in place to match up items quickly as soon as both returns are filed? This is another problem that the IRS really needs to address. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa