Student Loan Consolidation

[Burke]

Does it seem to the rest of you that we are expected to be experts in all areas of government besides taxes, like Social Security, Medicare, ACA, the federal Student Loan program, FAFSA, Pell Grants, etc, etc, and et cetera? Client referred info to me on the federal PSLF program -- seems like "all the students" are doing this, and so on. And there are apparently independent, private companies pitching this, with upfront fees of course, when I think very few students will qualify much less adhere to its 10-yr requirements.

[Corduroy Frog]

Especially Legal

I agree Burke. We are supposed to know ALL those things. Not familiar with this new agency, just sounds like
another financial product that makes money for the big boys.

What really burns me are the questions best asked to a lawyer, and they think they can count on our advice
and save $$$ they would have to pay to a lawyer.

For example, we had a recent post where the benefits of stepped-up basis were being touted as a tax-saving
device, when no consideration had been given to the possible state pre-emption of nursing homes over assets.
We better know when to stay OUT of these type conversations. We can be blamed (or even sued) for this.

And FLAT tell these clients to get a lawyer.

[TAXNJ]

Specialist

I agree Burke. We are supposed to know ALL those things. Not familiar with this new agency, just sounds like
another financial product that makes money for the big boys.

What really burns me are the questions best asked to a lawyer, and they think they can count on our advice
and save $$$ they would have to pay to a lawyer.

For example, we had a recent post where the benefits of stepped-up basis were being touted as a tax-saving
device, when no consideration had been given to the possible state pre-emption of nursing homes over assets.
We better know when to stay OUT of these type conversations. We can be blamed (or even sued) for this.

And FLAT tell these clients to get a lawyer.

One must know when legal consultation is necessary as well as what their responsibility is in the preparation of tax returns as a preparer.

Yes., it is getting to the point of being a specialist. As Burke mentions the various areas being consulted, one may consider specializing (non legal - legal if attorney) in those areas whether or not a "flat" tax becomes law and then one will still be employed.

Also, as Burke mentions companies asking for "upfront fees" for services, one shoulder consider where legal, as a lesson learned.

[Burke]

The Public Loan Service Forgiveness program is a legitimate thing, I just don't see why you need to enlist a private company to ride honcho on it for you. Sort of like OIC. And if they would only Google.......