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 […]
Yet another tax relief company now faces the long arm of the law after having been found guilty of challenged practices including fraudulently misrepresenting the company services in order to con more people. The FTC is mailing out 16 million dollars to over 18 thousand former clients of American Tax Relief. Apparently, each consumer will […]
The Senate Finance Committee has introduced bipartisan legislation to improve protection for taxpayers against fraudulent tax refund claims made with stolen identities. The refund theft tax bill includes new assistance for taxpayers who have been victims of identity theft and requires the Internal Revenue Service to establish a new security feature that individuals can use […]
It’s the biggest city in the nation, so reasonable it would have a proportionally higher crime rate, right? Yes, even for taxes. New York state recently sent out 56 tax suspension letters. 40 preparers seem to have accepted the judgement and the other 16 preparers are challenging the action. Due to the increased tax-related crimes, […]
The IRS is at it again… Since they were shut down on their authority to mandate all tax preparers get continuing education and take a competency test, they have now developed a “voluntary certification” that preparers can opt into. The program is called the Annual Federal Tax Refresher Course; and yes, successful completion of the […]
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 […]
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 […]
The IRS’ PTIN website for renewing and obtaining Preparer Tax Identification Numbers has been a challenge this year, to say the least. Ever since mid December, the PTIN site has been broken and under maintenance more than it has been up. New PTIN applicants have not been able to complete the process and pay for […]
Due to previously scheduled maintenance on IRS systems, the PTIN system will be unavailable for NEW applications from 5:00 PM ET on Friday, December 23 until approximately 9:00 AM ET on Monday, January 9. Preparers are still able to renew existing PTINs during this window. We sincerely apologize for the inconvenience.”
The IRS has released the final revisions to the 2011 tax year publication 17. This publication is probably the most comprehensive set of information covering individual tax return filing, and is also one of the forms that will be available to you while taking the upcoming RTRP examination. You can access a downloadable form of […]