13 Kasım 2012 Salı

THE WANDERING TAX PRO'S TOP TEN LIST

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Ihave always said that bloggers love lists.
AndI have also always said that David Letterman, and the overdone “bits” on hislate night talk show, is/are not funny. The only regular feature on his show that consistently provides any degreeof humor is the Top Ten List.
Solet me provide a list of the top ten facts, not necessarily in any order, thatTHE WANDERING TAX PRO blog continually tries to get across to readers,especially for new visitors.
(1)  The current members of Congress areidiots.  Like any nonproductive employeesthey should be “fired” and replaced.
(2)  The purpose of the federal incometax is to raise money to run the government, and nothing else.  The US Tax Code should not be used todistribute social welfare or other government benefits or to redistributeincome.
(3)  The current Tax Code is a “muckingfess”.  It needs to be rewritten fromscratch to be simpler and fairer.
(4)  Refundable tax credits are bad.  They are magnets for tax fraud.
(5)  Despite popular public, andjournalist, misconceptions, a CPA is not automatically a 1040 expert merely byvirtue of possessing the initials.  Justbecause someone has the initials CPA after his/her name does not mean thathe/she knows his/her arse from a hole in the ground when it comes to 1040preparation.
(6)  The tax preparation services offast-food tax preparation chains like that of Henry and Richard “ain’t cheap”, oreven reasonable, especially when compared to the quality of the serviceprovided.  It is like paying gourmetrestaurant prices for a Big Mac.
(7)  Refund Anticipation Loans (RALs) arebad.  Tax return preparers, andpreparation services, should not be allowed offer them.
(8)  No tax preparation software is a substitutefor knowledge of the Tax Code. And no tax preparation software is a substitutefor the services of a trained tax professional.
(9)  CPAs, attorneys, and supervisedemployees who want to prepare federal individual income tax returns forcompensation should not be exempt from the RTRP initial competency test or theannual CPE in taxation requirement.
(10)     The Internal Revenue Service mustpermit a grandfathering exemption from the RTRP competency test for veteran taxpreparers.
TTFN

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