My Tax Blog

  • DC District Court Upholds Obamacare Tax Credit Provisions

    Another day, another lawsuit. This time the plaintiffs argued that the IRS’s interpretation of the ACA was contrary to the statute, which, they asserted, authorizes tax credits only for individuals who purchase insurance on state-run exchanges, but not on federal exchanges. The court ruled “that the plain text of the statute, the statutory structure, and […]

    IRS Using More Automation For Taxpayers

    The IRS is working on switching over to more automated tax payer services intended to reduce the cost of manpower required to handle tasks that can be easily handled with online applications. Amendments are now trackable on the IRS’s website. Your refund can be tracked, as well. You can get your transcripts on the website. […]

    Holiday Office Hours

    From our family to yours, Federal Direct would like to wish everyone a safe and happy holiday season!  Federal Direct corporate offices will be closed on Christmas Eve December 24th and Christmas Day December 25th. Merry Christmas and Happy Holidays!

    IRS May Fine 122,133 Paid Tax Preparers $345 Million in Penalties

    Last tax season marked an increasing level of noncompliance by tax preparers with the Internal Revenue Service’s due diligence reporting requirements for the Earned Income Tax Credit, according to a new report reviewing the IRS’s performance during the delayed tax season. The report, from the Treasury Inspector General for Tax Administration, found that as of […]

    2014 Tax Season Opens on January 31st

    According to IR-2013-100, the IRS plans to open the 2014 filing season on January 31. The IRS cautioned that it will not process any tax returns before January 31, so there is no advantage to filing on paper before the opening date. Until tax season officially begins, the stockpiling rule doesn’t apply. The April 15 […]

  • Reminder! Live CE Webinar Thursday, Sept. 6th!

    Our next webinar will be covering General Tax Law Updates for the coming tax season.  The webinar will be hosted next Thursday, September 6th at 5:30pm Eastern.  As always, if you are not able to attend the live webinar, it will be available for archive viewing on your partner portal 24-48 hours after the live […]

    Medical Marijuana Business Deduction Surprise!

    Many businesses sell medical marijuana in the retail sector. Of course, having legalized marijuana on a state level, makes this business practice legitimate for state taxes but what about federal taxes? For federal tax purposes, since marijuana is still illegal, it prevents this business from being treated as a real business with deductible expenses. However, […]

    Webinar on Tuesday! Education Credits & Tuition!

    Please join us next Tuesday for our webinar covering Education Credits & Tuition deductions, how to report them and which option is best for your clients.  This webinar will last approximately 2 hours, and for those of you who have signed up for an IRS continuing education package, will provide 2 CE credits in the […]

    The Only EFIN-way: Online System to be Juggernaut of EFIN Acquisition.

    The IRS recently released a statement saying that EFIN applications by paper will no longer be accepted. Effective October 1, 2012, applications to become an IRS e-file provider must be submitted online. The IRS will no longer accept paper e-file applications. Become an e-file provider in 3 easy steps: 1. Create an IRS e-Services account. […]

    Changes to the Online PTIN User System

    Why does it seem that just before something is fully functional and working well that it needs to be changed? The IRS has made several new changes and “improvements” to the online PTIN registration portal. Hopefully, these changes improve it’s capacity in registering and renewing preparers’ PTINs.  Hopefully, there won’t be three weeks just before […]

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