There are some people out there who should be ashamed
to put the acronmyn "CPA" after their name. Now don't get me wrong, most CPAs are thorough, competent and provide excellent service to their clientele. In fact more than most, but the overwhelming majority, as far as I've seen. But there are a few who should be ashamed of themselves for taking their client's money in return for the slipshod, highly inaccurate work they've done.
A new client came in a few weeks ago. This client got a recommendation from another new client to me and my employer this year, so that client was obviously pleased with my work. I say this not to pat myself on the back, but to point out they thought highly enough of their experience to refer someone else.
So this new client took advantage of our program where we review prior year returns prepared by themselves or others for free, and then if we find errors, we will prepare the amendment at a reduced price. We can only go back three years though, because if a return was due more than three years ago, a refund can no longer be obtained from that return. I found errors in all three of this client's returns. Returns that once corrected saved this client over $1,000. Now that's not an amazing amount. I had another client earlier this year who had three returns I 'fixed' who will be getting back over $10,000.
What was so amazing about these returns is that the idiot who originally prepared them actually counted items of income for this client twice! Imagine. You go to someone to do your tax return, hand them your income document and they put the same amount in two places as income. Effectively, they are making you pay tax on the same income twice. It isn't an easy mistake to make either. Each type of income has its own line on the tax return. You have to work hard to screw up this badly. So this client is going to spend several hundred dollars on amendments to get back money that they should have gotten in the first place. Yes, it's cost effective for them. Yes, it's a good business for us to be in. But it's scary that this kind of thing happens.
Okay, enough about that.
Montana is about to become the home of the roadkill meal. Now, state law prohibits taking meat from wild animals accidentally killed on the state's roads; although it is being done in some cases to aid food banks. But there is a bill in the state legislature to legalize the taking of meat from animals accidentally killed on the highways. Will this cause people who see a deer in the highway in front of their great big pick-up truck with the sturdy grill on the front to accelerate in hope of fresh venison?
I was in the lobby of the store yesterday, taking a quick break between clients and I saw a cute couple walking down the street stop and share a kiss. What makes this interesting is that the street was moderately crowded, the couple consisted of two women and no one paid any attention to them. It's a sign of how far we've come. 20 years ago, two women sharing a passionate kiss on a street would have caused staring, wolf whistles and other unwanted and unwarranted attention. I liked what I saw. Not the kiss, that's none of my business. I liked the total lack of reaction from anyone. Sign of the times.
There are articles making the rounds criticizing the way that Social Security benefits for retirees are taxed. The comments sections of such articles always contain the same half-truths. "I was already taxed on my money paid into Social Security". Not true. When you're receiving Social Security old age benefits, you aren't getting your money back. You're getting a benefit that you qualified to received, by paying for the benefits of the generations before you. It isn't your money coming back to you. Social Security payments like this are only taxed if you have income from other sources. Jus be happy that some states, like California, don't tax Social Security payments at all.
This Date in History:
On this date in 451, Attila the Hun sacks the town of Metz (must have been a big sack to hold a whole town).
On this date in 1521, Ferdinand Magellan arrived in Cebu (and ordered a plate of pancit).
On this date in 1862, the Battle of Shiloh ends with a Union victory. But the war of Northern aggression would continue.
On this date in 1906, Mount Vesuvius erupts and devastates Naples.
On this date in 1922, the first step in the Teapot Dome scandal takes place as the Secretary of the Interior leases Teapot Dome oil reserves in Wyoming.
On this date in 1933, prohibition for 3.2% alcohol beer is repealed, eight months before ratification of the Twenty-First Amendment.
On this date in 1940, Booker T. Washington is the first African-American to be depicted on a postage stamp.
On this date in 1945, the Japanese battleship Yamato, largest battleship ever built, was sunk by American aircraft.
On this date in 1948, the UN establishes the WHO.
On this date in 1954, President Dwight Eisenhower announces his 'domino theory'.
On this date in 1955, Winston Churchill announces his retirement as Prime Minister.
On this date in 1967, Roger Ebert published his first film review in the Chicago Sun-Times.
On this date in 1978, President Jimmy Carter cancels development of the neutron bomb.
Famous Folk Born on this Date:
William Wordsworth
Walter Camp
Will Keith Kellogg
John McGraw
Allen Dulles
Walter Winchell
Percy Faith
Billie Holiday
Ravi Shankar
James Garner
Alan J. Pakula
Daniel Ellsburg
Wayne Rogers
Governor Jerry "Moonbeam" Brown
Francis Ford Coppola
David Frost
Mick Abrahams
Stan Winston
Janis Ian
Jackie Chan
Tony Dorsett
Buster Douglas
Russell Crowe
Bill Bellamy
Adrian Beltre
David Otunga
A new client came in a few weeks ago. This client got a recommendation from another new client to me and my employer this year, so that client was obviously pleased with my work. I say this not to pat myself on the back, but to point out they thought highly enough of their experience to refer someone else.
