TIGTA found that more than 65,300 bank accounts had multiple direct deposits, accounting for more than 949,000 refunds for approximately $1.6 billion, some of which belong to IRS employees. What does this mean?  Essentially, this means that 65,300 preparers may be shifting money from his or her client’s refund to the preparer’s own bank account. […]

It is now preparer tax identification number (PTIN) renewal season. Please renew your PTIN by the end of the year. Before you begin the PTIN requirements process, be sure to review the list of information you will need for getting a PTIN. Logging Into Your Online Account You will notice some changes when you log […]

For the upcoming tax year the annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012. Any monetary, or tangible gift with FMV, of less 14 thousand dollars does not require a gift tax return to be filed nor is the recipient required to pay taxes on that gift, so let’s […]

The PTIN renewal and registration for 2013 are now available. Regulations require all paid tax return preparers obtain a Preparer Tax Identification Number (PTIN). Preparers must renew their PTIN each year by December 31. The renewal fee is $63.00 and the initial application fee is $64.25. Please remember to confirm that your credentials and all […]

Below is a list of dates with corresponding late fees. Don’t forget these late fees are IN ADDITION to the regular renewal fee. Also, these fees do NOT include your PTIN fee. October 31st- Deadline to renew with CTEC, Pay California $25 After 10/31- Jan. 1st- Late renewal with CTEC, Pay California $25 to renew […]