Tax Guru – Ker$tetter Letter

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Archive for May, 2010

Using TaxCoach

Posted by taxguru on May 30, 2010

I am still receiving frequent requests to comment on the value of using the TaxCoach service. I don’t mind this one bit and am glad people are interested enough to do their own research.
As I have explained countless times, for the past few years I have been too swamped with existing clients to be able to accept any new ones. I do have a self imposed limit on how many clients I can properly handle because I have stuck to my vow from when we relocated here to the Ozarks from the SF Bay Area in 1993 not to hire any employees and have to deal with the kinds of hassles I had to cope with back there.
Pretty much all of the advertising and promotion that Ed & Keith have been doing for their TaxCoach service over the past five years has been focused on how to use it to generate new clientele. Since I routinely turn down several potential clients every week who approach me based on my blogs and websites, it would seem that TaxCoach would be a waste of money for me.
That obviously hasn’t been the case. While I admit that I don’t use TaxCoach as often as my main references, TheTaxBook, for answering questions, I do like the quick and easy way I can use TaxCoach to generate a report on topics relevant to a client or a reader who writes in. I keep this list of the main available report topics in the front of my TaxBook so I can see when a TaxCoach report would be possible for a particular circumstance.
For the past few years, we have also been including one of these TaxCoach update questionnaires with the annual Lacerte tax return organizers. For clients who check off some of the items, I generate a TaxCoach report for those items and any others I feel may be appropriate for the client and include that in the folder with the tax returns. It is so much faster and professional looking than trying to compile that info any other way, including by copying the relevant pages from TheTaxBook.
In the past year, TaxCoach has added some premium services that I have chosen not to sign up for because they are focused almost entirely on how to expand tax and accounting practices. I obviously have no need for that; but for those of you who are looking to add new clients, this would be much more practical and honest than the scam services that lure in new clients under false pretenses and sell them to accountants around the country.
Anyways, I hope this information is useful and I welcome any other questions or comments from readers on TaxCoach, as well as other similar tax reference services.

TaxCoach Software: Are you giving your clients what they really want?

Posted in TaxCoach | Comments Off on Using TaxCoach

How refunds are supposed to work…

Posted by taxguru on May 29, 2010

With refundable credits, such as the EIC, it is possible to get money back without having paid anything in.

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Posted in comix, Refunds | Comments Off on How refunds are supposed to work…

Dog bites man…

Posted by taxguru on May 29, 2010

Clinton: ‘The rich are not paying their fair share’ – Back in the “good old days” when journalism was about reporting actual news and not acting as propagandists for a political party, there was a maxim that a dog biting a man wasn’t news; but a man biting a dog is.

A life-long dyed in the wool Marxist calling for more government confiscation from the producers of the country is no more news than a statement that it’s hot during the Summer months. Real news would be when a Marxist like Clinton or her “boss” 0Bambi says something to embrace the concepts of capitalism and free enterprise.

Posted in Clinton, Commies | Comments Off on Dog bites man…

Doing his best to destroy capitalism in the USA…

Posted by taxguru on May 28, 2010

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Posted in comix, Obambi | Comments Off on Doing his best to destroy capitalism in the USA…

Posted by taxguru on May 28, 2010

Posted in Accounting, comix | Comments Off on

Posted by taxguru on May 27, 2010

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Posted in comix, SinTaxes | Comments Off on

Misc News Items

Posted by taxguru on May 26, 2010

THE TAX COURT HAS DECIDED TO MAKE ELECTRONIC FILING (EFILING) MANDATORY FOR MOST PARTIES REPRESENTED BY COUNSEL (PRACTITIONERS) IN CASES IN WHICH THE PETITION IS FILED ON OR AFTER JULY 1, 2010. – Here is the pdf version of the announcement. I’ve recently been working on my first Tax Court case in a few years and have been very impressed with the excellent improvements in the features on the Court’s website. It is much more user-friendly than I can recall from my previous cases.
Estate of confusion. Struggling with uncertain estate tax rules – Interesting look at the wacky environment we currently have for estate planning.
New Jersey has the type of governor we all wish we could have:
Health care law’s massive, hidden tax change – A lot more 1099 forms will be required as of 1/1/2012 if this insane law isn’t repealed or amended before then.
Wait grows longer for R.I. tax refunds – Another state following the Calif. example of forcing its taxpayers to provide it with longer than normal interest free loans.
Healthcare law tax credits encourage small businesses to stay small, not hire – Typical result from our imbecile rulers in DC. They have a long streak of encouraging the exact opposite of their stated goal.

Gates’s Dad Says Rich ‘Aren’t Paying Enough’ in Taxes
– Nothing new here. Gates, Sr. and his Fellow Traveler Warren Buffet have long loved to publicly advocate higher income and estate taxes.

Tax Rate On Dividends Set To Surge 164% After 2010
– Another big twist in the tax planning environment.

Posted in Uncategorized | Comments Off on Misc News Items

IRS Interest Rates Unchanged

Posted by taxguru on May 26, 2010

The Internal Revenue Service today announced that interest rates for the calendar quarter beginning July 1, 2010, will remain the same. The rates will be: 

  • four (4) percent for overpayments [three (3) percent in the case of a corporation];
  • four (4) percent for underpayments;
  • six (6) percent for large corporate underpayments; and
  • one and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000.



Posted in Uncategorized | Comments Off on IRS Interest Rates Unchanged

Posted by taxguru on May 20, 2010

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Overly dedicated to the job?

Posted by taxguru on May 10, 2010

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Posted in comix, IRS | Comments Off on Overly dedicated to the job?