Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Certainly not trying hard enough to ensure the proper care and feeding of the accounting profession.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Wed Apr 13th, 2011 at 02:29:31 PM EST
[ Parent ]
Could you please not talk about the IRS right now. Some of us still haven't started on their tax returns.... I decided to file the form for the 2-month extension, and just spent an hour trying to figure out what form it is - it turns out that there is no form, as the extension is automatic, but you have to attach a statement claiming the extension when you file the actual return.
by gk (gk (gk quattro due due sette @gmail.com)) on Wed Apr 13th, 2011 at 02:37:15 PM EST
[ Parent ]
Did mine yesterday. Called my tax preparer in LA, an old grad school friend, told him it was ridiculous for me to go through all my 2010 records as I only had $600 in reported income, and I hadn't had to pay any income tax for several years. He reminded me that I did owe the tax on my $600 of 1099 income and ee had me send our SS statements, all interest income etc. He then found carry forward losses from previous years and an earned income credit so that I don't have to go through anything and get a $58 refund. I will have to pay him something, but it is well worth it for not having to do a week's worth of prep, as in the past. Eat your heart out!

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Apr 13th, 2011 at 03:52:09 PM EST
[ Parent ]
"the proper care and feeding of the accounting profession"

The person who told me that I wasn't trying hard enough was the accountant for the company for which I worked for 17 years. The four partners in that electronics contracting company all became multi-millionairs in the 20 year life of that corporation and part of that involved pushing the limits and exploiting the weaknesses of the tax codes. For that they had a very good accountant. One of the partners told me of meetings with California State tax officials in which these officials were tied in knots and unable to answer basic tax questions, as posed by the accountant. I suspect this is par for the course.

The company and partners might have paid the accountant more than they paid in taxes. And, from what I have gathered, if you get to the point where you need a tax lawyer, you effectively pay the lawyer's fees in leiu of taxes, if you have properly followed his advice and haven't been played by him. These are the reasons the tax code is as it is.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Apr 13th, 2011 at 05:19:06 PM EST
[ Parent ]


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