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My Tax Blog

  • IRS Pushes Back Employer Mandate

    The Internal Revenue Service has issued a formal notice that officially delays the employer shared responsibility provisions of the Affordable Care Act, also known as the employer mandate, for a year and postpones the information reporting requirements. The White House and the Treasury Department posted announcements about the delay last week on blogs (see Obama […]

    Republicans Propose Cutting IRS Budget By 24%…Retaliation?

    In a completely unsurprising turn of events, the GOP is proposing a 24% budget decrease for the IRS as punishment for recent events. The recent events that actually call for the reduction are up for speculation, but many things have been putting the IRS in a unwanted spotlight lately. For example, the 4.1 million dollar […]

    Federal Direct Closed for Independence Day

    It’s that part of summer again. Time to celebrate our independence with fireworks and cookouts! We wish everyone a safe and happy Independence Day! In observance of the holiday, Federal Direct will be close tomorrow, July 4th, and Friday, July 5th. The office will reopen on Monday July 8th at 9 am.

    IRS to Shutter Two Services Used by Tax Pros

    The Internal Revenue Service plans to end the Disclosure Authorization and Electronic Account Resolution on August 11th 2013. The Service claims that these electronic services aren’t used much and account for only 3% of all account-related issues. Tax practitioners are irate. It’s a newer service much faster than calling and waiting on hold. After the […]

    IRS Appeals Ruling In Tax Preparer Lawsuit Against RTRP

    The IRS is appealing the district court’s ruling in Loving vs. IRS.  Three independent tax preparers and a rally of libertarian lawyers sued the IRS for imposing regulations on tax preparers saying that the IRS doesn’t have statutory authority to do so.  The IRS is appealing the ruling and oral arguments for the case are […]

  • Faster Tax Refunds This Tax Season!

    The IRS will be filing all returns through the new Modernized E-File (MEF) system this coming tax season.  This translates to your clients getting their refunds in as little as 5 days.  This represents a reduction in refund delays by 2 days.  The IRS reserves the right to delay returns with questionable Earned Income Tax […]

    IRS Changes Start of E-Filing Season

    For the coming 2011 tax season, the IRS has changed the date they will start accepting e-filed returns to January 17th, 2012.  This is a Tuesday and return filed should be acknowledged by the IRS within 24 hours, as opposed to previous seasons where the first days’ acknowledgements would be delayed for 48 – 72 […]

    Schedule C Clients and How Then Can Beat An Audit

    IRS statistics show that approximately 4% of all returns including schedule C income eventually get audited.  Half of these returns are audited due to a random selection and the other half are chosen based upon a scoring assessment based upon IRS standardization charts for different acceptable business expenses.  The IRS released that the most common […]

    Extended Deadline for E-Filing 2010 Tax Returns… Oct. 31st, 2011

    Oct 15th is the date published on the IRS’ official e-file chart, but they have changed it to 8am Eastern, Monday October 31st.  There is no additional time past this date to electronically resubmit returns that have been rejected, they will have to be paper filed. What does this mean for my office?  –  Any […]

    New Earned Income Credit Filing Requirements for the 2011 Tax Year

    The IRS announced that they will be continuing their “Knock and Talk” EIC preparer education program, along with sending compliance letters, initiating preparer due dilligence audits, and requiring additional information be attached to all returns claiming EITC.  Prepareres will not notice much differece in the preparation process as now the tax preparation software will submit the EITC checklist […]

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