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My Tax Blog

  • Gov to Allow “Unbanked” to Buy Insurance with Prepaid Debit Cards

    Remember that report stating that folks with out bank accounts were going to face a ton of problems? Well, that crisis has been avoided. The Obama administration said Wednesday that there will be a rule preventing health plans from not accommodating households that do not have traditional bank accounts. An estimated 8.5 million people without […]

    IRS Sends Thousands of PTIN Letters to Preparers

    This week the IRS Return Preparer Office is mailing letters to approximately 3,000 return preparers who are preparing tax returns without a valid preparer tax identification number (PTIN). Letter 4731 is being sent to 1,100+ people who are using a legacy PTIN that was obtained prior to September 2010 and has never been renewed in the new […]

    IRS Sets Rules for Disclosing Taxpayer Info Under Health Care Reform

    The IRS has set preliminary rules for disclosing taxpayer tax return information to the insurance exchanges, also called “marketplaces” (not currently set up), to help in determining who is and who is not eligible for the “premium tax credit.”  For taxpayers whose income is relevant in determining eligibility for an insurance affordability program, Medicaid, CHIP, […]

    IRS Delays Retirement of EAR but Still Plans to Shut It Down.

    According to Accounting Today, the IRS will be extending the time before the retirement of the Electronic Account Resolution services on the IRS’s website. The IRS plans to extend the applications for three more weeks. There has been and continues to be much outrage over the shutting down of the system when there are drastic […]

  • IRS Alert: Audit Compliance Initiative Projects for March 2012

    The IRS regularly conducts national, regional and local compliance initiative projects (CIPs) to study perceived areas of noncompliance. The IRS uses the data from these projects to develop more comprehensive projects and allocate its audit resources in the areas showing significant noncompliance. Projects to be conducted through March regard Schedule C filers, taxpayers taking duplicate […]

    1 Billion in Outstanding 2008 Tax Refunds!

    Be sure to inform your clients that they have until April 17th this year to file for 2008 tax refunds credits.  The IRS estimates that there is over 1 billion dollars in unclaimed refunds still waiting for returns to be filed.  Many people feel that they do not need to file tax returns due to […]

    File with Paystubs…Substitute W2s Now Accepted!

    Many offices have clients who have been struggling to get official W2s from their employers.  Now that we have hit February 14th the IRS will accept these returns with a substitute W2 form attached (form 4852).  This will allow you to e-file the tax return as long as you have the employers EIN, which can […]

    Fraudulent Tax Offices and Check Cashing Stores Targeted by IRS

    The first week of the tax season has seen some interesting actions taken by the IRS.  They have actively taken aim at both high fraud tax offices and check cashing facilities that seem to consistently be in the middle of of these problematic returns.  In prior years, the IRS has taken more of a reactionary […]

    Detroit Tax Fraud Ring Blamed for First Week Slow Fund

    The IRS released insight that tax returns filed between the 17th and 24th are experiencing delays in funding, but returns filed after that 24th should be back inline with the standard funding cycle.  IRS fraud detection systems are at the root of the delays. Over $800,000 in fraudulent tax filings were said to have been […]

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