Tax Talk

  • ITIN Credit Rules Enforced. Here are some tips.

    No, an ITIN holder cannot claim credits for back year’s returns. The law changed in Dec. 2015 with HR2029.  This means no Child Tax Credit or American Opportunity Credit (among others) for any year beyond a current and timely filed tax return. If you file late, as in after April 15th, you will NOT get […]

    PTIN System Open and Free

    Today, the IRS re-opened the PTIN System and is again issuing PTINs. Since the IRS is enjoined from charging a fee, it will issue the PTINs at no cost to the preparer. If you currently have a PTIN, you can now log into your account to make changes and view CPE information as normal.

    Email Scam Targeting IRS E-Services Users

    Another IRS scam email has been plaguing the tax preparation industry for months now, scammers have crafted a fake IRS s-services page that is identical to the real one. They blast password expiration/reset emails to everyone who has a PTIN as that info is open information and many PTIN holders are also EROs or hold active […]

    Does opening a tax office really mean working only 4 months per year?

    Does opening a tax office really mean working only 4 months per year? The simplest answer is probably not.  Can you earn a living wage salary in only 4 months? Yes, a seasonal tax preparer can earn a living wage salary in only 4 months, but that doesn’t mean that all the work stops after April. Some […]

  • Updated: IRS will shut down 1040 e-filing on November 23rd

    The IRS will officially shut down all 1040 e-filing for the year on November 23rd. Legacy e-filing ended last month, but modernized e-filing (Mef) is still operational until November 23, 2012. Mef will resume on January 22nd with the start of the 2012 tax filing season. If you need to file 2011 returns you CAN […]

    Fiscal Cliff & Taxmageddon or Fear Mongering? Probably the Latter…

    A couple of weeks ago we wrote about the “Fiscal Cliff”, tax provisions set to expire at the end of 2011, and, as of right now, they are not applicable to 2012 Federal returns. With the upcoming presidential election, congress still has no plan to act on extending the Bush era tax cuts. Each presidential […]

    Fiscal Cliff & “Taxmageddon” Approach with Expiring Tax Credits

    There are more than 30 different tax breaks set to expire at the end of 2012. Nearly everyone will be effected if the credits are not renewed. If the credits are not renewed everyone will pay more income taxes, and workers will bring home a little less money in each paycheck. Groups that will be […]

    IRS Taking Action Against Fraud Potential in EIC & AOC

    The IRS has been working with the Treasury Inspector General for Tax Administration (TIGTA) to make improvements to the tax system in 2019. The plan is that working together they will be able to find ways to prevent erroneous payments to taxpayers who incorrectly or fraudulently claim refundable credits that they are not entitled to. […]

    PTINs for 2013 are Ready for Issuance.

    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 […]

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