Wednesday, October 25, 2017

TAXPRO BUZZ


 
I am waiting to receive more responses to my interview questionnaire – so no “Meet and Greet” today.
 
Instead, here is some Taxpro BUZZ of note -
 
+ The IRS and the SSA have recently released new COLA and inflation-adjusted numbers for 2018 under current tax law.  Click here to see my compilation of these new numbers.  Keep in mind possible tax reform legislation will change, and could even eliminate, some of the numbers in the compilation.
 
+ MY TAX COURSES ONLINE BLOG provides “a checklist of things you should take care of prior to tax season so that everything runs smoothly” in “Now is the time - Pre-Tax Season Checklist”.
 
While the post suggests participating in the AFSP under “Get your education and training”, I do not find this IRS program valuable.  But now is a great time to sign up for the NATP year-end update classes “The Essential 1040” and “Beyond the 1040”.  Click here for more information.
 
And also check with the appropriate state chapter of NATP or other tax preparer membership organizations for year-end state tax seminars and workshops.
 
The bottom line -
 
Tax season can be stressful but it's easy to mitigate this stress if you have a solid plan in place and follow this checklist. By preparing for tax season early, you can avoid technical and administrative snags and make January-April run as smoothly as possible.”
 
+ It appears that silence won’t be golden on 2017 tax returns.  Michael Cohn explains “IRS won’t accept returns next year without health coverage” at ACCOUNTING TODAY –
 
In an update Friday to the web page of its ACA Information Center for Tax Professionals, the IRS said will not accept the electronic tax return until the taxpayer indicates whether they had coverage, had an exemption or will make a shared responsibility payment. On top of that, the IRS said tax returns filed on paper that don’t address the health coverage requirements may be suspended pending the receipt of additional information and any refunds may be delayed.”
 
+ The TAX FOUNDATION has released its annual State Business Tax Climate Index, which “enables business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare”.
 
No surprise that my former home state of New Jersey is #50 in overall ranking – like Oliver Twist last on the list!  My relatively new home state of Pennsylvania ranks #26.
 
The 10 best states in this year’s Index are:
 
1. Wyoming
2. South Dakota
3. Alaska
4. Florida
5. Nevada
6. Montana
7. New Hampshire
8. Utah
9. Indiana
10. Oregon
 
The 10 lowest ranked, or worst, states in this year’s Index are:
 
41. Rhode Island
42. Louisiana
43. Maryland
44. Connecticut
45. Ohio
46. Minnesota
47. Vermont
48. California
49. New York
50. New Jersey
 
Where does your state rank?
 
+ My fellow tax blogger Russ Fox lists “The Five ‘Strangest’ Things Clients Told Us This Tax Season” at TAXABLE TALK.
 
During my 45 years in “the business” I have heard a lot of strange things from clients – about taxes and other topics.  And I expect you have, too.  I am sure you have all heard the same strange stuff told to Russ – and stuff even stranger. 
 
What are the strangest things you have heard from your clients over the y ears?
 
+ Whatever you may think of the IRS, its website if chock-a-block with helpful information.  I recently learned of this page – “Taxpayers Who are Victims of Domestic Abuse Should Know Their Rights”.
 
Guys (and dolls) – please tell your co-workers and colleagues about this blog.  Thanks!
 
TAFN

 
I have been preparing 1040s since 1972. Over the years I have developed a collection of forms, schedules and worksheets that have proven very helpful in my practice. 
 
Some of my forms are given to clients to help them provide me with the information I need to properly prepare their returns. Some are used as “memos” to the client’s copy and my office file copy to back-up items reported on the returns. Others are used as attachments to the returns.
 
I offer this compilation to you for only $7.95!
 
Click below for more information-
 

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