Cynical Posted January 27, 2010 Posted January 27, 2010 Isn't the IRS gonna start cracking down on professional tax preparers... What not... Who knows, one might get audited more if they have their taxes done by somebody else??? Starting next year, the IRS is requiring professional tax preparers to become registered (for a fee). To become registered, a tax preparer will have to pass a competency test (for a fee of course). No grandfathering. To maintain registration, each tax preparer will need to take continuing education of at least 15 hours a year.** Active attorneys, CPA's, and enrolled agents are exempt from the CE requirements (they have their own CE requirements already) Preparers will need to re-register every three years. **Side note: for those bashing H & R Block, said company requires it's people to take 24 hours of CE every year. Does that mean H & R Block is "superior"? No. It means going to the Block is potentially no better or no worse than going to any other "tax pro".
Fezmid Posted January 27, 2010 Posted January 27, 2010 **Side note: for those bashing H & R Block, said company requires it's people to take 24 hours of CE every year. Does that mean H & R Block is "superior"? No. It means going to the Block is potentially no better or no worse than going to any other "tax pro". I was going to say the same thing. My wife worked for H&R Block for a few years, just because she was interested in learning about taxes. They have great classes apparently - teach you all the ins and outs. You can learn as much or as little as you want though, since once you start working there, the computer software they use handles most of it. I also think it's funny when people say, "Use a CPA." They don't have any special tax training at all -- they're just reading the forms, same as you would. Like anything, some are better than others (just like H&R Block), but CPA does not equal tax pro. That said, H&R Block charges WAY too much. My wife would frequently try to convince people to do their own taxes -- since they charge an outragious amount even for a 1040EZ. Most people just said, "I don't want to be bothered," and paid the $100 (or whatever) for the basic form. Back to the topic at hand - I file mine online at TaxAct: http://www.taxactonline.com/ I started using them because of the crap TurboTax was installing on the PC. Used them for a few years without issue.
KD in CA Posted January 27, 2010 Posted January 27, 2010 My wife worked for H&R Block for a few years, just because she was interested in learning about taxes. They have great classes apparently - teach you all the ins and outs. You can learn as much or as little as you want though, since once you start working there, the computer software they use handles most of it. Thanks for validating the criticism. So your wife wanted to 'learn about taxes' and did so by taking a few hours of classes and then doing other peoples' returns? Yikes. And if the software handles most of it, why not just buy the software for a fraction of the price? Besides, H&R Block doing tax returns is basically a front for their real business: loan sharking. I also think it's funny when people say, "Use a CPA." They don't have any special tax training at all -- they're just reading the forms, same as you would. Like anything, some are better than others (just like H&R Block), but CPA does not equal tax pro. By that logic, why hire an attorney when you buy a house or sign a business deal? They're just reading the forms, same as you. Why hire a carpenter to build an addition on your house? He's just pounding nails, same as you. I'm guessing you don't really know what the 'C' in CPA means or how that designation is earned.
Fezmid Posted January 27, 2010 Posted January 27, 2010 Thanks for validating the criticism. So your wife wanted to 'learn about taxes' and did so by taking a few hours of classes and then doing other peoples' returns? Yikes. And if the software handles most of it, why not just buy the software for a fraction of the price? A few hours? Try 69 hours, and that's for the entry level stuff. I would hope you can learn a lot about a topic if you spend 69 hours learning about it. That's probably more training than most CPAs have in tax preparation. http://www.hrblock.com/taxes/planning/tax_...e_schedule.html And yes, the software handles 95% of the easy stuff and for most people you're better off using some sort of software (TurboTax, TacAct, H&R Block, etc). Did you even read the end of my post where I said, "That said, H&R Block charges WAY too much?" For the 5% of people with more complex returns, it's worth it -- and complex is much more than, "I bought a house." By that logic, why hire an attorney when you buy a house or sign a business deal? They're just reading the forms, same as you. Why hire a carpenter to build an addition on your house? He's just pounding nails, same as you. I'm guessing you don't really know what the 'C' in CPA means or how that designation is earned. Did an H&R Block employee kick your dog or something? Why hire a carpenter? Because they've learned how to build things. Why hire an attorney? Because they know what to look for in a contract. What does the "C" stand for? "Certified." The PA stands for "Public Accountant." Nothing about taxes in there. Read this: http://taxes.about.com/od/findataxpreparer..._accountant.htm CPAs are accountants who have passed the rigorous CPA Exam and are licensed by the state they work in. CPAs will specialize in a specific area, such as audits, tax, or business consulting. CPAs are best at complex accounting work, and not all CPAs handle tax issues. Again, if you read my first post you'll see I never endorsed H&R Block; for most people it's a ripoff ($80 to file a 1040EZ and a state return? Seriously?!). But in most cases, you're better off going to H&R Block to have complex taxes done than you are going to a CPA -- unless you can confirm that the CPA specializes in taxes, that person probably knows less than an above average person at H&R Block (I know my wife had to fix CPA errors many times when she worked there).
