I believe that Rich Rhodes is one of the National Association of Enrolled Agents' (NAEA) rising stars. I had the honor of working with him on some NAEA committees.
Rich shares his views on the infamous fiscal cliff:
Is all of this talk of the fiscal cliff just intentional noise and drama? I think that it may be. I think that the politicians in Washington want us to remain uncertain over certain tax issues until it is too late for us to take evasive action. I think that the GOP and the Dems both know that they are going to raise the tax rate on capital gains. If we (taxpayers) know this to be a fact, good tax planning strategy may insist that we sell all of our stocks and mutual funds that have been carrying an unrealized capital gain, recognize the gain in 2012 when cap gain taxes are lower, then buy back our previously sold shares for nearly the same price that we sold them for. By doing this you are insuring that you will avoid the tax hike on gains that have accumulated prior to the date of the tax increase. If everyone who has an unrealized gain, on their stocks and mutual funds, sell their shares in a short time frame, the market may crash and the country may be headed for even bigger problems. My guess is that Washington will not make a move to confirm increasing the capital gains tax rates until it is too late for anyone to react. They will confirm the increases after the markets are closed for the year.
Who is Rich Rhodes, EA?
How can you contact Rich?