Well a federal judge in the Washington DC District Court has held that the IRS can’t regulate tax preparers after all. I am sure this will be appealed. See the article in Accounting Today by Michael Cohn that gives the details:http://www.accountingtoday.com/news/IRS-Loses-Lawsuit-Challenging-Authority-Regulate-Tax-Preparers-65408-1.html?ET=webcpa:e6597:204199a:&st=emailSo once again there is no regulation of tax preparers. I have seen some truly incompetent people who didn’t even know the tax laws prepare returns for people incorrectly and get paid for it. If CPAs and EAs have to be regulated, if attorneys and doctors have to be regulated, then tax return preparers should be too! This just lets these guys get away with murder again without consequences since there is no punishment. We don’t even know if the people who prepare taxes in the article that filed the lawsuit know what they are doing, and now they don’t have to take continuing education either? They were small preparers who said they couldn’t afford the continuing education costs to keep their RTRP (Registered Tax Return Preparer) in force. If you can’t afford it, then maybe you shouldn’t be preparing taxes! This is a definite victory for the small preparers who don’t sign the returns and have the taxpayer file [...]
CPA Tax Musings: Taxpayers Reported Billions in Potentially Erroneous Noncash Charitable Contributions
Hey, it is a report of erroneous Noncash Charity deductions – this has been happening since the beginning of time. First autos, now other assets. See the article by Michael Cohn for more details:http://www.accountingtoday.com/news/Taxpayers-Reported-Erroneous-Noncash-Charitable-Contributions-65353-1.html?ET=webcpa:e6585:204199a:&st=emailRemember you have to show proof of the contribution by a receipt from the charity then a calculation of fair market value of each item donated (pictures of large donations is a good idea too). You need an appraisal attached to the return and the bottom of form 8283 signed by the charity and the appraiser if the donation is over $5000. Call or email me if you have more questions.Remember, 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
CPA Tax Musings: IRS Offers Simpler Option for Calculating Home Office Tax Deduction
This tax musing discusses a little about the new simplified office in the home calculation the IRS will allow in the 2013 tax year “that will save taxpayers 1.6 million hours calculating the home office deduction.” See this article in Accounting Today by Michael Cohn discussing it:http://www.accountingtoday.com/news/IRS-Offers-Simpler-Option-Calculating-Home-Office-Tax-Deduction-65362-1.html?ET=webcpa:e6578:204199a:&st=emailJust remember, anytime the IRS offers a simplied version of something to save time, chances are to save the time you are going to lose some deductions. The maximum deductable is 5 cents a square foot up to 300 square feet or $1500. If you pay $1500 a month rent and haveonly 10% of your square footage used for an office in the home, you get an $1800 deduction, not including utilities, insurance, etc., so this will probably cost you something. Call or email me and we can talk about it.Remember, 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