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’ […]
Tax office owners and tax preparers know all too well that preparing for tax season can be, well… Taxing! We work the long hours just like you. Here are 11 tax season tips on how to make tax season easier that we try to adopt in our office to help stay at our best during […]
According to TaxProToday, the IRS has sent out its regular warning letters to inactive EFIN holders. However, this year it seems that there was some error and current, active EFIN holders could be getting one, as well. If you have used your EFIN to e-file at least one return in the last two years, you […]
If you have a client who is attempting to get ITINs for dependents, he or she must be a parent or use a Power of Attorney form for immediate family (grandparents, brothers, sisters, etc). If your client is an aunt or uncle, the Power of Attorney will not work. In this instance, you will notarize […]
Ladies and gentlemen, it is time to begin thinking about your plans regarding the impending Registered Tax Return Preparer exam. As much as many of us unintentionally procrastinate, it is advisable to go ahead and begin preparing to take the test. Do not wait until the last minute. Here are a few facts about the […]
Here are eight important points about the two different penalties you may face if you file or pay late. If you do not file by the deadline, you might face a failure-to-file penalty. If you do not pay by the due date, you could face a failure-to-pay penalty. The failure-to-file penalty is generally more than […]
During the most recent Bush administration, individual income tax cuts passed which are now expected to expire at the end of this year. This year is an election year which means that politicians are waiting until after the election to decide whether or not the tax cuts will be extended. According to Accounting Today, most […]