Stop me if you've heard this before. "I wish they weren't called the Bush tax cuts. If they were called someone else's tax cuts, they'd be less likely to be raised," the former President told some people who still listen to him speak about anything. Just save us the trouble and play it on a loop, wouldja? [CNN via Ritholtz]
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Countdown to the End of Tax Season or Just the End?
For lots of you tax trolls out there, you might be seriously reconsidering your career choice at this particular moment. Oh sure, there are probably some of you who are so deranged that the excitement you feel at that this time of year is only rivaled by the stretch from mid-February to April 15 but you all need committed.
For the rest of you, the milestone of two weeks until the September 15th deadline is either the light at the end of the tunnel or simply just another day wandering in the darkness since you’ll be crawling across the ultimate finish line on October 15th.
So we’re calling on brave/insane tax soldiers out there to sacrifice a few moments of their chargeable time to let us know how it goes with two weeks to go until 9/15. Hours you’re working, the latest on post-deadline layoff rumors, nightmare clients, whatever moves you.
UPDATE: One source at a Big 4 firm describes it this way:
For me, it has been very reasonable. For others, it is miserable. The unreasonable requests are piling on to a teammate of mine. His senior gives him 40 hours of work and expects him to finish it in one night. They have no clue and shit rolls down hill. It’s amazing how poorly accountants gauge time. Sad.
Vastly Unpopular 1099 Requirement Survives Thanks to the Reliable Dysfunction of the U.S. Senate
Everyone’s favorite Two Minutes’ Hate from the healthcare reform legislation – the 1099 reporting requirement – managed to live to fight another day despite being as unpopular as the Democrats who originally got behind it (although don’t look at Nancy Pelosi).
As is the wont of Senate, this sliver of bipartisanship was foiled by…wait for it…politics:
The provision survived because of the complex politics of the Senate. Some lawmakers were reluctant to back repeal on Monday since the rule change would have been added to a popular food-safety law that is nearing approval, potentially jeopardizing its passage. In addition, dueling Democratic and Republican proposals allowed lawmakers to register their disapproval of the 1099 requirement whether the repeal passed or not.
In other words, everyone agrees that they hate this thing but they hate it in different ways. You see, it’s not enough to be against the 1099 requirement, it matters who gets the credit for being against so much that they actual introduced the proposal to do away with it.
Sigh. But it’s cool, the rule doesn’t actually go into effect until 2012, so blowing it off for another 12 months is totally an option. And a pretty realistic one, too.
Senators Cannot Agree on Fix to the Health Law [NYT via CPA Success]
Confirmed: There Is a Shortage of Good Accountants in the Sex Industry
Way back in March of 2010, we shared with you a plight in our country: there simply are not enough good accountants serving professionals working in the sex industry. At the time we learned of Companions (NSFW unless looking at semi-nude women is kosher), an escort service in Salt Lake City whose proprietors slightly underreported their income which resulted in a tax evasion conviction. We wondered if this particular industry was dry of good accountants and tax advisors who might be able to assist entrepreneurs such as these and the professionals they employ to avoid similar situations.
As happens from time to time, someone with direct knowledge reached out to us and we now have at least one person on record confirming our suspicions:
Hello Caleb,
I came across your March 23, 2010 article, Is the Shortage of Good Accountants in the Sex Industry an Opportunity? and felt compelled to write. You see, I am a tax preparer that has been servicing the adult industry since 2006, doing my best to help those in the industry with knowledge and compassion. What began as helping a few phone sex operators and dancers file their tax returns with dignity has grown into a big part of my business. So, the answer to your question is, yes, the shortage of good accountants in the Sex Industry is indeed an opportunity – for those who wish to practice with ethics and respect. If you wish, you may find more about me and what I do from my website www.taxdomme.com.
I am now eager to peruse the rest of your website.
Best,
Lori, The Tax Domme
For anyone in need of services, the Tax Domme has a new office location in downtown Seattle and if you’re looking to carve out your own niche practice, you can get in touch with Lori for tips on anything you might want to know. For example, what happens when a well-to-do john needs a companion on a round-the-world trip? If animals are a regular part of the business, is it better to lease or buy? Would whips, chains, spreaders, etc. purchased by dominatrix be eligible for a §179 deduction? All relevant questions that have no doubt come up in the world of the Tax Domme.
So here’s an opportunity to be had people. As long as you manage to keep things professional you can cater to a virtually recession-proof industry. Can’t say we never told you.