GAAP: Pitifully Old & Obsolete Principles or POOP!

According to an article in the July 2014 edition of Accounting Today: “POOP: It’s time to bring GAAP into the 21st Century”, by Paul B.W. Miller and Paul Bahnson, GAAP, or Generally Accepted Accounting Principles, are the only exception to the fact...

Tax Reform: Rearranging Titanic’s Deck Chairs!

As my followers might know, the House Ways and Means and the Senate Finance Committees are the primary tax writing committees of the U.S. Congress.  As readers might also know, Max Baucus, the former Chairman of the Senate Finance Committee and David Camp, the current...

IRS Sued – AGAIN!

According to an article by Alistar M. Nevius, J.D. in the Journal of Accountancy dated July 15, 2014, the American Institute of Certified Public Accountants (AICPA) filed suit against the Internal Revenue Service (IRS) in U.S. District Court for the District of...

Voluntary Preparer Certification

On Tuesday, June 24, 2014, the AICPA (American Institute of Certified Public Accountants) sent a 14 page letter to IRS Commissioner John Koskinen expressing its strong concerns that a proposed IRS voluntary certification program for unenrolled tax preparers...

IRS Conundrum

I just looked up “conundrum” in Webster’s and the 2nd of only 2 definitions was “any puzzeling question or problem”.  If this IRS “thing” going on in Washington DC isn’t a “puzzeling question or problem”,...

IRS Adopts “Taxpayer Bill of Rights”!

I know it’s been quite some time since I’ve made a post to this blog.  With tax season and all the garbage that has been going on in Washington, I just wasn’t “excited” to make a post; however, the IRS’s finally adopting a...