Monday, August 20, 2012

Tax Forum 2012

Wow. More than 7000 tax practitioners attended the August 2012 IRS Tax Forum at Caesar's Las Vegas. This time the courses I attended were required to keep up with the annual certified professional education [CPE] requirements each preparer must now satisfy every year. It was a three day marathon.
The real news is no news as a virtual tax Armageddon faces the nation is Congress doesn't act by December 31 this year. Hmmmm.
 The tax provisions scheduled to sunset range from Gift and Estate taxes to Child tax credits and a smorgasbord of other provisions. The $$$ implications are serious. For MFJ with two kids figure $2000 in lost benefits which means the tax bill is going up big time.
Expect Washington to take the American taxpayers to the brink before they act. Stay tuned.
Good news is I renewed with the OLT people for the upcoming tax season.


On July 30, 2012 I survived the 3 hour IRS mandated tax preparer exam. Passing grade first try!
This is all part of an increased effort by IRS to ensure tax preparers are certified to know what they are doing when they prepare tax returns. By Dec. 2013, this exam will be required for a preparer to be able to e-file returns. Look for RTRP next to a preparer's name to see if he has passed the IRS competency exam.!


New software a big success.