14 years after the terrible tragedy, we renew our promise to remember the victims and families of 9/11. The world lost two thousand, seven hundred and fifty-three people at the World Trade Center but it didn’t end there. Due to health problems stemming from the tragedy, the overall number of deaths caused by the the […]
If you haven’t heard of Uber by now, let me briefly explain. Uber is a car service cheaper than that of a regular taxi because Uber drivers user their own car and choose when they work. Think of a ride-share or carpool that you pay for,but you don’t pay as much as a taxi. Long […]
Identity theft is a problem that affects millions of Americans and that nondescript number is growing exponentially. Years ago, there were fewer people filing fewer fraudulent returns, but now, with the ease of e-file and the lax security of some office’s document retention procedures, there are thousands of people who have built a type of […]
What does PTIN stand for? PTIN stands for Preparer Tax Identification Number. What is the cost of a PTIN? The IRS PTIN cost is $64.25 for the first year and $63 each afterword. (Sidebar: There are CPAs that have filed a class action lawsuit against the IRS PTIN fees. If you remember, it used to […]
President Obama has openly and vehemently criticized the new corporate strategy of lowering its tax burden. This new strategy is called inversion, and for those who aren’t well versed in tax code, it’s a process by which a corporation buys a foreign corporation in order to take that corporation’s tax home which, in turn, lowers […]
It’s a story we’ve come to know so well. The friendly tax preparer who you think you can trust ends up filing false returns and having your money deposited into his account. Once again, we see another preparer, this time unlicensed, doing the wrong thing the wrong way. Job Lopez was sentenced to 6 months […]
This morning the Supreme Court upheld the constitutionality of the Affordable Care Act. The most debated issue was the individual coverage mandate element of the law which levies penalties to taxpayers who are required to purchase insurance coverage but fail to do so. Administration of the Affordable Care Act will be serviced by the IRS; […]
The IRS announced today that it has put in place new “interim procedures” designed to “help protect the integrity” of the ITIN process. During this interim period, no ITINs will be accepted or assigned without original documentation, such as passports and birth certificates, or certified copies of these documents from the issuing agency. Even Certifying […]
The Department of Homeland Security has announced a new initiative regarding discretion on a case by case basis with younger illegal immigrants. Many illegal immigrants are brought over as children and live the lives of immigrants even though many of them have spent their entire lives in the United States, in some cases, even graduating […]
IRS will be conducting Disaster Recovery exercises on Saturday June 9th and again on Saturday June 16th . They will not be processing returns beginning at 6PM Eastern on Friday June 8th, and they intend to bring the system back on line at 8:00 AM Eastern on Monday June 11th. The Same procedure and timeline […]