From the GOP Senate Finance Twitter feed:
Something happened between yesterday afternoon and this morning to change Chairman Hatch from “REMINDER” to “POSTPONED.” Here’s hoping it was some of his colleagues telling him they didn’t appreciate him sneaking preparer regulation into the ID-theft bill. Or maybe they just all booked flights to Colorado.
The AICPA isn’t stepping up for this version of preparer regulation: AICPA expresses concerns about tax return preparer legislation:
Instead of a broad grant of authority, the AICPA recommends that Congress grant “specific authority necessary to address the concerns of incompetent and fraudulent, currently-unenrolled tax return preparers.” At a minimum, Lewis writes, Congress should limit the IRS’s authority to require a preparer tax identification number (PTIN) and require it to take steps to reduce confusion in the marketplace.
The IRS should be limited to requiring PTINs only from (1) individuals who sign a tax return or claim for refund and (2) individuals who are involved in the preparation of tax returns or claims for refund but are not supervised by an attorney, CPA, or enrolled preparer, the letter says.
IRS doesn’t like limits.
Politico, The downside of cracking down on unregulated tax preparers. “ The IRS would get broad new powers to regulate tax preparers under legislation set to come before the Senate Finance Committee — and Dan Alban says that’s a bad thing.” Dan Alban, a hero of the suit striking down the prior preparer regulation scheme, is right.
Tax-Free Weed Day! Odd tax holiday in Colorado today (Annette Nellen). “Today, September 16, 2015, Colorado has a holiday on marijuana – but just the special 10% and 15% taxes (there are a lot of taxes on marijuana in Colorado).”
Robert Wood, Tax Free Toking: Marijuana’s One Day Sale
Robert D. Flach, WHY SHOULD A TAXPAYER HAVE TO PAY ME A FEE TO ASSESS THEM AN IRS PENALTY?. “Why should a taxpayer pay me a fee to assess a tax penalty? If a penalty is assessed by the IRS, which it may not be, then it is appropriate for me to charge the client(s) a fee to reduce or eliminate the penalty assessment.”
Kay Bell, 6 states offering residents, businesses tax amnesties. “Options for delinquent taxpayers in AZ, IN, KS, MD, MO and OK.” As the states become more adept in data mining for non-filers, just ignoring state taxes becomes a worse bet all the time.
Jack Townsend, Another Swiss Bank Obtains NPA Under DOJ Swiss Bank Program
Jason Dinesen, Glossary: Patient-Centered Outcomes Research Fee. “The Patient-Centered Outcomes Research Fee is a fee imposed as part of the Affordable Care Act.”
Jim Maule, When Crime Does Not Pay and Tax Makes It Worse. “In addition to being hit with a fine, restitution, and civil judgment, he was additionally hit with a federal income tax liability because those amounts were paid with tax-deferred retirement benefits rolled into an IRA and then distributed from the IRA.”
Peter Reilly, Estate Tax Hits 100th Birthday And Paul Caron Calls For Many Happy Returns. To the extent a death tax return can be happy, anyway.
Robert Goulder, Litigating FATCA: Rand Paul and Financial Privacy (Tax Analysts Blog)
No doubt FATCA is hugely burdensome. That problem is widely recognized. If inconvenience were actionable, FATCA might be the worst tax law ever. But where is the constitutional infirmity?
If the burdensome nature of FATCA is widely recognized, Congress and the President sure have a funny way of showing that recognition. It’s mostly recognized by the foreign financial institutions that are chasing away their U.S. customers to avoid the burden, and by the U.S. customers abroad for whom routine personal finance has suddenly become a major headache.
David Brunori, Silliest Tax Proposal of the Year — Really (Tax Analysts Blog). Like “worst tax law ever,” there are so many candidates. Still, granting income tax exceptions to “A-list performers” in New Jersey has to be part of the conversation.
Renu Zaretsky, Cuts, Hikes, and Bets. Today’s TaxVox headline roundup covers candidate tax plans, Chicago property tax hikes, and much more.
News from the Profession. September 15th Is the Worst Tax Return Filing Deadline (Caleb Newquist, Going Concern). “UP YOURS, April 15th, you phony, spotlight-seeking sham of a tax return deadline. You got nothing on September 15th.” Endorsed.