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The sweeping new IRS licensing scheme endangers the livelihood of an estimated 350,000 tax preparers and harms the nearly 100 million taxpayers who rely on paid tax preparers. That's why the Institute for Justice recently filed a federal lawsuit on behalf of three independent tax preparers, challenging regulations that require preparers to get the IRS' permission before they can work.

By Justin Sullivan, Getty Images

The IRS claims this is for consumer protection, pointing to error rates on tax returns. But the tax code is so complex that, according to a government study, even IRS employees answer tax questions correctly and completely less than half the time. To reduce errors, perhaps we ought to simplify the tax code, not create more red tape.

The real effect of this licensing scheme is to raise prices.

Compliance will be expensive for preparers, and those costs will be passed on to taxpayers. Further, these regulations will force many preparers out of business. That's precisely the purpose of licensing schemes: reduce competition, drive up prices.

About Editorials/Debate

Opinions expressed in USA TODAY's editorials are decided by its Editorial Board, a demographically and ideologically diverse group that is separate from USA TODAY's news staff.

Most editorials are accompanied by an opposing view a unique USA TODAY feature that allows readers to reach conclusions based on both sides of an argument rather than just the Editorial Board's point of view.

So who do these regulations really protect? Investment bank UBS found that the regulations help H&R Block by creating "barriers to entry" for "small preparers." That's why major tax prep firms supported the regulations; they can absorb compliance costs that drive smaller competitors out of business.

Despite these serious drawbacks, the IRS offers no evidence that the licensing scheme will be any more effective than a voluntary certification program, which would allow taxpayers freedom to choose. Some taxpayers might prefer a certified preparer, while others might favor a friend, relative or preparer they have used for years.

Excerpt from:
Opposing view: Overturn IRS license scheme

TORONTO, March 28, 2012 /PRNewswire/ -

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The Business of Journalism Tax tips for freelancers Tax time can be dizzying for journalists: What can be deducted? What is a legitimate expense? If you're self-employed, how do you manage numerous revenue sources?Miles Kenyonhelps to make sense of all of this, with advice from journalists and an accountant. Link to article

Law Does freedom of the press come at a higher price for student journalists? A visit from the bailiff indicating you face a potential lawsuit for something your story linked to: Not exactly the best day in a student press newsroom. Emma Godmere, national bureau chief of Canadian University Press, explains what happened when she recently faced this situation and how lopsided legal battles such as a student newspaper vs. university bureaucracy can stifle freedom of the press. Link to article

The Business of Journalism Aggregation, real reporters and local ads: CBC tests online-only news in Hamilton The CBC Hamilton news service is a first for the public broadcaster: A stand-alone website with no radio station and no television outlet. Arik Ligeti reports on why CBC decided to try this now, and looks at what it will add to the local media market, which has already seen at least one online-only outlet fold. Link to article

Town Hall The racial and cultural implications of rapping the Elements of Style Last year's adaptation of the Elements of Style wasn't the first time young, white, educated males have parodied hip hop, and it surely won't be the last. But Chris Richardson, a media studies PhD candidate at Western University, says that lost in the chuckles and grammatical debates is a discussion of what it means for journalism students to parody a popular style of music closely associated with African-American culture. Link to article

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Now on J-Source: Tax tips for freelancers; Linking liability; CBC goes online-only in Hamilton

Economic zone open to Taiwan investment and 'is not political'

There are no political motives behind the setting up of a special economic zone in Fujian province that is open to Taiwan investment, a mainland official said.

The Pingtan Experimental Zone "belongs to the economic domain", and is not an experimental laboratory for the "One Country, Two Systems" policy, Yang Yi, spokesman of the State Council's Taiwan Affairs Office, said at a news conference in Beijing on Wednesday.

Yang highlighted the attractiveness of the mainland's economic policies and urged Taiwan to reciprocate.

With an area of about 324 square kilometers, Pingtan is the closest mainland island to Taiwan. The mainland aims to channel 60 billion yuan ($9.53 billion) to develop the zone this year, targeting an overall investment of 250 billion yuan during the 2011-15 period, Fujian Governor Su Shulin said in Taiwan's Hsinchu city on Sunday.

Su, who went on a five-day visit to Taiwan on Saturday, said that the Pingtan project is a goodwill "package" sent across the Straits.

