It's officially Tax Season - I'm back from a long nine hour Don Farmer tax seminar taught by Walter Nunnallee, CPA, JD, LLM. I've been attending this seminar for the last 16 years when it was taught by Don Farmer. It's a great time and Walter does great stand up comedy all day long! It is held at a venue that can sit 700+ CPAs in one room. It's like a mini reunion. We visit with colleagues we have worked with in the past, catch up on where everyone is and who's still active in the profession.
This is when Dawn, who worked with me many moons ago, and I meet up, catch up, talk shop, and have lunch. Oh yes, we listen to lots of talk about new legislation, tax cases, and what other "crap" our legislature got passed that we need to be using for the benefit of our clients for the upcoming season.
Tax is full of acronyms that allow us pro's to speak in shorthand which leave the rest of the world in the dark. Every year we recieve handful of new ones - this year we have TIPA latest new law we need to learn that was signed by the President on December 19th! Then welcome ABLE Act which is brand new - it stands for "Achieving a Better Life Experience Act of 2014". TIPA changed/extended 49 different laws that are retroactive to January 1, 2014. Let's add PEOs, HCTC, ACA, PTC, and SRET which are all new for 2015 season. While your head is whizzing, today's manual is 698 pages long and would most likely be 100 pages longer if we didn't have these acronyms.
For the next four months or so..... yeah - it is fun. Okay maybe not the last couple of weeks. I do enjoy unraveling people's finances and help them get a jump on making sense of their cents.