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Does "Deed in Lieu" mean the mortgage is in the toilet? Tom Lodi, CA

I do believe the Federal Government has the right to regulate the tax prep industry. However, based on their history, I don't think the IRS or the Treasury are the agencies to do so. Why? Because you are giving the agency that we are in conflict with authority to license us. That is a real can of worms. Just like we have the Taxpayer advocate, with separate interests from the IRS, we need the OPR to move out of IRS or Treasury and become an independent arbitrator between the IRS and the tax prep community. It scares the hell out of me that I can put so many years into building my practice, and some beaurocrat in washington can pull my PTIN and I don't have a practice anymore. Just my 2 cents. Tom Lodi, CA

Dear Client: "Cash in Lieu" still needs reporting on Schedule D. This is NOT cash you found in the loo. If you don't understand the term, perhaps you should consider having a little chat with your financial "advisor".