MEET AND GREET

A new regular feature of THE TAX PROFESSIONAL blog will be an interview with a prominent tax professional, always asking the same 10 questions (some of which I have “borrowed” from TaxGirl Kelly Phillips Erb’s “Getting to Know You” similar interview blog post series).

 

I am kicking off this feature with Gerard Cannito CPA, CFP of Denver NC, President of the Board of Directors of the National Association of Tax Professionals.

 

1. First question – why taxes?

 

I first fell in love with taxes when I was a teenager helping my father with his sales tax calculations when NJ first started the sales tax. He had a small luncheonette and I had to tally the daily guest tickets to do the calculations

 

2. How did you get started in “the business”?

 

My first job was as a junior accountant in a small local CPA firm near the college I was attending in 1975.

 

3. How did you learn how to prepare tax returns?

 

I had not taken my college tax courses at the time I got my first job with the CPA firm, so they sent me to the H&R tax school to learn taxes.

 

 4. What is your area of special interest?

 

Over the years, I would have to say that my area of special interest is in construction accounting and taxes.

 

 5.What's the best tax advice that anyone ever gave you?

 

When I was in my first year working I asked the senior partner at lunchtime if he wanted to go out to lunch and his reply was, “Lunch is for wimps!” Advice still practiced today, although I do sneak out, once in a while.

 

6. If you had the opportunity to rewrite the US Tax Code what deductions, credits, etc would you keep and what deductions, credits, etc would you do away with?

 

There are so many areas needing attention but if I must pick one I would say to eliminate the Inheritance & Gift Tax regulations. Taxpayers should not be penalized at death for the good job they did paying incomes taxes and preserving their wealth while alive.

 

7. Do you think the government, specifically the IRS, should license and regulate all tax preparers?

 

Yes, I believe there should be some sort of regulation. The manner and form is difficult considering the diverse population of tax preparers doing taxes today, CPAs, EAs, CFPS, uncredentialed, etc…

 

8. Other than THE WANDERING TAX PRO or THE TAX PROFESSIONAL, what's your favorite tax related blogs or web sites?

 

www.natptax.com is my first go to when I need information.

 

9. If you weren't working in the tax profession, what would your dream job be?

 

My dream job was and is that of a jet fighter pilot. Somehow life got in the way.

 

10. What is your favorite –

      tv show – THE HONEYMOONERS       

      movie – TOP GUN (I would have given Maverick a run for his money!)

      Broadway musical – MAME

 

So, we both started while in college in the 1970s, although I started as a college freshman in 1972.  I guess we both learned to prepare taxes the best way – preparing manual returns.

 

We differ a bit on the issue of licensing.  While I see the need for a voluntary tax credential other than EA, best case administered by an independent industry-based organization, but not formal licensure, GC supports some sort of actual regulation.

 

Good choice in MAME.  I saw the original on Broadway with Angela Lansbury and Bea Arthur as a youngster.  I do believe that Jerry Herman was from my home town of Jersey City NJ.

           

FYI, ACCOUNTING WEB published an interview with Gerald last year on the topic of “Top Challenges for Tax Professionals: Now and in the Future”.

 

Thanks to GC for being my first “meet and greet”.

 

Next up – President of the NJ chapter of NATP.

 

TAFN