Research Costs- Thinking about starting a tax preparation business? Or, do you need tax business help as a preparer? 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 […]
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 […]
Overdue tax installment payments are about to become more expensive. The service is proposing a stiff IRS user fee hike to go into effect on Jan. 1 2017. The charge for new installment plans will be $225… a $105 jump from today’s cost. The outlay for direct debit installment agreements will more than double to […]
ITINs issued before 2013 will expire 12/31/2016. Renewal process will open October 1st, 2016. To identify if an ITIN was issued prior to 2013, the first individuals in this group are ITINs with 78 or 79 as the middle digits. ITINs that have not been used on a US tax return for the past […]
Should I become a tax preparer? That is a common question that we get to discuss with entrepreneurs on a daily basis. Becoming a tax professional is not glamorous, but it does place you into an industry that has proven over the years to be stable and in demand. Become your friends, family, and clients’ […]
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 […]