Tax Talk

  • Cybersecurity for Tax Offices

    Cybersecurity has become a crucial aspect of conducting business in today’s digital age. Tax offices are no exception to this trend, as they handle sensitive and confidential information related to individuals’ taxes, including social security numbers, income, and financial records. As such, it is imperative that tax offices prioritize cybersecurity measures to safeguard this information […]

    Virtualizing Your Tax Office

    In recent years, more and more businesses have been making the transition to a virtual environment. The COVID-19 pandemic has only accelerated this trend, forcing many businesses to adapt to remote work in order to keep their employees and customers safe. For those in the tax industry, taking your tax office virtual can offer a […]

    Identifying Legitimate Financial Experts

    In today’s world, it seems like everyone is calling themselves a financial expert. From social media influencers to bloggers, it can be challenging to determine who is genuinely knowledgeable and who is just trying to capitalize on the trend. However, the reality is that anyone can call themselves a financial expert, regardless of their qualifications […]

    Do I have to put my PTIN on the tax return?

    As a tax preparer, it’s essential to ensure that the tax return that you are being paid to prepare is prepared accurately and in compliance with all applicable regulations. One critical aspect of this is the use of a Preparer Tax Identification Number (PTIN) by the tax preparer. A PTIN is a unique identifier assigned […]

    $12,000 Child Work Deduction

    When it comes to running a business, there are many ways to save money and maximize your profits. One way to do this is by hiring your child to work in your business. However, if you want to take a tax deduction for the wages you pay your child, there are certain rules and limitations […]

  • What is the real cost of starting a tax business?

    If you are considering starting a tax preparation business, there are a few different types of actual costs to consider.  Each type of cost will require sacrifice and planning. The three main types of small business start-up costs to consider are: finances, time, and effort (mental and physical costs).  To help measure the real financial […]

    Tips on Basic Online Security & Identifying Tax Related Email Scams

    Start by knowing that the IRS or software vendor will never ask you for your personal information and security questions via email. Please take some time to read our online information security tips below.  Always be suspicious of unexpected emails, even if it appears to come from a legitimate source.  Triple check emails before ever […]

    Alert: Watch for Scam/Phishing Emails!

    Please be on the alert for fraudulent email messages requesting sensitive personal and business tax information.  These emails can appear to come from many different sources pretending to be the IRS, Federal Direct, State Departments of Revenue, Tax Software Companies, etc.  One such recent IRS tax scam email has been identified as coming from a […]

    ITIN Credit Rules Enforced. Here are some tips.

    No, an ITIN holder cannot claim credits for back year’s returns. The law changed in Dec. 2015 with HR2029.  This means no Child Tax Credit or American Opportunity Credit (among others) for any year beyond a current and timely filed tax return. If you file late, as in after April 15th, you will NOT get […]

    e-file deadline close approaching!

    Be aware that the IRS annual e-file shutdown for rolling their systems over to the next year’s tax calculations is coming next week, November 30th.  The IRS will not accept returns electronically from this date on until they turn back on for filing in mid January 2017.  The IRS’ goal is to always accept 3 […]

  • Next Webinar – ITINs: A General Overview and Changes to the Program

    Federal Direct will be hosting a webinar covering significant changes to the ITIN program that effect all applicants in the process.  This webinar will provide 1 IRS continuing education credit in the Tax Law Updates category.  The webinar is scheduled for Tuesday July 17th at 5:30pm Eastern.  Webinar invites have been to all Federal Direct […]

    Tax Preparer Implications of the Supreme Court Upholding Affordable Care Act

    This morning the Supreme Court upheld the constitutionality of the Affordable Care Act.  The most debated issue was the individual coverage mandate element of the law which levies penalties to taxpayers who are required to purchase insurance coverage but fail to do so.  Administration of the Affordable Care Act will be serviced by the IRS; […]

    CAA/ITIN Application Update- Regarding Dependents

    If you have a client who is attempting to get ITINs for dependents, he or she must be a parent or use a Power of Attorney form for immediate family (grandparents, brothers, sisters, etc). If your client is an aunt or uncle, the Power of Attorney will not work. In this instance, you will notarize […]

    2011 IRS Publication 17 now available

    The IRS has released the final revisions to the 2011 tax year publication 17.  This publication is probably the most comprehensive set of information covering individual tax return filing, and is also one of the forms that will be available to you while taking the upcoming RTRP examination.  You can access a downloadable form of […]

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  • Ready to offer tax services to undocumented aliens? We have the training and support to make it happen!

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