Bill Fox

CPA, South Jersey

[Kelly Phillips Erb @taxgirl]

THIS.

[Bill Fox @WRF_CPA]

@FortWayneCPA Phase one: Bomb Iran, Phase 2: ?, Phase 3: Profit

[Mike Sylvester, CPA @FortWayneCPA]

Everything is slowly breaking and it is getting worse...

Dear Congress, US Treasury Department, Internal Revenue Service and President Trump.

The IRS notice response system has been broken for years and it is getting worse. Significantly worse.

The amount of time tax pros are wasting dealing with bogus notices is sky rocketing.

For goodness sakes, the IRS needs to read the notice responses we send them and turn off their damned automated system for sending out notices.

[CNBC @CNBC]

53% of investors with a required withdrawal for 2025 still haven't taken it: Fidelity https://t.co/CHDGM0xe6g

[Daily Tax Memes @DailyTaxMemes]

#TaxTwitter

[Daily Tax Memes @DailyTaxMemes]

When you are ready to finalize a return only to discover they “never received” Form 1095-A

[IRSnews @IRSnews]

Can you claim a deduction under the One, Big, Beautiful Bill’s “no tax on tips” provision? Check out the #IRS site and see the nearly 70 occupations of tipped workers who may qualify: https://t.co/LQrYr7lKR1

[Bloomberg Tax @tax]

IRS workers can anticipate getting the majority of their back pay Nov. 19— about a week after the end of the longest government shutdown in US history, according to an email sent to employees and seen by Bloomberg Tax https://t.co/B0BqzltwTE

[Mike Sylvester, CPA @FortWayneCPA]

The IRS feels that the compliance burden for car loan lenders due to OBBB will be 2,000,000 hours per year. This is for the interest forms they need to issue to borrowers...

Congress puts zero thought into compliance costs on businesses, tax professionals, or taxpayers. Zero thought. OBBB will increase tax prep costs.

This is per notice 2025-57. This IRS notice provides transition relief and radically lowers the amount of information lenders must provide for tax year 2025. Basically for tax year 2025 they just must in some way provide info to recipient that shows amount of interest paid on car loan any way they want to. Most will likely prove an annual statement I would guess.

For tax year 2026 - 2028 this will done done via Form 1098-V.

Tax professionals today are preparing to educate their clients about the new rules, themselves and staff, and figuring out how to collect this information from clients at tax time.

[Mike Sylvester, CPA @FortWayneCPA]

Shame on certain CPA firms.

We just interviewed a person who left public accounting due to burnout.

Often worked 100-120 hours a week.

Mandatory hours, not allowed to leave for the week until all work done.

Two tax seasons.

Minimum hours in slow season, 40 hours.

Likely worked 3000 hours a year as a Staff Accountant.

That is insane...

Quit due to burnout. Of course they quit due to burnout.

Do better.

[MWT @mountainwesttax]

the United States is in a health insurance death spiral for everyone below Medicare age

[Mike Sylvester, CPA @FortWayneCPA]

I graduated high school in 1985.

It takes $3.01 today to buy what $1 bought back in 1985.

The dollar had an average inflation rate of 2.79% per year between 1985 and today, producing a cumulative price increase of 201%

Facts matter.

[Mike Sylvester, CPA @FortWayneCPA]

If you are listening to ANYONE who is telling you to put all of your money into Bitcoin or ANY other investment and they are telling you to calculate a 30% annual return on investment.

Run, run Forest run...

Note they will likely also try to tell you that a 401K plan is a scam, especially if it does not allow their investment of choice.

Forest Gump was a GREAT movie.

[Andrea MacDonald, CPA ⭐️ @andreamacdcpa]

Happy 10/15 to those who celebrate.

[Kelly Phillips Erb @taxgirl]

Home stretch! Reminder to taxpayers that the October 15 filing deadline remains in place even though the IRS is largely shut down.

[Mike Sylvester, CPA @FortWayneCPA]

I just used THREE different major AI platforms to ask them how much leverage should beginners to crypto use and all three said the same thing.

They said beginners should limit their leverage to between 2x and 5x.

This is wrong. Dead wrong. This is just terrible information.

At least 99% of investors should NOT use leverage at all.

Remember I am a CPA not a financial planner.

[Bloomberg Tax @tax]

IRS employees implementing the GOP July tax law are largely exempt from staff furloughs amid the government shutdown, but the shutdown’s impact could still have a ripple effect on the rollout of regulations and guidance to taxpayers. https://t.co/f0okwysCwe

[Mike Sylvester, CPA @FortWayneCPA]

For goodness sakes, if you take $10,000 or more from your retirement accounts early talk to your tax professional.

Before you do it.

[Jenny Rozelle @jennyrozelle]

Check your beneficiary designations.

That’s all.

[Bill Fox @WRF_CPA]

@taxpreptech After 2007/2008, I think they just stuff their files with as much data as possible to get the loan approved.