It’s Form 1040, In Excel—Need I Say More?
You people with a predilection for tax forms. At least you’re not Glenn Reeves, the guy who has slavishly recreated Form 1040 in Microsoft Excel for the past 17 years. Sick of Lacerte, ATX, Creative Solutions, and their ilk? Figure out how deep the gubmint’s hand is going in your pocket in a spreadsheet instead. […]
Mitt Romney’s 2011 Tax Returns Reveal He’s the Richest Unemployed Dude You’ve Ever Seen
OK, so the Romney campaign released the 2011 tax returns and frankly we here at GC HQ couldn't be happier that they did so on a Friday afternoon, thereby completely cockblocking our plans to be in a drunken coma by 7pm this evening. Thanks for nothing, jerks! Consummate professionals that we are, however, we'll just […]
Tax Season Quiz: Which Item on This Receipt Is a Deductible Medical Expense?
This comes from a tax professional in the throes of a hectic day. Personally, I’m stumped.
So we’ve got:
A) Feminine hygiene products
B) Starkist Tuna
C) Orbit gum
Arguments for any or all are now being heard.
Accounting News Roundup: The Debate Over IRS-prepared Tax Returns; KPMG HK Senior Manager Arrested for Bribery; CFOs Starting to See Job Options | 04.09.10
• Should the IRS Fill Out Our Tax Returns? [TaxVox]
Some say, YES! At the very least the Service could get the ball rolling, “by filling in your wage income, exemptions, and standard deduction and perhaps even figuring some other deductions and credits. This…could be a huge benefit for those who file Forms 1040A and 1040EZ.” Naturally, the taxpayer has to approve the return prior the actual “filing” of it but this would potentially assist millions of Americans who are otherwise stumped by 1040s of any stripe.
The other side of this argument is that it will delay refunds:
Bob Weinberger, a senior fellow at the Aspen Institute Initiative on Financial Security and a former top executive at the tax prep firm H&R Block. Bob counters that the “fatal flaw” of such a system is that it could delay refunds for months. For many taxpayers, Bob argues, getting a check from IRS in April is a key to their annual financial planning, and postponing that refund would generate a huge backlash. Bob also said such a system would be a huge drain on IRS resources.
While this likely true, the root of the problem is the “check from the IRS is key to financial planning” part. If these people need the money so bad, they should adjust their withholding so they don’t pay in so much during the year. Perhaps that’s not an easy concept to grasp, so if we say “You’re giving the government an interest-free loan for 12 months,” that will help.
• HK charges KPMG man with bribery [FT]
Leung Sze-chit, a senior manager in the Hong Kong office, has been arrested on corruption charges after offering a co-worker a $12,280 bribe related to a client’s IPO. The FT reports that the firm learned of the situation via its internal hotline, “After investigation, the member of staff in question was suspended by KPMG and a report was then made . . . to the relevant authorities.” So yes, to answer some of you, people do call those internal hotlines.
• CFO Job Options Opening Up [FINS]
After hunkering down for the last couple of years or so, CFOs are starting to see some new job options. FINS reports that “Some felt loyalty to organizations in financial straits, while others hesitated to jump given uncertainty about potential landmines at other companies.” Now that growth is slowly creeping back, “some companies are likely to find they need a different type of executive in the role. And some CFOs may even find themselves in line for positions higher up the corporate ladder.”
Six Shopping Days Left
For the tax advisor in your life. Or the scatologist. OR just an ironic way of telling your tax advisor how you feel about their work.
[via TaxProf Blog]