Archive for July 23rd, 2009

IRS Wants Your Input For Tax Professionals

Thursday, July 23rd, 2009

The Internal Revenue Service has started opening up talks to the public and to tax professionals specifically in  a series of public forums at which individuals and representatives of all the different constituent groups will be able to provide their own input on the development of tax preparer performance standards.  This is your chance to be part of something that will affect tax preparation procedures for the future so here is your chance to get things straight – or at least on record that you want it straightened out.

The public forums were planned and the implementation process was started back  in June by IRS Commissioner Doug Shulman to help ensure tax preparers are qualified, ethical and provide a high level of service.

The kick off for the program should be on July 30 in Washington, D.C. so you can look for more information there as well.

To quote Mr. Shulman:

“These public meetings will be an important part of the dialogue as we move toward a set of comprehensive recommendations by the end of this year,” Shulman said. “We want an open discussion on how to strengthen the overall integrity of our tax system.”

Two panels are scheduled for a forum on July 30. The first panel will give consumer groups an opportunity to provide recommendations. These groups include the AARP, Consumer Federation of America, Center on Budget and Policy Priorities, National Community Tax Coalition and Low Income Tax Clinics.  The chances are that if you are a member of one of these groups that you might want to get your organization representative notification of the questions that you want to ask and what kind of standards that you are looking for in a tax pro.

The second panel will be made up of tax professional groups, including the American Institute of Certified Public Accountants, the National Association of Enrolled Agents, the National Association of Tax Professionals and the National Society of Accountants.  I can’t help but think that this group might make things limiting and make it an accountants only club but I suspect that since the IRS needs a lot of trained, ethical and talented tax professionals to replace the average bunch of tax guys out there there will be some great suggestions from this group as well.

The two panels will take place at the Ronald Reagan Building amphitheater in Washington starting at 9 a.m. on July 30. People interested in attending should confirm attendance by sending an e-mail message to: CL.NPL.Communications@irs.gov.

The IRS also plans to convene meetings with other constituent groups later this summer and fall. Input will be sought from:

Federal and state organizations
IRS advisory groups, including the Internal Revenue Service Advisory Council (IRSAC), the Information Reporting Program Advisory Committee (IRPAC), the Electronic Tax Administration Advisory Committee (ETAAC), the Taxpayer Advocacy Panel (TAP) and the Advisory Committee on Tax Exempt and Government Entities (ACT)
Unaffiliated and individual tax preparers and groups
Private firms that support tax preparers
The dates and locations of these meetings will be announced as they become available. Small groups of tax preparers will also have the opportunity this summer to meet with IRS representatives to present their ideas at the IRS Nationwide Tax Forums.

The Nationwide Tax Forums this year include: Orlando, Aug. 4-6; New York, Aug. 25-27; Dallas, Sept. 8-10; and Atlanta, Sept. 22-24.

If there is anything else you are interested about the program, drop them an email.

So this is your chance to actually get some input into the tax system at a basic level, people.  Do yourself a favor and if you have the time please go out and be vocal about what you are looking for in a tax pro. 

Hope you are also current with your taxes and don’t forget that the next quarterly taxes are going to be coming due in a few months.  It also isn’t too late to adjust your taxes that are being withheld from work to correct for any changes that you may have in either having hours cut or hopefully making more money-in either case, you do want to review that you are having enough money taken out for taxes and in some cases, make sure that you aren’t having way too much dinged from your paycheck.

Have a great day, gang.

July 23 2009

Also, please  don’t quite go anywhere yet.  Having some tax issues or tax questions?  Any problems with trying to make it through the financial Depression we are in that is making you depressed?  Please read on.

I am expanding  my practice and taking on new tax clients.  If you are interested in having somebody who is a successful businessman and tax professional with integrity review your returns discretely and see if your tax guy or gal is doing a good or goofy job, please drop me an email or post a comment with your contact information and time.

I have experience in international business, small businesses, partnerships, multi-state tax returns (they can get complicated) and anything else you can probably think of.

I also do business consulting and have ran several businesses (still running a few) myself so you are in good hands.

If you are looking for a day job, part time work, suggestions for saving money or investing, please check out my book, Practical Money Making, that is listed right after his paragraph in this very post. There are some great suggestions and ways to survive the Depression we are in.

Practical Money Making-Surviving Recession, Layoffs, Credit Problems, Generating Passive Income Streams, Working Full Time or Part Time and Retirement

Interested in any of my books? You may want to make a stop over here. Please click through to purchase my books and some other interesting items that actually ARE on sale.

Have you read my book, “Bad Tax Idea, Good Tax Idea“? Please order it today. The tips inside can save you hundreds if not thousands of dollars! Tax planning should be done year round and not just two weeks into January or later.

Part of all the proceeds from the sales of that book go to Rett Syndrome research. One girl is born with Rett Syndrome worldwide every fifteen minutes. My daughter Arianna has Rett.