So this new client took advantage of our program where we review prior year returns prepared by themselves or others for free, and then if we find errors, we will prepare the amendment at a reduced price. We can only go back three years though, because if a return was due more than three years ago, a refund can no longer be obtained from that return. I found errors in all three of this client's returns. Returns that once corrected saved this client over $1,000. Now that's not an amazing amount. I had another client earlier this year who had three returns I 'fixed' who will be getting back over $10,000.
What was so amazing about these returns is that the idiot who originally prepared them actually counted items of income for this client twice! Imagine. You go to someone to do your tax return, hand them your income document and they put the same amount in two places as income. Effectively, they are making you pay tax on the same income twice. It isn't an easy mistake to make either. Each type of income has its own line on the tax return. You have to work hard to screw up this badly. So this client is going to spend several hundred dollars on amendments to get back money that they should have gotten in the first place. Yes, it's cost effective for them. Yes, it's a good business for us to be in. But it's scary that this kind of thing happens.
Okay, enough about that.
Montana is about to become the home of the roadkill meal. Now, state law prohibits taking meat from wild animals accidentally killed on the state's roads; although it is being done in some cases to aid food banks. But there is a bill in the state legislature to legalize the taking of meat from animals accidentally killed on the highways. Will this cause people who see a deer in the highway in front of their great big pick-up truck with the sturdy grill on the front to accelerate in hope of fresh venison?
I was in the lobby of the store yesterday, taking a quick break between clients and I saw a cute couple walking down the street stop and share a kiss. What makes this interesting is that the street was moderately crowded, the couple consisted of two women and no one paid any attention to them. It's a sign of how far we've come. 20 years ago, two women sharing a passionate kiss on a street would have caused staring, wolf whistles and other unwanted and unwarranted attention. I liked what I saw. Not the kiss, that's none of my business. I liked the total lack of reaction from anyone. Sign of the times.
There are articles making the rounds criticizing the way that Social Security benefits for retirees are taxed. The comments sections of such articles always contain the same half-truths. "I was already taxed on my money paid into Social Security". Not true. When you're receiving Social Security old age benefits, you aren't getting your money back. You're getting a benefit that you qualified to received, by paying for the benefits of the generations before you. It isn't your money coming back to you. Social Security payments like this are only taxed if you have income from other sources. Jus be happy that some states, like California, don't tax Social Security payments at all.
This Date in History:
On this date in 451, Attila the Hun sacks the town of Metz (must have been a big sack to hold a whole town).
On this date in 1521, Ferdinand Magellan arrived in Cebu (and ordered a plate of pancit).
On this date in 1862, the Battle of Shiloh ends with a Union victory. But the war of Northern aggression would continue.
On this date in 1906, Mount Vesuvius erupts and devastates Naples.
On this date in 1922, the first step in the Teapot Dome scandal takes place as the Secretary of the Interior leases Teapot Dome oil reserves in Wyoming.
On this date in 1933, prohibition for 3.2% alcohol beer is repealed, eight months before ratification of the Twenty-First Amendment.
On this date in 1940, Booker T. Washington is the first African-American to be depicted on a postage stamp.
On this date in 1945, the Japanese battleship Yamato, largest battleship ever built, was sunk by American aircraft.
On this date in 1948, the UN establishes the WHO.
On this date in 1954, President Dwight Eisenhower announces his 'domino theory'.
On this date in 1955, Winston Churchill announces his retirement as Prime Minister.
On this date in 1967, Roger Ebert published his first film review in the Chicago Sun-Times.
On this date in 1978, President Jimmy Carter cancels development of the neutron bomb.
Famous Folk Born on this Date:
William Wordsworth
Walter Camp
Will Keith Kellogg
John McGraw
Allen Dulles
Walter Winchell
Percy Faith
Billie Holiday
Ravi Shankar
James Garner
Alan J. Pakula
Daniel Ellsburg
Wayne Rogers
Governor Jerry "Moonbeam" Brown
Francis Ford Coppola
David Frost
Mick Abrahams
Stan Winston
Janis Ian
Jackie Chan
Tony Dorsett
Buster Douglas
Russell Crowe
Bill Bellamy
Adrian Beltre
David Otunga
posted by me at 7:09 AM
<< Home