Discussion:Will my 4 year old qualify?
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| They place preparers in position of being the 'guardians' of the till. We are given a responsibility but not the authority. Ask any manager, when they cannot control personnel or schedules - it's a disaster.}} | They place preparers in position of being the 'guardians' of the till. We are given a responsibility but not the authority. Ask any manager, when they cannot control personnel or schedules - it's a disaster.}} | ||
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| + | {{ForumReplyPost|UserID=Death&Taxes|Date=1 November 2009|Text=FTHBC, EITC, or remember the 7% ITC 30+ years ago.....the unscrupulous, using the coated paper copiers of those days, would magically move a 100K machine from January to December, and bolster their case by leaving 4-5 blank checks at the end of December.....but they would only resort to that if the machine saleman refused to backdate the bill. And I, working for a pittance for this small business accountant, would have to hear him tell me that Jim & Walt worked so hard that they deserved a break! | ||
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| + | And I wonder how many cases of asset churning occurred when ACRS was put into law? I know I saw two tries with expensive msucial instruments. | ||
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| + | Then there are the energy credits, which are admittedly small, but where we must become almost technical experts to guage whether some items qualify. | ||
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| + | My point is that abuse will always happen, but the more ideas like FTHBC that are put into law, the more chances there are. | ||
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| + | }} | ||
Revision as of 14:56, 1 November 2009
Discussion Forum Index --> General Chat --> Will my 4 year old qualify?
Death&Taxes (talk|edits) said: | 30 October 2009 |
| Good lord!
http://online.wsj.com/article/SB10001424052748703574604574501253942115922.html?mod=djemEditorialPage And note how so many of various political stripes want to continue this program. | |
| 30 October 2009 | |
| My office turned away a client who came in wanting to file an amended return to claim the credit. The return was done by another CPA so we asked why isn't he going back to that CPA to do the amendment. He gave a line about the CPA being out of town. We looked at the return and there was mortgage interest deducted on Sch A. We asked about the nature of the home etc. To make a long story short the story kept changing. In the end we politely asked him to leave. | |
| October 31, 2009 | |
| That's just too much. Why don't the honest people get a break for once? | |
Death&Taxes (talk|edits) said: | 31 October 2009 |
| They are honest people, Natalie. They are just making an expansive reading of a law that probably no one in Congress ever dreamed would happen. The capacity of people to sink to the occasion has never been questioned by me. | |
| 31 October 2009 | |
| Human nature is also lazy and clever. So when Congress passes a well intentioned law both Rich and Poore will try to game it to their best advantage. Some use the phrase "most bang for the buck." So every rule has to be defended by all manner of regulation and if and buts... till understandibility is lost. So one is left with the black box approach: "Press the lever, see if cookie comes out." | |
| November 1, 2009 | |
| Honest maybe . . . just not ethical. Good point Eastern. | |
| 1 November 2009 | |
| "well intentioned law"
Are we sure it was not an unethical law to repay certain contributors to political campaigns? Or to motivate those who cannot afford a house to buy one? The capacity of people to rise to the occasion and deal with arcane and superficial tax laws has made preparing tax returns an interesting exercise. And some of those people are IRS agents. | |
Death&Taxes (talk|edits) said: | 1 November 2009 |
| "Or to motivate those who cannot afford a house to buy one?" As I noted in another discussion, this credit is one method being used to try to reinflate the balloon, to restore the equilibrium back to 1995-2007......you remember those days when any person with some plastic in their pocket could be pre-qualified for a home purchase (provided we wrote a letter saying that we knew them). If this credit is extended, it is entirely possible that someone who lost their house to foreclosure in 2007 will be able to buy again in 2010 and qualify!!!!
I have a client with a 20 year old son who inherited quite a sum from an uncle. He attends a large state university in the Rocky Mountain area. The financial office there advised him to file as 'emancipated' since he had the assets and Mom and Dad made too much money....this two years ago.....he gets an in state rate of tuition and files as a resident of that state, paying little tax. And he does live there practically full time. This year a local realtor talked Mom and son into buying a condo for him....and if he remains there after graduating for a year or two he will not only get the FTHBC but keep it. So when I do their returns, I feel akin to the person watching his father-inlaw drive the new Mercedes off the cliff....these people can buy anything they choose and yet have no qualms about driving through these loopholes. Yet father has worked very hard and made money himself and it is not his fault that he married a woman whose uncle left them extremely well-off. | |
| 1 November 2009 | |
| I dislike both FTHBC and EITC. They are ripe fruit for picking by the unscrupulous.
They place preparers in position of being the 'guardians' of the till. We are given a responsibility but not the authority. Ask any manager, when they cannot control personnel or schedules - it's a disaster. | |
Death&Taxes (talk|edits) said: | 1 November 2009 |
| FTHBC, EITC, or remember the 7% ITC 30+ years ago.....the unscrupulous, using the coated paper copiers of those days, would magically move a 100K machine from January to December, and bolster their case by leaving 4-5 blank checks at the end of December.....but they would only resort to that if the machine saleman refused to backdate the bill. And I, working for a pittance for this small business accountant, would have to hear him tell me that Jim & Walt worked so hard that they deserved a break!
And I wonder how many cases of asset churning occurred when ACRS was put into law? I know I saw two tries with expensive msucial instruments. Then there are the energy credits, which are admittedly small, but where we must become almost technical experts to guage whether some items qualify. My point is that abuse will always happen, but the more ideas like FTHBC that are put into law, the more chances there are. | |