Kim Isaac Greenblatt

IRS Wants Your Input For Tax Professionals

Keep Your Mouth Shut After A Court Settlement

Thursday, July 23rd, 2009

Question from a reader:”I won a lawsuit and I have to tell you about it.  What do you think about” – and then I deleted the e-mail.

My answer is stop right there.  Seriously.  WIthout knowing the details of the settlement, you may be in violation of the agreement and that is why I deleted the e-mail without reading any more or giving it any second thoughts.

This may be common knowledge for a lot of people but it bears repeating.  If you get a court settlement and the terms are that it is confidential, please respect it.  There is too much at risk to blab over it.

As a mediator and arbitrator for the Los Angeles and Santa Monica bar, I know first hand that silence is more than golden when it comes to legal agreements.  It is the law.  It is required.  That is why I couldn’t believe that I was in an elevator the some time ago with two strange men and one of them was telling the other the details of some court settlement he was in.  What if I was a from the courthouse and familiar with his case?  What if I were a junior (well, okay senior) partner of the law firm that was against him and overheard him?  I could march my overhearing butt back to court and get the judgment thrown out.

Folks, please respect the sanctity of the settlement.   It doesn’t matter if the settlement came from a trial, arbitration or a mediation.   If you think of the aggravation you have gone through to get it, the pain, the madness,  the anger, possibly the seemingly endless depositions, the soul-wrenching testimony in front of total strangers, it isn’t worth it just for bragging rights.

This is especially important when it comes to dealing with special needs clients that you are responsible for.  The person you are caring for may not understand what has happened and it would be horrible to get services removed, funds cancelled or worse because you had an attack of ego.

I am sure it won’t happen if you remember this post.  I suppose I shouldn’t be so shocked at human nature.  I think one of the first things that people like to do when they hear good ideas is tell it to the world.  In this specific situation, it is better to keep it from the world!  To do anything else just doesn’t make sense and isn’t profitable!

If you consider the amount of time, the issues and problems with dealing with making it to trial or even mediation, the costs of the attorney, the fees for any expert witnesses, it just goes on and on.  Why people would want to screw up something that they invested heavily into is beyond me.

Another question from a reader:”What do I do about financial planning?  It is boring.”

My answer is it sure is.  The problem with financial planning is that it is boring.  Everybody wants to hear the latest and greatest get rich schemes, how to start up a social engineering site that will make them millions in 8 months or blink your eyes and grow rich.  People who end up making money generally plan for it.

There is always an element of luck and risk and for those who are lucky in their risks their rewards can be astronomical.  The other side of the coin is that their risk can be financially devastating as the recent home loan meltdown has proven.  Banks and people are being punished for being greedy.

What about the rest of us?

If you have been saving money, paying off your mortgage, keeping your credit card bills down to zero or paying them off monthly, congratulations.  You are on the way to for financial success.  People who have money will be in a better position to scoop up realty in the current environment and make profitable investments.

There will always be some sort of opportunity to make money and as the cliche goes, opportunities are like Las Vegas casinos.  If you see one that is attractive and miss it, don’t fret, there will be another bright enticing one down the block.

Like the casinos, you need to have cash and the easiest way to have it ready is to have been saving for it.  If you are working your way out of debt, congratulations as well.  You will make it.  It may take some time but planning now for getting out of debt will be a lot easier with your eyes open than closing your eyes and hoping it will go away.  People are talking about a lot of jobs that are going away but there are also a lot of opportunities to make money in the financial Depression we are in.

It takes some work and effort but some people are doing it, so why not you?

July 23 2009

Also, please  don’t quite go anywhere yet.  Having some tax issues or tax questions?  Any problems with trying to make it through the financial Depression we are in that is making you depressed?  Please read on.

I am expanding  my practice and taking on new tax clients.  If you are interested in having somebody who is a successful businessman and tax professional with integrity review your returns discretely and see if your tax guy or gal is doing a good or goofy job, please drop me an email or post a comment with your contact information and time.

I have experience in international business, small businesses, partnerships, multi-state tax returns (they can get complicated) and anything else you can probably think of.

I also do business consulting and have ran several businesses (still running a few) myself so you are in good hands.

If you are looking for a day job, part time work, suggestions for saving money or investing, please check out my book, Practical Money Making, that is listed right after his paragraph in this very post. There are some great suggestions and ways to survive the Depression we are in.

Practical Money Making-Surviving Recession, Layoffs, Credit Problems, Generating Passive Income Streams, Working Full Time or Part Time and Retirement

Interested in any of my books? You may want to make a stop over here. Please click through to purchase my books and some other interesting items that actually ARE on sale.

Have you read my book, “Bad Tax Idea, Good Tax Idea“? Please order it today. The tips inside can save you hundreds if not thousands of dollars! Tax planning should be done year round and not just two weeks into January or later.

Part of all the proceeds from the sales of that book go to Rett Syndrome research. One girl is born with Rett Syndrome worldwide every fifteen minutes. My daughter Arianna has Rett.

Kim Isaac Greenblatt

Keep Your Mouth Shut After A Court Settlement