"We would like to open the package and let everyone look inside to see whether the gift comes from genuine goodwill or has strings attached," Su said in a speech on Tuesday when he met Lien Chan, honorary chairman of the Kuomintang, Taiwan's ruling party.

"If the answer is positive, we are ready to offer it at anytime," he said.

"I believe Pingtan will become a modern metropolis within a decade," he said.

Tang Yonghong, deputy director of the economic research office of the Taiwan Research Institute in Xiamen University, said some Taiwan politicians have overreacted and targeted the development of Pingtan as political.

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Pingtan project 'just for business'

There are no political motives behind the setting up of a special economic zone in China's southern Fujian province that is open to Taiwan investment, a mainland official said.

The Pingtan Experimental Zone "belongs to the economic domain", and is not an experimental laboratory for the "One Country, Two Systems" policy, Yang Yi, spokesman of the State Council's Taiwan Affairs Office, said at a news conference in Beijing yesterday.

Yang highlighted the attractiveness of the mainland's economic policies and urged Taiwan to reciprocate.

With an area of about 324 square km, Pingtan is the closest mainland island to Taiwan. The mainland aims to channel 60 billion yuan (US$9.53 billion) to develop the zone this year, targeting an overall investment of 250 billion yuan ($39.6 billion) during the 2011-15 period, Fujian Governor Su Shulin said in Taiwan's Hsinchu city on March 25.

Su, who went on a five-day visit to Taiwan on March 26, said that the Pingtan project is a goodwill "package" sent across the Straits.

"We would like to open the package and let everyone look inside to see whether the gift comes from genuine goodwill or has strings attached," Su said in a speech on Tuesday when he met Lien Chan, honorary chairman of the Kuomintang, Taiwan's ruling party.

"If the answer is positive, we are ready to offer it at anytime," he said.

"I believe Pingtan will become a modern metropolis within a decade," he said.

Tang Yonghong, deputy director of the economic research office of the Taiwan Research Institute in Xiamen University, said some Taiwan politicians have overreacted and targeted the development of Pingtan as political.

How to develop Pingtan on a mutually satisfactory basis should be done after comprehensive talks, he said.

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China opens economic zone to Taiwan

CAYMAN ISLANDS--(BUSINESS WIRE)--

The Domain Developers Fund, a public open fund investing in internet domain names only, today announced an annual performance of 16.37 % in the NAV of the fund, compared to a projected target increase of 15% for FY 2011. Sales have increase 240% compared with 2010 and the AUM has doubled during 2011.

During the fiscal year 2011, the Domain Developers Fund made some major transactions including the acquisitions of Swords.com, Exhibitions.com, Holland.net and Belgium.net along with the sale of Howareyou.com, cars.net and many others. The domain industry as a whole saw an increase of 11% in value based on Domainindex.com for .COM domains.

Revenues from parked domains have been stable and sales have been increasing over the year with no signs of a weak economy in the domain industry. The fund manages 5000 valuable domains and many more traffic generating domains, about 200 domains have been build out to projects, such as Holland.net, Belgium.net, species.com and swords.com. The fund operates its own SEO and Programming teams and technology expects the AUM to double again in 2012.

"The performance and the increase in the assets under management show that our plan of introducing Internet domain names as a new asset class is a working concept and that people are interested in the idea of investing in domain names in the same manner they invest in real estate," Marcovici noted.

Barclayhedge, one of the worlds leading alternative investment Database lists the Domain Developers Fund now as the #1 Fund in the miscellaneous Hedge Funds section for 2011, outperforming all other uncorrelated products in this category.

The Domain Developers Fund's management anticipates that next annual earnings will be stronger due to increased efforts in developing high end domains. Domain Developers Fund continues to expect a performance of 15% for 2012.

Headquartered in Cayman Islands, the Domain Developers Fund is the first and only public open-ended investment fund that invests in domains: the Internet's real estate. The Fund was a managed account by private domainers before it incorporated in August 2010 in the Cayman Islands, the Funds investors are mainly private individuals as well as family offices and few funds. The DDF is administered by JPFund and audited by BDO.

ISIN: KYG280681076

CUSIP: G28068 107

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Domain Developers Fund Announces 16.37% annual net performance results for 2011