stuckincincy Posted January 27, 2010 Posted January 27, 2010 Again, if you read my first post you'll see I never endorsed H&R Block; for most people it's a ripoff ($80 to file a 1040EZ and a state return? Seriously?!). But in most cases, you're better off going to H&R Block to have complex taxes done than you are going to a CPA -- unless you can confirm that the CPA specializes in taxes, that person probably knows less than an above average person at H&R Block (I know my wife had to fix CPA errors many times when she worked there). In my barfly days at my local haunts, I would fill out 1040EZ's, state and local forms also, for barmaids and barmen. I told'em to bring in their wage statements, etc. beforehand. For nothing, as a common courtesy to friends of mine. Told 'em to be sure to make copies before they mailed them. I was strict about that. They usually handed me a free beer - more than adequate payment for 5 minutes' work.
Pine Barrens Mafia Posted January 27, 2010 Posted January 27, 2010 Real tax professional - rip-off Unless someone is in a situation like you where there are a lot of variables, the average Joe needs nothing more than Turbo Tax or H&R Block online for about $30 a return. not if you've got 6 different 1099s coming in, they're not.
Nervous Guy Posted January 27, 2010 Posted January 27, 2010 I've used H&R Block for over 5 years. My returns are not especially complicated but I do itemize and such. I know TurboTax has in the past been knocked for installing additional software (spyware?) on people's PCs without notice. This week Office Max has H&R Block Deluxe (Fed + 1 state) on sale for $34.99, and they give you a $10 gift card. Not a bad deal. this
kegtapr Posted January 27, 2010 Posted January 27, 2010 not if you've got 6 different 1099s coming in, they're not. Like I said, for the average Joe. And you sir, are far from the average Joe.
Nervous Guy Posted January 27, 2010 Posted January 27, 2010 Like I said, for the average Joe. And you sir, are far from the average Joe. indeed..he's about 2 standard deviations below the mean...a real outlier.
Cynical Posted January 27, 2010 Posted January 27, 2010 Wow. In terms of ignorance, this post ranks right up there. Thanks for validating the criticism. So your wife wanted to 'learn about taxes' and did so by taking a few hours of classes and then doing other peoples' returns? Yikes. Just because somebody took "a few hours of classes" doesn't mean they automatically are filing business returns, or anything remotely complex. To do that, experience, more class time, and testing is required. Do you have any clue who works at the local H & R Block office? You would be surprised at who you might find there. You might find a retired IRS agent, possibly one or more enrolled agents, tax accountants, and yes, even CPA's. And regarding those few hours to learn about taxes, H & R Block had to institute a clause in it's basic training contracts. Turns out independent tax return companies and "tax pro" CPA's were sending people to the H & R Block classes for training. And if the software handles most of it, why not just buy the software for a fraction of the price? If you feel confident in your abilities, go for it. Just be aware like any computer program: garbage in = garbage out. Besides, H&R Block doing tax returns is basically a front for their real business: loan sharking. More ignorance. Most people I know in the tax return business wish those tax return loans would go away. The stupid things are a PITA, and cause more headaches than they solve. Unfortunately, a lot of clients WANT those loans, and will seek out those companies that do it. H & R Block itself does not do the loans. HSBC handles the refund anticipation loans for the Block. By that logic, why hire an attorney when you buy a house or sign a business deal? They're just reading the forms, same as you. Why hire a carpenter to build an addition on your house? He's just pounding nails, same as you. I'm guessing you don't really know what the 'C' in CPA means or how that designation is earned. And I'm guessing you believe when you go to a CPA to have your tax return done, you actually believe the CPA does your return.
EZC-Boston Posted January 27, 2010 Posted January 27, 2010 Back to the topic at hand - I file mine online at TaxAct: http://www.taxactonline.com/ I started using them because of the crap TurboTax was installing on the PC. Used them for a few years without issue. Wow, fez I thought for sure you would have some security issue with TaxAct. I've used them for 7 years and they've been great and I've never had any issues. I must admit they seem to be pushing the "deluxe" edition pretty hard this year. It's only $10 more but I didn't bite.
Fezmid Posted January 27, 2010 Posted January 27, 2010 Wow, fez I thought for sure you would have some security issue with TaxAct. I've used them for 7 years and they've been great and I've never had any issues. I must admit they seem to be pushing the "deluxe" edition pretty hard this year. It's only $10 more but I didn't bite. I did a bunch of research about them beforehand; the IRS officially supports them, so I figured it was as good as anything, and better than giving my SSN to someone at a tax preparation place (H&R Block, CPA, whatever). I was a bit skeptical, but it's really no different than doing it on TurboTax - the information gets out there. I don't let them keep my return though (they charge extra for that anyway), although they probably still have my information somewhere... But yeah, I did have to think long and hard about it -- and still not 100% comfortable.
