Tax Talk

  • RTRP Goes To Appeals Court for Oral Arguments

    The IRS is appealing the court’s decision in the case of Loving vs the IRS.  While their defense calls upon an 1884 law, the judges were noted to have been “engaged.” There is no doubt that this ability for the IRS to regulate preparers is long over due and much needed, but if this appeal […]

    IRS Admits Sending Erroneous Penalty Notices

    The Internal Revenue Service said Friday that approximately 4,000 plan sponsors received erroneous penalty notices. The erroneous notices were dated between July 28 and Aug. 26, 2013. The IRS mistakenly sent out the CP 283C, Notice of Balance Due for Incomplete/Late Penalties, for the Form 8955-SSA, Annual Registration Statement Identifying Separated Participants with Deferred Vested […]

    IRS Proposes Higher Fees for OIC & Payment Arrangements

    Due  to continuous budget cuts for the IRS, the Agency has proposed plans to raise fees for programs that help taxpayers who are struggling with enormous tax debt. These proposed raise will be on fees which are charged for an Offer in Compromise or fees to set up payment installation agreements.  These fees have not […]

    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 […]

  • Over 50% of all households paid NO federal tax for 2009

    Over 50% of all US households paid NO federal tax for the tax period of 2009.  Even more impressive than that is that almost 30% of all households got a check back for MORE than all of their income taxes they paid in.  This is due to the refundable credits such as Earned Income Tax […]

    100,000 Tax Preparers to be target by the IRS for PTIN violations in 2010 season

    The IRS has began sending letters to about 100,000 tax return preparers who either used outdated PTINs or used social security numbers instead of a PTIN when filing returns this past tax season. The letters explain the new oversight program, inform preparers of how to register for a new PTIN, or renew an old PTIN, […]

    Tax Clients Liens & Levies – IRS offers “Fresh-Start Open House” Tomorrow

    The Internal Revenue Service will open the doors to dozens of its Taxpayer Assistance Centers across the country this coming Saturday, July 16, 2011, to answer taxpayer questions and provide help with tax filing issues. This special event is particularly intended for people who want to make a “fresh start” by taking steps to have […]

    Tax Preparer Tips – Manual Entry of SSNs now required on all W2s

    New for the 2011 tax season all W2s will require a manual entry of clients social security number.  Software companies will no longer be allowed to prepopulate SSN onto W2s.  The reasoning behind this is related cleints having ITINs (Individual Tax Identification Number) instead of Social Security Numbers.  In past years software programs would simply populate the […]

    When Does My Tax Preparer PTIN Expire?

    Tax Preparers were required to get a Preparer Tax Identification Number last tax season.  Those PTINs were initially scheduled to expire one year, to the day, from when they were issued.  That time frame has been changed by the IRS, now all PTINs will expire on 12/31 of the following year.  This translates to anyone […]

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