July 19, 2018

Congress

AICPA Fails to Take an Adequate Dig at Congress in Tax Extenders Press Release

The AICPA "commends" Congress for a lot of things that it shouldn't, among them, dragging its feet on renewing the godforsaken extenders bill. What's amusing is that every so often, the AICPA tries to get all high and mighty about what they've recommended Congress do, when they know full well that those legislative cretins will […]

Maybe Now You’ll Take the Opposition to Auditor Rotation Seriously

It's fair to say that accounting firms are conservative organizations. That is, they prefer that things in their world remain more or less the same and when extremely rare and unforeseen events occur that mandate change, it be carried out with as little disruption as possible and on their terms. NBD, right?   The PCAOB, […]

Social Media’s Ideas for Tax Reform Can’t Be Worse Than Anything That’s Been Kicked Around So Far

Senator Max Baucus (D-MT) and Representative Dave Camp (R-MI) report in a Wall Street Journal op-ed that since Congress has spent ample time listening to interest groups, it's about time they got really serious about tax reform: In the coming weeks, we will give you the opportunity to provide your input as well. No need to […]

Tax Nerds Feeling Vindicated After Their Long-held Viewpoints Are Paid Lip Service

Tax Policy Center co-director Eric Toder is feeling good today. Why? Some people known for not doing much of anything productive are saying things that sound remarkably like some people who plan to do something productive! The House Ways and Means Committee, in a letter signed by all its Republican members to Budget Committee Chairman […]

AICPA President: CPAs Are on the Verge of Anxiety Attacks Thanks to Federal Deficit

Barry Melancon speaks on behalf of all the CPAs, CGMAs across this great land who have had it up to here [bridge of nose] with Congress' inability to accomplish anything other than naming post offices: “CPAs in communities large and small and from coast to coast are increasingly troubled by the government’s inability to come […]

The Fiscal Cliff: As a CPA, People Expect You to Know this Crap

You spent five (or more) years studying to be an accountant, passed the hardest professional licensure exam that exists, and people expect you to know some shit about taxes. They don't care that you're "an auditor" because they don't know what that means. Now when you go to parties, somebody will be like, "Hey, Mark, […]

Understanding the Estate Tax: The Rich Lose Because They Have To Pay It, and the Poor Lose Because They’re Poor

If I've learned anything from the Pirates of the Caribbean ride at Disneyland, it's that dead men tell no tales; however, the rich ones still pay taxes which is good news, especially for those who can't afford Disneyland. Some Americans are in favor of radically increasing the taxes on the rich while others want to […]

AICPA Exec Under the False Impression That Congress Is Concerned About How Their Stalling Really Messes Things Up

Similar to the Ohio Society of CPAs, AICPA Tax Executive Committee Jeffrey Porter's request of Congress not only to act, but to act quickly, is charming. Charming in an Ernest P. Worrell kind of way, but charming nonetheless. In written and oral testimony, Porter addressed the impact of tax uncertainty in several areas and made recommendations on behalf […]

Congressional Leader Clearly Knows Nothing About Congress’ Capabilities

The Hill reports that jolly orange giant John Boehner is speaking at the Peter G. Peterson Foundation today and he's telling the crowd that when Congress finally gets around to tax reform, they'll be coupled with an extension of the Bush tax cuts. “Any sudden tax hike would hurt our economy, so this fall — […]

Just Blow Up the Tax Code Already

Tax wonk Christopher Bergin has some concerns that if President Obama and Congress don't do something some about our tax system between now and the end of the year, a bomb will go off: If Congress and the President do nothing about our tax system between now and the end of the year, here are just […]