WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION

* If I may be allowed to repeat a previous BUZZ item:  Hey tax pros - I am still waiting to hear from youse guys on the topics discussed in the October “issue” of THE TAX PROFESSIONAL! Please email me your thoughts at rdftaxpro@yahoo.com with THE TAX PROFESSIONAL in the “subject line”.  Please!

* As promised – from Peter J Reilly “UnFair: Exposing The IRS - Does Not Make Strong Case Or Decent Documentary” at FORBES.COM. 

While there are many aspects of the current Tax Code that are truly unfair, this film apparently did not address any of them.

Peter’s bottom line - “Craig Bergman’s argument does not make a lot of sense.”

Not surprising, as the film is basically a “reiteration of a political and cultural platform” – the platform of the infamous Tea Party.

As Peter says the film was “a rally the troops type of piece that would only work on those who were already convinced of the viewpoints expressed”.

Peter approached the film with an open mind and a true interest, but came away with nothing –

“I was genuinely interested in the topic and hoped that in the 90 minutes I spent watching the film and the panel discussion afterwards that this documentary would have disgorged some credible factual information or leave me with new insights.  Regretfully that did not happen.”

The film calls for the end of the income tax and the implementation of the “Fair Tax” – a national sales tax.  While I do not necessarily support this, I have not totally dismissed the concept of a national sales tax.  I talked about the potential benefits of such a tax way back at the very beginnings of TWTP – and repeated the discussion in the 2009 post “So What Do You Think – A National Sales Tax?” 

* Daniel Hood reminds us that “PTIN Renewal Season Open” at TAXPRO TODAY -

“The IRS announced that professional tax preparers can now register for or renew their PTINs on IRS.gov.”

And –

“First-time PTINs cost $64.25; renewals are $63.”

Why?  There used to be no charge for a PTIN.  The fee was originally initiated to pay for the now dead RTRP mandatory registration program.

See my ACCOUNTING TODAY 2013 editorial “Why Is There Still an Excessive PTIN Fee?"

 

I have already paid my annual $63.00 extortion fee to the IRS.  Now I just have to pay my $100.00 extortion fee to New York State.

 

FYI, only those individuals with a valid PTIN are permitted to prepare federal income tax returns for compensation.

* TAXPRO TODAY reports on the recent NATP Fee Survey in “Preparers’ Fees, Workload Increasing: Survey”.  

No surprise here - the survey indicates that CPA preparers charge, on average, 60% more than the overall average fee for a Form 1040  and, again on average, $100 more than the average individual "unenrolled" preparer charges.

* My former home town of Jersey City turns up at #10 on the list of the “15 Worst Cities for Retirees” at LIFEHEALTHPRO.  Newark NJ is #2.

Also on the list – Baltimore, Boston, Chicago, New York, and Philadelphia.

“The ranking is based on an extensive series of metrics — 25 total — across five categories: affordability, activities, quality of life, health care and jobs” applied to “the 150 largest American cities”.

This slide-show is taken from WALLETHUB’s “2014′s Best and Worst Places to Retire”.  Of the 15 best places to retire 6 are in Florida and 4 are in Texas (Tampa is the best city for retirees) – the last 2 states to which I would want to retire.    I would not want to retire to any of the cities in the top 15. 

The WALLETHUB study says Jersey City is tied with Yonkers for the Highest Adjusted Cost of Living of the 150 cities.  Why do you think I moved to PA?

TTFN