Tax Talk

  • IRS Sends Thousands of PTIN Letters to Preparers

    This week the IRS Return Preparer Office is mailing letters to approximately 3,000 return preparers who are preparing tax returns without a valid preparer tax identification number (PTIN). Letter 4731 is being sent to 1,100+ people who are using a legacy PTIN that was obtained prior to September 2010 and has never been renewed in the new […]

    IRS Sets Rules for Disclosing Taxpayer Info Under Health Care Reform

    The IRS has set preliminary rules for disclosing taxpayer tax return information to the insurance exchanges, also called “marketplaces” (not currently set up), to help in determining who is and who is not eligible for the “premium tax credit.”  For taxpayers whose income is relevant in determining eligibility for an insurance affordability program, Medicaid, CHIP, […]

    IRS Delays Retirement of EAR but Still Plans to Shut It Down.

    According to Accounting Today, the IRS will be extending the time before the retirement of the Electronic Account Resolution services on the IRS’s website. The IRS plans to extend the applications for three more weeks. There has been and continues to be much outrage over the shutting down of the system when there are drastic […]

    New York Suspends Licenses of Delinquent Taxpayers

    New York Governor Andrew M. Cuomo announced a new initiative Monday to encourage individuals who owe significant back taxes to the state to pay their bills by suspending their New York State driver licenses when their past-due tax liability exceeds $10,000. The crackdown is the result of legislation introduced as part of the executive budget […]

    Free Obamacare Webinar Regarding Individual Mandate

    What is the hottest topic this off season?  ObamaCare!  This Affordable Care Act webinar will go over the latest provisions of the Patient Protection and Affordable Care Act to get your office up to speed for the coming tax season.  Be able to answer the most common questions that your clients will be asking when […]

  • Tax Debt forces SuperBowl Veteran to put championship ring up for auction

    Fuzzy Thurston, a former lineman of the Green Bay Packers will be auctioning off his 1967 SuperBowl Championship ring to help with his 1.7 Million tax debt.  The tax debt originates from Thurston’s post NFL business venture where he opened a chain of restaurants called The Left Guard.  The original debt was issued in 1984 […]

    Senators Press IRS to Adapt Tax Code for Same-Sex Couples

    8 democratic Senators have pressed the IRS for appeals to the tax code relating to the handling of same-sex couples.  Many states now allow for same-sex couples to file joint State returns, however these same couples must file separate federal tax returns.  A heavy portion of the problems these couples face are related to dealing […]

    Business Mileage Deductions Changes for 2nd Half of 2011

    The IRS has just released its’ adjusted mileage rates for the second half of tax year 2011. These rates will be in effect for all clients returns this coming January. Be aware, taxpayers always have the option of calculating and using actual expenses for their vehicle, but typically the mileage rates offer taxpayers the most […]

    Get your PTIN early this year

    The IRS is moving forward with implementing their testing requirement for tax preparers and they have stated that this will be in place for this coming 2011 tax season, starting January 2012.  One way to postpone having to take the preparer competency examination is to have your PTIN issued prior to the IRS implementing the […]

    IRS wants your input on Preparer Exams

    The IRS has selected Prometric to administer the forthcoming tax preparer examinations, but they would like to hear from you, the actual preparers, regarding the structure, length, specific areas and topics that should be covered, reporting, etc.  Prometric is the company that has been administering exams for Enrolled Agents and CPAs for years, but with […]

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