DrDawkinstein Posted January 27, 2010 Posted January 27, 2010 my taxes are very very simple. for the small fee, TurboTax has done me well the past 3 years. nothing has ever been installed on my laptop (but then again, it's a mac).
Chef Jim Posted January 28, 2010 Posted January 28, 2010 You know this is way off the OP, but it got me thinking.[a feat in itself] The big deal with the Bills is when he dies the heirs will have to pay a large estate tax so they will sell the team to cover it. If RW is serious about keeping the team in WNY, why not sell it now with a clause the new owner[and subsequent owners] keep it where it is? So what if he has a $200 million capital gains tax hit? The $800 million from the sale would cover that nicely. Because that way you have to Cap Gain tax and the Estate tax issue. If they wait until he dies to sell the team they eliminate the cap gain tax and are just hit with the estate tax.
KD in CA Posted January 28, 2010 Posted January 28, 2010 Wow. In terms of ignorance, this post ranks right up there. Just because somebody took "a few hours of classes" doesn't mean they automatically are filing business returns, or anything remotely complex. To do that, experience, more class time, and testing is required. Do you have any clue who works at the local H & R Block office? You would be surprised at who you might find there. You might find a retired IRS agent, possibly one or more enrolled agents, tax accountants, and yes, even CPA's. Looks like I've insulted the H&R Block employee of the day! Always humorous when some backwater hick starts calling others ignorant. Yeah, I do know who works at HR Block -- people who want to 'learn about taxes'; that was the comment to which I was responding. I'm sure there are plenty of retired/unemployed professionals that do it for a few extra bucks, but there are also plenty of people that don't belong anywhere near someone's tax return. They are going to staff to meet their demand. If they don't have enough competent professionals, are they turning away business or hiring unqualified people to work the overflow? If you feel confident in your abilities, go for it. Just be aware like any computer program: garbage in = garbage out. Thanks, I will. And if you are confident in your stupidity, you can overpay HR Block to run your stuff through the same computer program. The difference is, I have the ability to audit my own return. More ignorance. Most people I know in the tax return business wish those tax return loans would go away.The stupid things are a PITA, and cause more headaches than they solve. Unfortunately, a lot of clients WANT those loans, and will seek out those companies that do it. H & R Block itself does not do the loans. HSBC handles the refund anticipation loans for the Block. Well I'm sure the 'people you know' are right at the top making the big decisions! HR Block must be dying to get out of the business of fooling stupid people like you into taking loans with effective interest rates that would make a mob boss blush. Then again, they have been so slimly about it they've actually been sued over the program, so maybe they are changing their tune. And I'm guessing you believe when you go to a CPA to have your tax return done, you actually believe the CPA does your return. You must be the connor of this topic, you are so misinformed. Most CPAs are sole practitioners, so yeah, that's exactly who is 'doing your return'. And even if you go to a big firm, usually everyone on the staff is a CPA as well. But what do I know on the topic, it's not like I've spend my entire career working in or with that field.
Fan in Chicago Posted January 28, 2010 Posted January 28, 2010 H&R Block At home Deluxe is on sale at Amazon for $19.99 + S&H. I paid $25 yesterday but got free super saver shipping. Either way, you will end up around $24-$25 with no mail in rebates or gift card program: http://www.amazon.com/gp/product/B002SR0QC...1KAX1E2AMMK960Z
Fezmid Posted January 28, 2010 Posted January 28, 2010 Yeah, I do know who works at HR Block -- people who want to 'learn about taxes'; that was the comment to which I was responding. I'm sure there are plenty of retired/unemployed professionals that do it for a few extra bucks, but there are also plenty of people that don't belong anywhere near someone's tax return. They are going to staff to meet their demand. If they don't have enough competent professionals, are they turning away business or hiring unqualified people to work the overflow? If they don't have enough competent professionals at the time, they schedule the client to come in at a time when they do have proper staffing... Did you skip the part about the 69 hours of required tax classes you have to take to work there? (89 hours in Oregon I believe). And the required continuing education you have to take to work there for a second year? It's not like they take the people with the 69 hours of classroom instruction and have them do a farmer's return (where every piece of livestock is an asset). And quoting the fact that H&R Block has been sued is worthless -- we live in a society where everyone sues everyone else. Doesn't mean anybody has done anything wrong. Here's proof (I found this funny - eHarmony just settled yesterday): http://www.reuters.com/article/idUSN3122132120070531
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