New IRS Commissioner Koskinen Approved
John Koskinen, a 74-year-old multimillionaire with a resume full of accomplishments, will be the new Commissioner of the IRS. The Senate Finance Committee approved his nomination Friday.
John Koskinen, a 74-year-old multimillionaire with a resume full of accomplishments, will be the new Commissioner of the IRS. The Senate Finance Committee approved his nomination Friday.
According to Accounting Today, average fees for tax prep are rising. While it certainly does depend on which forms you need, all tax prep fees are steadily increasing a few percentage points, and will very likely continue to rise as the individual mandate is facilitated through tax filing.
John Koskinen, President Barack Obama’s nominee to run the U.S. Internal Revenue Service, said at a Senate panel’s confirmation hearing that he would work to restore the public’s trust in the tax agency. “With 95,000 employees and the range of challenges the agency faces, mistakes will happen,” Koskinen said today in prepared testimony for the […]
The IRS is starting this year’s Earned Income Tax Credit due diligence compliance audits of return preparers. To select preparers for audits, the service will “look at returns with a high chance of errors competed by the same preparer,” according to the IRS.gov. The audits review at least 25 EITC returns for the preparer’s due-diligence […]
This coming tax year will be host to some new tax forms that will probably be around for the long haul. The new forms relate to the impending facilitation of the Patient Protection and Affordable Care Act (Obamacare) and the child tax credit. New forms to the 1040 series package: -Form 8959, Additional Medicare Tax […]
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 […]
The IRS has began sending letters to about 100,000 tax return preparers who either used outdated PTINs or used social security numbers instead of a PTIN when filing returns this past tax season.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, […]
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 […]
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 […]
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 […]