My Tax Blog

  • Tax Preparation Checklist for New Tax Preparation Offices

    EFIN- Electronic Filing Identification Number Is your EFIN approved? If not, where are you in the process? Have you started your registration for your tax business?   PTIN- Preparer Tax Identification Number Is your PTIN renewed for the upcoming season? Are PTINs renewed for all the tax preparers in your tax business? Are you AFSP? […]

    Federal Direct Thanksgiving Hours

    Federal Direct will close at 6 pm EST tonight, Nov. 22nd, and we will reopen on Monday, Nov. 27th, at 9 am EST. We want to wish you all a warm and wonderful Thanksgiving holiday. Spending time with our families is one of the things that we are most thankful for, especially as we prepare […]

    Post Completion Internal Return Auditing

    Every tax office should have a system of self-audit to ensure that all returns are filed timely. Use form 9325 to stay organized and prevent any clients from falling through the cracks.  Check your tax software for reporting tools that will allow you to separate out un-filed and/or rejected returns. Following up on the acceptance […]

    End of Filing Season is November 18th, 2017

    Last day to e-file returns will be November 18th, 2017. Until that day, you can e-file tax returns from 2014, 2015, and 2016. Once e-filing opens back up for the coming season, then you will be able to e-file returns for 2015, 2016, and 2017. 

  • IRS Proposes Higher Fees for OIC & Payment Arrangements

    Due  to continuous budget cuts for the IRS, the Agency has proposed plans to raise fees for programs that help taxpayers who are struggling with enormous tax debt. These proposed raise will be on fees which are charged for an Offer in Compromise or fees to set up payment installation agreements.  These fees have not […]

    Gov to Allow “Unbanked” to Buy Insurance with Prepaid Debit Cards

    Remember that report stating that folks with out bank accounts were going to face a ton of problems? Well, that crisis has been avoided. The Obama administration said Wednesday that there will be a rule preventing health plans from not accommodating households that do not have traditional bank accounts. An estimated 8.5 million people without […]

    IRS Sends Thousands of PTIN Letters to Preparers

    This week the IRS Return Preparer Office is mailing letters to approximately 3,000 return preparers who are preparing tax returns without a valid preparer tax identification number (PTIN). Letter 4731 is being sent to 1,100+ people who are using a legacy PTIN that was obtained prior to September 2010 and has never been renewed in the new […]

    IRS Sets Rules for Disclosing Taxpayer Info Under Health Care Reform

    The IRS has set preliminary rules for disclosing taxpayer tax return information to the insurance exchanges, also called “marketplaces” (not currently set up), to help in determining who is and who is not eligible for the “premium tax credit.”  For taxpayers whose income is relevant in determining eligibility for an insurance affordability program, Medicaid, CHIP, […]

    IRS Delays Retirement of EAR but Still Plans to Shut It Down.

    According to Accounting Today, the IRS will be extending the time before the retirement of the Electronic Account Resolution services on the IRS’s website. The IRS plans to extend the applications for three more weeks. There has been and continues to be much outrage over the shutting down of the system when there are drastic […]

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