Author: tonynova
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After the final no
“After the final no there comes a yes And on that yes the future world depends”. These are the opening lines in a poem titled “The Well-dressed Man with a Beard” by Wallace Stevens, 1942. These lines are often quoted alone; the rest of the poem seem obscure and insignificant to me.
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Updated tax services engagement agreement
This past month I’ve work hard to balance what appears to me to be a shift in fundamental client demands surrounding tax services with the legal requirements for income tax return preparers. The background of the issue is covered in more detail in this previous blog post. While I work primarily as an adviser, I must…
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A change to my income tax service agreement
IRS knows that if five different tax professionals prepare the same moderately complicated income tax return, there will be 5 different returns with 5 different outcomes in terms of the amounts of income tax liability. IRS also knows that it will receive at least 4 of these 5 submitted returns as filed and accepted tax…
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Update on FEMA fraud case affecting NJ homeowners
Former insurance executive Tom MacArthur, now the elected Congressman to the Jersey shore region, is calling for Congressional inquiry into the latest second round of alleged systematic fraud by FEMA claims investigators. This latest breaking scandal in the claim review process comes a year after FEMA admitted systematic fraud in the underlying claim processing program…
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How to get a copy of your tax return
If you need a copy of your tax return the fastest, easiest, cheapest solution is to order a transcript from IRS. This is free but delivered only by mail for security reasons. Put in an online request at https://www.irs.gov/Individuals/Get-Transcript . A transcript is a printed version of the electronic data contained in your tax return. It is formatted differently…
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How to deduct 98% of your cell phone bill
A few months ago during tax season I wrote about how changing wireless phone billing practices are having an impact on income tax preparation practices. But I did not realize the extent of that change – and how it directly applied to me – until now. I concluded that I can legitimately deduct 98% of…
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Bank needs accountant’s verification
Your mortgage lender asks for an accountant’s verification of your income or tax return information or that you are self-employed. Simple right? Not always. CPAs are controlled by strict rules for these “comfort letters”. I do my best to help clients with their loan application and satisfy the lender. To learn more about this topic…
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Should I self-insure long term care expenses?
Recognize that this is our largest financial risk, the largest unknown, when we reach retirement age. It covers the potential cost of assisted living, home health care or living in a community facility that can be astronomical. My suggestions to help reach a conclusion on this question: You only need to worry about this if you…
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Confusing political coverage!
Some perverse personal interest in statistics and forecasting keeps me interested this presidential race. Nothing annoys a statistician more than unreliable input data. The latest news had me befuddled. Yesterday CNN put out an article saying Hillary’s acceptance among electorate has increased lately (“enthusiasm for a Clinton candidacy has grown as her chances of winning…
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MetLife retirement plan customers may be due refunds
MetLife Inc. agreed to pay a huge fine and reimbursement of $25 million for making negligent misrepresentations and omissions that mislead tens of thousands of its retirement plan customers. $5 million of that will be used to reimburse customers for excess fees charged by the firm. This is the 2nd largest fine ever levied in the regulation of…