Circular 230 Changes

[Elrod]

Proposed Modifications to Written Tax Advice Standards

http://www.calcpa.or...tent/26859.aspx

[jainen]

Horrors! I may have to give up on actual clients completely and just surf these Internet forums. At least here I am still free to ignore inconvenient facts, cite irrelevant nonsense, hope the IRS won't notice stuff, and generally be unreasonable.

[kcjenkins]

Jainen, I don't understand your reply?

___________

Yesterday, the IRS released long-awaited guidance on the additional “Obamacare” tax on net investment income slated to take effect on January 1, 2013. This guidance came in the form of proposed regulations under Section 1411 that, oddly enough, are not effective until tax years beginning after December 31, 2013. However, taxpayers may rely on these proposed regulations until final regulations are issued, which is expected to happen sometime during 2013.

These proposed regulations are both interesting and longer than the Old Testament. I’m kidding of course; they’re not interesting at all. But that doesn't mean you shouldn't be aware of several areas of guidance that may not have been covered in the past.

http://www.forbes.co...ax-regulations/

[Elrod]

Yeah!

[jainen]

>>I don't understand your reply<<

Sorry. I have tried to control my sarcasm this year, but it's hard when the facts themselves are ludicrous. How come the IRS has tell our industry to be reasonable?

Well, even on this forum of intelligent, conscientious practitioners, I sometimes see attitudes which the IRS considers unethical. Tops is that even when we know the client's story is inconsistent or factually incorrect, we have no obligation except to put down whatever the client says. Almost as bad is, "I've always done it this way," meaning the IRS won't or can't catch it. Not far behind is an almost willful failure to read even basic instructions and pubs, not to mention the code and regs, before deciding what the client should be able to claim.

Sorry about the rant. I'm a bit edgy because I have to get eye surgery tomorrow, unless the exam today shows I am not eligible.

[michaelmars]

GOOD LUCK WITH THE SURGERY

[kcjenkins]

How come the IRS has tell our industry to be reasonable? OK, I get that now. I have also been irritated by those automatic disclaimers some use on every post they make.

Well, even on this forum of intelligent, conscientious practitioners, I sometimes see attitudes which the IRS considers unethical. Tops is that even when we know the client's story is inconsistent or factually incorrect, we have no obligation except to put down whatever the client says. I disagree here. If I " know the client's story is inconsistent or factually incorrect" then I have the obligation to either insist on either reporting the truth or refusing the engagement.

Almost as bad is, "I've always done it this way," meaning the IRS won't or can't catch it. I've never said that meaning that, and doubt you've seen that here much ?

Not far behind is an almost willful failure to read even basic instructions and pubs, not to mention the code and regs, before deciding what the client should be able to claim. OK, I do see that here more than I like, but at least they are posting here to get help before they act. It may seem a bit 'lazy', but it's often just time pressure, I think. I've done it myself a few times!

Sorry about the rant. I'm a bit edgy because I have to get eye surgery tomorrow, unless the exam today shows I am not eligible. I am sorry to hear that. Eye problems are especially scary to people in our professional, aren't they? I'll keep you in my prayers.

[kcjenkins]

Follow-up to the article I cited above on the new investment 3.8% tax.

http://www.forbes.co...investment-tax/

"Having had some more time to reflect on the guidance, I realized that my first write-up came up short in one notable capacity: it failed to highlight just how burdensome certain elements of the proposed regulations will be in practice. "

Good examples in these articles.

[JohnH]

jainen: Hope all goes well with your eye surgery - you've every reason to be edgy.

[Lion EA]

Hope you and your entire medical team are at their best for your surgery!

[mcb39]

What type of eye surgery are you talking about? If it is cataract surgery, it is one of the best things that my husband and I ever did. We both had it done at the same time. Good Luck with whatever it is. Thinking about you.

[jainen]

Thanks to you all, and yes it was a cataract. No problems. I went to the VA hospital in Palo Alto, where they have lots of experience. In my observation, those who worry about the quality of government health care are talking through their hats.

[Jack from Ohio]

Come visit the VA hospital in Dayton, Ohio. You will be enlightened....

[JohnH]

This is strictly anecdotal, but I'm convinced that the overall quality of care at a VA hospital depends upon its proximity to a university-affiliated teaching hospital.

[mcb39]

Today we are celebrating the fact that Jainen had an excellent experience. Here, in WI, it appears that the university affiliation does make a difference.

[jainen]

>>visit the VA hospital in Dayton, Ohio<<

I don't see how that could change my mind. The attitude I object to is that government per se is not capable of managing health care successfully, whether from bureaucratic problems, politic squabbles, or some other aspect of control. Certainly any individual facility might have unqualified administrators or poor community support, but that seems to me even more common in the private sector.

I agree about relations with teaching hospitals. That's part of community support, and it works both ways--the stable funding of the VA hospital provides the private school with lots of opportunity for research and internships.

By the way, although I am eligible for the government services I am paying for it with my own Blue Cross policy.

[BulldogTom]

Glad to hear it all went well. I was worried about you. I could not go an entire year without being ripped by you (usually for good reason) for some stupid comment or question that I post on the board.

Just like the crazy aunt that doesn't show up for Thanksgiving dinner, you would be very missed on this board Jainen.

I am trully glad that it all worked out for you. I really do appreciate your presence on this board.

Tom

Hollister, CA