My Tax Blog

  • Tomorrow is Last Day to File Corporate Returns…Ante Up or File Extension.

    If you don’t have all your ducks in a row, don’t worry too much. You can always file a corporate return extension, BUT remember that filing an extension does not give you more time to pay what you owe. Penalties and interest will accrue, and those amounts are nothing to joke about. Corporate tax returns […]

    Education Credits Causing Additional Delays for Taxpayers.

    If you filed your tax return with form 8863 for Tax Education Credits, you might be receiving this 8863 Letter in the mail requesting more information.  Typically, this is just a request for more information relating to credit eligibility. In this case, it seems that 4 of the questions on the form are either not […]

    IRS MeF System Overwhelmed/ Update for 8812

    Acknowledgements are taking longer than expected recently due to the modernized e-file system being swamped with returns coming in.  Try not to worry too much about it, but rather, let your client know that the system is bogged down and that it should return to normal in the following week or so. The 8812 (Additional […]

    Required Update Today for Desktop- All Forms Will Be Accepted 3/5/13.

    The latest update to your software includes new schemas and forms which have previously not been released due to their not having not been approved by congress and the IRS.  Call in to get updated! List of forms in start-up: Form 3800 General Business Credit Form 4136 Credit for Federal Tax Paid on Fuels Form […]

    Fake IRS Emails, Calls, Letters More Prevalent.

    There is nothing more financially terrifying than getting a letter from the IRS.  Pranksters have long been able to superimpose the IRS’s logo onto a letterhead and mail it off for laughs, but now, these pranksters have grown up into identity thieving crooks using more than a letterhead. Identity thieves have an arsenal of weapons […]

  • 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 […]

    Final PTIN registration details released

    Provisional PTINs: available through 4/18/2012.  This means that you WILL be able to get a PTIN prior to completing the preparers examination up to this date.  If you already have a PTIN, you will need to renew that PTIN for a fee of $64.25 after October 15th, 2011 for the coming tax season.  You will […]

    Get Your PTIN NOW!

    For anyone who has not heard the deadline for avoiding having to take the RTRP Examination until December 2013 is October 1st.  Federal Direct can assist you get your PTIN now, but if you delay, you will experience multiple additional charges and an examination before you can preparer taxes this year!  If you do not […]

  • Tomorrow is Last Day to File Corporate Returns…Ante Up or File Extension.

    If you don’t have all your ducks in a row, don’t worry too much. You can always file a corporate return extension, BUT remember that filing an extension does not give you more time to pay what you owe. Penalties and interest will accrue, and those amounts are nothing to joke about. Corporate tax returns […]

    Education Credits Causing Additional Delays for Taxpayers.

    If you filed your tax return with form 8863 for Tax Education Credits, you might be receiving this 8863 Letter in the mail requesting more information.  Typically, this is just a request for more information relating to credit eligibility. In this case, it seems that 4 of the questions on the form are either not […]

    IRS MeF System Overwhelmed/ Update for 8812

    Acknowledgements are taking longer than expected recently due to the modernized e-file system being swamped with returns coming in.  Try not to worry too much about it, but rather, let your client know that the system is bogged down and that it should return to normal in the following week or so. The 8812 (Additional […]

    Required Update Today for Desktop- All Forms Will Be Accepted 3/5/13.

    The latest update to your software includes new schemas and forms which have previously not been released due to their not having not been approved by congress and the IRS.  Call in to get updated! List of forms in start-up: Form 3800 General Business Credit Form 4136 Credit for Federal Tax Paid on Fuels Form […]

    Fake IRS Emails, Calls, Letters More Prevalent.

    There is nothing more financially terrifying than getting a letter from the IRS.  Pranksters have long been able to superimpose the IRS’s logo onto a letterhead and mail it off for laughs, but now, these pranksters have grown up into identity thieving crooks using more than a letterhead. Identity thieves have an arsenal of weapons […]


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