Saturday, January 22, 2011


A few new, at least to me, tax bloggers in today’s BUZZ installment.

* Over at MAINSTREET.COM I suggest that you “Contribute Now to Tax-Deferred Accounts”.

* Howard Gleckman asks the question “Will Obama Call for Tax Reform in the State of the Union?” at TAXVOX.

Tax reformers are pushing President Obama to use his upcoming Jan. 25 State of the Union address to press for a rewrite of the revenue code. They admit, though, they are uncertain whether he’ll do so, or whether he’ll follow up the rhetoric with a major White House initiative.”

* Kay Bell reports that the House has voted to repeal BO’s convoluted health care “reform” bill in “Health Care Reform is Dead. Long Live Health Care Reform”. But, as Kay tells us, the Senate probably will not, and BO will veto the bill if it does.

* I have always said that bloggers love lists. Case in point – Kelly Phillips Erb lists “Nine Tax Deductions You Shouldn't Even Think About Claiming” at WALLET POP.

*ACCOUNTING WEB brings us an interesting tail, err I mean tale, in “From K-9s to 1099s: Pet-Friendly Firm Boosts Morale”.

When I had a couch in my home office my cat Nosey (who passed last year at 19) would sleep there all day and often greet clients who dropped off their “stuff”. After the couch was removed she would occasionally walk into the office while a client was there, meow something to us, and walk back to the living room.

* Trish McIntire recommends that taxpayers “Get Past the Spin” at OUR TAXING TIMES. Basically – ignore the multitude of ads for tax preparation that are beginning to inundate the airwaves, and get the real skinny at Trish’s post.

* The Tax Foundation’s TAX POLICY BLOG tells us “House Ways and Means Committee Holds First Hearing on Fundamental Tax Reform”.

Sander Levin, the ranking Democrat on the Committee, called for a bipartisan, bicameral effort with support from the President. He asked for the reform plan to follow a few basic principles: create jobs, promote economic growth, be fiscally responsible, and benefit working American families.”

The bottom line (highlight is mine) -

The witnesses and the members of the Committee, both Democrats and Republicans, outwardly expressed support for tax reform. But it remains to be seen if Congress can produce one.”

* We all know the MISSOURI TAX GUY. But did you know there was also a TENNESSEE TAX GUY? Actually I found out about the TTG via a “tweet” by Bruce, the MTG. He is “a Nashville tax and estate planning attorney who worked as an accountant prior to attending law school”. He joined the Tax Blogosphere on December 31, 2010.

In reviewing some of his recent posts I discovered in response to my annual “Don’t Assume” advice. The TTG adds his 2 cents to the discussion in “Tax Blogs Getting Heated”.

If I may make one thing clear – my post does not say there are not good, competent, current, experienced and knowledgeable CPA tax preparers out there. There certainly are, such as fellow tax bloggers Joe Kristan and Monica Lawver. What I am saying is that just because a person has the initials CPA after his/her name does not mean that he/she is automatically a tax expert. When looking for a tax preparer do not limit your search to CPAs only - look for a qualified tax professional, who may just happen to be a CPA.

I do, however, believe that you should avoid the fast food tax preparation chains.

Back on topic – I suppose I am the New Jersey Tax Guy (and Joe Kristan is the Iowa Tax Guy). Are there any more state-themed tax guys (or gals) blogging?

* Paul Neiffer explains that “You Can Pick & Choose on Bonus Depreciation!” at FARM CPA TODAY. A tip o’ the hat to Joe Kristan for leading me to the post.

* Thomas Scanlon lists “Seven Things Every Taxpayer Should Know” at the Borgida and Company blog.

I especially want to bring your attention to item #7 –

7. Know to Get Professional Advice Before Entering into any Significant Transactions-
Always get professional advice from your . . . tax preparer before entering into any significant transactions. We know one unfortunate taxpayer that closed on a home one day before the new home buyer’s credit took effect. This cost them $8,000 by closing a day early!


1 comment:

Monica said...

Thanks for the compliment!!! I certainly agree "the initials do not make the man", so to speak.