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There was apparently a problem with my “settings”. When I set up THE TAX PROFESSIONAL blog I
failed to indicate that comments would be accepted from anybody. As a result my TWTP follower Tom could not
submit a comment at TTP.
Tom,
instead, submitted the comment to my TWTP blog, and here it is –
Since your
comment part isn't working on the other site for some reason I'll post my
comment here - "Wonderful suggestions and I'm printing them out just to
remind myself of these basics of life and work".
Thanks,
Tom!
FYI
– I have fixed the problem and now all comments should be accepted. So if
you tried to submit a comment on an earlier post and were unable to do so
please try again – I welcome and encourage the comments of my fellow tax
professionals.
Remember,
this blog is meant to be a kind of forum for discussion of issues relating to
the business of preparing federal individual income tax returns.
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We all know what a great resource the IRS website can be.
Trish
McIntire reviews two methods of getting answers to tax questions at the IRS
website in “Interactive IRS” at OUR TAXING TIMES.
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Have you checked out my collection of “Tax Pro Forms, Schedules and Worksheets”
yet? You certainly can’t beat the price.
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Kay Bell, the yellow rose of taxes, publishes a “Tax Carnival” at least once a
month.
What
is a “Blog Carnival”? According to
blogcarnival.com -
“Blog Carnivals typically collect together
links pointing to blog articles on a particular topic. A Blog Carnival is like
a magazine. It has a title, a topic, editors, contributors, and an audience.
Editions of the carnival typically come out on a regular basis (e.g. every
Monday, or on the first of the month). Each edition is a special blog article
that consists of links to all the contributions that have been submitted, often
with the editors opinions or remarks.”
Kay
describes her carnival as –
“A continuing compendium of tax-related
postings, ranging from tax news to commentary on taxes (and the politics and
politicos who create them) to filing tips and tax-saving strategies.”
“Tax Carnival #92: Tax Standard Time” is Kay’s latest offering.
If
you write a tax blog you should consider submitting a post for inclusion in
Kay’s Tax Carnival.
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Russ Fox discusses Linzy v. Commissioner, T.C. Memo. 2011-264 to remind us that
“The Tax Court Expects a Tax Preparer to Know How to Substantiate Deductions”
at TAXABLE TALK.
His
bottom line –
“All tax professionals are held to a high
standard if you end up at Tax Court: We are supposed to know the rules of
substantiation. If we don’t, the Court isn’t going to be sympathetic at all.”
Along
the way he mentions –
“There are some good unenrolled preparers
(Robert Flach, for example), so being unenrolled isn’t necessarily a bad thing.”
Thanks,
Russ!
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ACCOUNTING TODAY talks about the IRS’s online EITC Due Diligence training
module, and explains the increased penalties for failing to exercise due
diligence, in “IRS Offers Practitioner Training to Avoid EITC Penalty”.
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The post “The New York State Task Force on Regulation of Tax Return Preparers”
at my NJ TAX PRACTICE BLOG discusses proposed requirements for tax pros who
want to prepare NYS income tax returns.
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For those of you who are interested – 2011 W-2 and 1099-MISC forms (dot matrix
compatible and software compatible) are now available at Staples – earlier than
usual. FYI – I spend Christmas Eve and
New Year’s Eve each year typing my clients’ (and my own) W-2s and 1099s.
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No surprise here – TAX GIRL Kelly Phillips Erb tells us “New W-2 Reporting Requirements for Health Care Confusing Taxpayers (Already)”, which provides a
reminder for all of us who will soon be preparing W-2s.
“It is true that for the calendar and tax
year 2011 employers must report employer-provided health care benefits for
employees. The amount of benefits paid on your behalf will appear on your W-2
in 2012 as a report. It will not affect your taxable income for the calendar
and tax year 2011.”
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One of the many benefits of membership in NATP is its weekly email newsletter
TAXPRO WEEKLY.
This
week’s edition announced a new member benefit –
“New – NATP White Papers
Each day members
call us with their toughest tax questions and we get them the answers they
need. We often see a pattern of specific topics that tax pros would like to
have a little more in-depth information on. For this reason, we have created
white papers – a FREE member benefit. Our library has just begun and we are
starting it off with these two documents:
•IRA and
Qualified Plan Distributions to Trusts
•Small Employer
Health Insurance Tax Credit
To access these
white papers, go to the Media Center at Member to Member.”
If
you are not already a member of NATP send me an email at rdftaxpro@yahoo.com (with
NATP Membership in the subject line) and I will send you membership
information.
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A “tweet” (I am @rdftaxpro) led me to IRS Headliner Volume 315, which announced
that “IRS Live Presents Updates from the Office of Professional Responsibilityand the Return Preparer Office”.
“The Internal Revenue Service presents an IRS
Live webinar, Dec. 14 at 2 p.m. E.T. featuring updates from the IRS Office of
Professional Responsibility and IRS Return Preparer Office.”
RDF
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