Top Issues Changing the Lives of Tax Practitioners
No wonder they call it busy season!
Here’s a quick list of the new wrinkles tax professionals are confronting this filing season, from PPC’s Jim Reeves.
How many of these are you ready for?
- Revised Form 990;
- Estate tax legislation;
- Federal income tax legislation as a significant component of the economic stimulus package;
- AMT scheduled to affect 33 million taxpayers in 2010;
- Over 30 tax provisions scheduled to expire in 2009;
- President Obama’s campaign promises of tax increases on individuals with income exceeding $250,000, creating a potential marginal tax rate exceeding 60% when you consider:
- A marginal income tax rate of 39.6%,
- A 20% tax rate on long-term capital gains and dividends,
- A combined employee and employer Social Security tax raised by 2%-4% for families (not individuals) earning over $250,000,
- A return of the phase out levels for itemized deductions and personal exemptions back to their levels under President Clinton, and
- State income taxes for most Americans;
- Congressional attack on the current 401(k) system;
- Tax aspects of bankruptcy, liquidations, debt restructuring;
- Many state budgets facing shortfalls; and
- New preparer penalty rules that raised the stakes for tax return preparers and advisors
h/t PPC’s Jim Reeves
Posted at January 27, 2009
Filed Under BSG [CPA TRENDLINES] | 1 Comment
Comments
One Response to “Top Issues Changing the Lives of Tax Practitioners”
Leave a Reply
Rick Telberg | Editor
Rick Telberg is president and chief executive of Bay Street Group LLC -- actionable intelligence for the tax, accounting and finance professions. Contact Rick at comments[@]cpatrendlines.com.-
Favorites
- AccountancyAge (UK)
- AccountantsWorld News
- AccountingWEB News
- AICPA Insider
- American Institute of Certified Public Accountants
- Art Bowman – Bowman FirstAlert
- August J. Aquila
- Bay Street Group
- Big 4 auditor – “Look at last year’s file”
- Big 4 auditor – Life of an Auditor
- Bordeaux & Bordeaux CPAs – Beancounter Ramblings
- Brian Tankersley – CPA Firm Technology
- Bruce W. Marcus – The Marcus Letter
- CFO.com – Accounting
- Convergence Coaching
- CPA Leadership Institute
- CPA Success (MACPA)
- CPA Technology Advisor
- Dan Meyer – Tick Marks
- David Albrecht – The Summa
- Dennis Howlett – AccMan
- Eva Rosenberg – MarketWatch columns
- Eva Rosenberg – TaxMama
- Eva Rosenberg – TaxQuips
- FEI financial reporting blog
- FierceFinance
- FinanceWeek UK News
- FinancialWeek
- footnoted.org
- Francine McKenna – re: The Auditors
- Gina Gwozdz, CPA
- Greg LaFollette – The Tech Gap
- Hewlett Packard Expert Insights
- Howard Wolosky – Instigator
- Intuit’s TaxAlmanac
- Jack Ciesielski – Accounting Observer
- James Edward Maule – MauledAgain
- James F. Reeves (SVP, PPC/Thomson)
- Jean Caragher – Capstone Marketing
- Jeff Elliott – Another71 – CPA Exam Prep
- Jeff Moore – Forensic Accounting Today
- JK Harris – Tax Resolution Blog
- Jobs in the Money
- Joe Arsenault – Cafe Tax
- Joe Kristan – Roth & Co. Tax Update
- Joel M. Ungar CPA – Accounting Thoughts
- Joey Brannon – Axiom CPA
- Kel – Accounting Elf
- Kelly Phillips Erb – taxgirl
- Kerry M. Kerstetter – Tax Guru-Ker$tetter Letter
- Krupo – A Counting School
- Larry Bodine – Law Marketing
- Linda Beale – a taxing matter
- Lorman’s CPA-Resource
- Lynn Northrup
- Michael Nall – MidMarketplace
- Michael Ramos – The EyeShade
- Michelle Golden – Golden Practices
- Mike Campbell – LouisvilleSoup
- Mrs. CPA – Where the IRS and kids collide
- MyVenturePad
- Online Marketing B2Beat
- Paul Caron – TaxProf Blog
- PWC’s CFOdirect
- QuickBooks Community
- Rita Keller
- Robert D. Flach – The Wandering Tax Pro
- Roni Deutch – The Tax Lady
- Ryan Williams – Tech Better
- Scott Heintzelman – The Exuberant Accountant
- Shane Eloe – Number Insights
- Skeptical CPA
- SmallBizLabs
- SmallBizTrends
- SmartPros Accounting News
- Social CPAs
- SoxFirst
- Tax Foundation
- The Accounting Onion
- The Marcus Letter
- The Progressive Accountant
- The Trusted Advisor / Charles Green
- Thomson SEC/GAAP Watch
- Thomson Tax Watch
- Tracy Coenen – Fraud Files
- Trish McIntire – Our Taxing Times
- Wayne Schulz
- WebCPA News
- WSJ.com
Free Download: Seven Keys to Successful CPA Firm Management
Click on the image for the FREE Executive Summary (PDF, 13 pages)Join Our Growing Networks
Yea, and add on to that the extra paperwork with the disclosure forms we have to get signed. This may be my last tax season. I don’t know if it’s worth the headache anymore.