Well, well, well, it has finally happened; the unlicensed, work out their basements or garages with no overhead, no staff, no insurance, no competent software, etc. will now be monitored. The issue, as I see it, is with the background investigation of current CPA’s who do not wish to file electronically. Finger printing, tax return investigations, business tax return investigations, payroll tax investigations, tax filing compliance, etc is an invasion of too much business privacy.

Here we go again; society never goes after or punishes the real criminals. Does it really matter if a CPA has not filed their personal return for 2008 or 2007? There are many taxpayers who do not want their returns filed electronically. Does everyone now trust the internet? No. This is crazy. There is too much stolen identity still going on in society.

The solution, in my opinion, is for the IRS to not allow any taxpayer to file their own tax returns or to be prepared by anyone other than a CPA. Tax lawyers? Who are they? Come on, they are only lawyers with the word “tax before their title”. What the hell does that mean? A CPA then should be able to call them a Legal CPA; right? A CPA has to pass the toughest examination and must attend 80 hours of courses every two years. The bar is a very easy test; one where a lot of CPA’s who are engaged in court work would pass. An EA is a want to be tax preparer that could not pass the CPA examination. As they all say, it is only a test. Well then pass the test.

Congress should get off their fat rear ends and pass a law that requires all taxpayers to have their tax returns prepared only by a CPA or they will be heavily penalized. After all as someone state in an article I read, only attorneys are able to practice law and only doctors are able practice medicine. The CPA has been discriminated against for years. The CPA should be held at the same standard as an attorney and a doctor.

If a creditor writes off a bad debt and ceases collection and the amount of the debt is for more than $600.00, there is an IRS requirement that requires the creditor to report to the IRS the amount of the write-off on Form 1099-C which is the form that is used to report income. This means that you will have to report the debt that is written ff as income to you when you file the next year’s tax return. Thus, if you didn’t pay your credit card bill you and it is written off by the credit card company, you could find that you own income when you file your return.

There are several exceptions to this rule:

· If you discharge the debt in bankruptcy it is not considered income.

· If you are insolvent before the creditor write off the debt.

· If the debt that is written off is considered a gift.

Call Bob now at 215.550.3636 for answers to your tax questions.

SEC Info – Log Point Technologies Inc – 8-K – For 3/8/01

LOG POINT TECHNOLOGIES INC – LGPT Amended Annual Report (Small …

Blog.com

Robert C Olivieri, Jr CPA – Tax & Other Tips 2008 May

robert c olivieri, jr cpa and the firm of robert c olivieri, jr pc 

performed their first public company audit on log point technologies

, inc. during the late 1990’s.

Visit our web site at www.robertcolivierijrpc.blinkweb.com or call

Bob anytime at 215.550.3636 with your tax or accounting questions.

Robert C Olivieri, Jr CPA was on the board of directors of Holy

Family College during the mid 1990’s.

Call Bob at 215.550.3636 with any tax return questions or

accounting issues concerning your business.

Robert C Olivieri, Jr became a licensed CPA in February 1984

having passed the examination in November 1983.

Bob has been in public practice since May 1988 and can be

reached at 215.550.3636 up until very late at night.

Also, visit our web site at www.robertcolivierijrpc.blinkweb.com.