Hi, David,
Being somewhat selfishly interested in how the new tax code affects us
(all), I've been poking around a bit.
While there are some new-ish books and software out there, it seems to
be still at least somewhat speculative in nature...with remarks to "sign
up for updates here", and the like.
Feeling a bit stymied by that steaming pile; and not wanting to tackle
doing too much digging around in 26 U.S.C. (AKA, Title 26 or the United
States Code), I got in touch with a couple of friends who are "Enrolled
Agents" in/for the I.R.S.
Importantly for this discussion, here is the answer to the question of
"what are the differences between Enrolled Agents and other tax
professionals". Here's the answer:
Only Enrolled Agents are required to demonstrate to the Internal Revenue
Service their competence in matters of taxation before they may
represent a taxpayer before the IRS. Unlike attorneys and CPAs, who may
or may not choose to specialize in taxes, all EAs specialize in
taxation. EAs are the only taxpayer representatives who receive their
right to practice from the United States government. (CPAs and attorneys
are licensed by the states.)
Further, in addition to the stringent testing and application process,
all EAs are required to complete 72 hours of continuing professional
education, reported every three years, to maintain their status. Because
of the difficulty in becoming an Enrolled Agent and keeping up the
required credentials, there are fewer than 35,000 active EAs in the
United States.
Anyway, both of the Enrolled Agents with whom I spoke responded that
neither of them feel that there is, at this time, sufficient information
available (from the IRS, or other government sources) for anyone to be
able to speak authoritatively about how any of the "many forthcoming
changes" might affect an individual situation.
One said that there should be more "usable information available during
Q3" (which we're about half-way through at this writing); and that it
would be prudent to "stick with what one has been doing for tax
preparation" until there are more specific data.
The other is retiring rather than have to requalify in order to work
with the new code.
My personal course is to take this latter advise (given to me by my tax
person, another Enrolled Agent); and wait to see what unfolds in the
next couple of months.
Obviously in all of this, YMMV.
I hope that this is of some help in parsing what look like some very
treacherous waters in our mutual near future.
Kind regards.
Horace
On 8/9/2018 6:31 PM, David Love via Piano Technicians Guild wrote:
> Please do not forward this message due to Auto Login.
>
> "This guy" is neither a W2 employee or doing his taxes wrong (I haven't done my taxes in this new system, nor has anyone else). This guy is just asking questions based on some things I've read in order to clarify. But thanks.
>
> ------------------------------
> David Love RPT
>
www.davidlovepianos.com>
davidlovepianos@comcast.net> 415 407 8320
> ------------------------------
> -------------------------------------------
> Original Message:
> Sent: 08-09-2018 12:32
> From: Willem Blees
> Subject: New tax laws
>
> This is from my son, the CPA.
>
> "No. That's not right. There were no changes to the home office deduction or auto expenses for a self employed business owner.
>
> Perhaps he's talking about the itemized deduction rules? Those were changed, and those deductions were eliminated if you were an employee getting a W-2 from someone and trying to claim home office or auto deductions.
>
> But, a self-employed guy shouldn't be deducting their home office and auto expenses as Itemized deductions. They should be business deductions - which are still allowed as always.
>
> Either this guy is an employee getting a W-2, or he's doing his taxes wrong in the first place".
>
>
>
>
>
> Original Message------
>
> This is why I was wondering if anyone had actually had a tax accountant look at the real numbers. There is much mus and disinformation and for several months after the bill passed the accountants were trying to get up to speed on the actual implications. I think articles are probably not reliable.
>
> If if anyone has an actual tax accountant input I'd be curious. When I get to it myself I'll report.
>
> ------------------------------
> David Love RPT
>
www.davidlovepianos.com <http://www.davidlovepianos.com>
>
davidlovepianos@comcast.net <
davidlovepianos@comcast.net>
> 415 407 8320
> ------------------------------
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Original Message------
"This guy" is neither a W2 employee or doing his taxes wrong (I haven't done my taxes in this new system, nor has anyone else). This guy is just asking questions based on some things I've read in order to clarify. But thanks.
------------------------------
David Love RPT
www.davidlovepianos.com
davidlovepianos@comcast.net
415 407 8320
------------------------------