My Tax Blog

  • Federal Direct Holiday Office Hours

    Federal Direct will be closed Saturday December 24th through Monday December 26th in observation of the holiday season and will reopen at 9am Eastern on Tuesday December 27th. We will also be closed Monday January 2nd in observation of the New Year’s holiday and will reopen at 9am Eastern on Tuesday January 3rd. Happy Holidays […]

    e-file deadline close approaching!

    Be aware that the IRS annual e-file shutdown for rolling their systems over to the next year’s tax calculations is coming next week, November 30th.  The IRS will not accept returns electronically from this date on until they turn back on for filing in mid January 2017.  The IRS’ goal is to always accept 3 […]

    Happy Thanksgiving!

    From all of us here at Federal Direct we would like to wish you a Happy Thanksgiving Holiday! The corporate office will be closed Thursday through Sunday and will reopen Monday morning at 9am Eastern! Also, don’t forget that November 30th is the deadline for e-filing, until the IRS turn their system back on in […]

    Startup costs for starting a tax preparation business

    Research Costs-                 Thinking about starting a tax preparation business? Or, do you need tax business help as a preparer? Perhaps you have already decided and are doing cursory research.  If you do your homework on the steps to starting a tax preparation business, it will pay off big time.  Being prepared for your new […]

    Online Tax Software vs. Desktop Tax Software

    Benefits of Online Tax Software Online tax prep software can be used on any computer – Mac or PC Online tax software auto updates and is self-maintaining Acknowledgments automatically applied No need to back up files since they are stored in the cloud Functionally similar to desktop versions Fluid movement between software years Several preparer roles […]

  • Lauryn Hill Convicted of Tax Evasion & Compares It to Slavery…

    Singer/Songwriter Lauryn Hill has been sentenced to three months in prison and three months of home confinement for failing to file tax returns for five years and not reporting more than $2.3 million in income. In addition to being a singer and actress, Hill owned and operated four S corporations, and her primary source of […]

    Late Tax Filers May Qualify for Abatement of Penalties

    The IRS has a program called the First Time Abate which allows for a taxpayer to have the late filing penalties waived. This only applies if the taxpayer has been compliant for the past three years. This means paying on time, filing on time, etc. This also includes the penalty for late payroll tax deposits. […]

    Taxpayer Protection and Preparer Fraud Prevention Act of 2013

    Over the past few years we’ve seen the number of cases of fraud go from an occurrence that happened to “someone we know” to something that you can’t avoid reading or hearing about. It’s happening to hundreds of thousands of people in many different forms, but one of the most common forms in the tax […]

    IRS Closing for 5 days Due to Furloughs

    Due to budget cuts and sequestration, the IRS will be closing down all of its operations for 5 days, one at a time, from now to August. This will include all operations, including the call centers. The goal is to save money on utilities and man-power on slower days. Keep in mind that the IRS […]

    1 More Day to Timely File Rejected Returns

    Just a reminder that tomorrow, 4/20/2013 is the last day to timely file returns that were previously rejected. Also, be sure not to cause undue alarm to your clients that are getting refunds; there is no late filing penalty for filing a return after 4/15 if you are claiming a refund!  

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