Tax Guru – Ker$tetter Letter

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Archive for October, 2010

Dingy Harry’s Not at All Secret Identity…

Posted by taxguru on October 29, 2010

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More ways for IRS to intrude into our lives?

Posted by taxguru on October 29, 2010

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IRS Working With QuickBooks Files

Posted by taxguru on October 27, 2010

From the latest IRS email newsletter:

IRS Begins Accepting Taxpayer Records in Electronic Format – 

I understand some tax pros are worried about the IRS’s plan to start using QuickBooks files during audits; but I’ve actually been looking forward to this for years now.  For all of the recent audits I have been handling, I have had to convert QB files to Excel and PDF formats for the auditors to use because they didn’t have the capability to use QB files directly. 

My understanding from speaking with auditors is that only one person in each IRS office is trained on how to work with QB; so it will be interesting to see how that knowledge is shared with other auditors in the office.

According to this announcement, they are using the QB 2010 program.  This means that for any client using an older version of QB (as many are), we will either need to update the data file to the 2010 format to be usable by the auditors, or they will accept older versions and do the updating to 2010 themselves.

As always, any real life stories from other tax pros on how QB files are being used with IRS will be appreciated.

 

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Posted by taxguru on October 26, 2010

The tarnished myth of “tax cuts for the rich.” – A concise look by Thomas Sowell at the truth regarding the effects of lowering marginal tax rates.  As he explains, anyone who claims such tax rate cuts increase the deficit is a lying sack of donkey poop.

 

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Posted by taxguru on October 25, 2010

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Posted by taxguru on October 24, 2010

From Blog Comix

From Blog Comix

 

 

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Posted by taxguru on October 24, 2010

New Online Registration System for Paid Tax Return Preparers Is Now Available –  The IRS’s online application system for all of us to obtain PTINs is now active.  Even those of us who already have PTINs need to renew them and pay the new fee of $64.25.

I decided to give it a spin to see how easy it was to use and if the promise was true that we could keep our existing PTINs.  In typical government fashion, it was less efficient than it needed to be. Rather than allow those us with PTINs to start from there, I had to enter my SSN and everything else from scratch, as if I hadn’t been preparing tax returns professionally for the past 35 years.  I had to type in the same address info twice. I entered my nine digit zipcode, which it accepted.  Then, a few screens later, it said the zip was in the wrong format and I had to go back to both address screens and change them to five digits.  It asked for my FEIN and CAF numbers, but not my existing PTIN.  My full CAF number wouldn’t fit in the allowed space, so I had to remove a zero from the middle.  I’ll see if that screws this up.  They don’t accept American Express, my favorite credit card; so I had to use a MasterCard.

The website estimates 20 minutes to fill it in, and that was about right.  I submitted everything and paid the fee on 9/28/10.  Now I’ll see how long it takes for my new or renewed PTIN to arrive.

Update – On 10/15/10, I received a postcard from IRS via  snail mail, saying that an online account had been created in my name.  Today (10/24/10), I logged in to my IRS.gov account and it showed my PTIN number as the same one I had been using for several years and an expiration date of 10/31/2011.  When I went in to check my details, I noticed that they had fixed the CAF section to allow the proper number of digits; so I added back the zero I had left out of the original application.

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Posted by taxguru on October 23, 2010

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The Mad Taxer

Posted by taxguru on October 20, 2010

 

 

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From Blog Comix

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What Nerve!

Posted by taxguru on October 19, 2010

How dare people expect to get their own money back from Social Security. Everyone should realize that there is no actual savings account and all funds paid in have been embezzled by our rulers in DC.

 

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