Tax Talk

  • Fiscal Cliff & “Taxmageddon” Approach with Expiring Tax Credits

    There are more than 30 different tax breaks set to expire at the end of 2012. Nearly everyone will be effected if the credits are not renewed. If the credits are not renewed everyone will pay more income taxes, and workers will bring home a little less money in each paycheck. Groups that will be […]

    IRS Taking Action Against Fraud Potential in EIC & AOC

    The IRS has been working with the Treasury Inspector General for Tax Administration (TIGTA) to make improvements to the tax system in 2019. The plan is that working together they will be able to find ways to prevent erroneous payments to taxpayers who incorrectly or fraudulently claim refundable credits that they are not entitled to. […]

    PTINs: Who Needs Them, What Are the Requirements, & When To Get It

    It is now preparer tax identification number (PTIN) renewal season. Please renew your PTIN by the end of the year. Before you begin the PTIN requirements process, be sure to review the list of information you will need for getting a PTIN. Logging Into Your Online Account You will notice some changes when you log […]

    Show Me The Money!!! 2013 Gift Exclusion Goes to 14K!

    For the upcoming tax year the annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012. Any monetary, or tangible gift with FMV, of less 14 thousand dollars does not require a gift tax return to be filed nor is the recipient required to pay taxes on that gift, so let’s […]

    PTINs for 2013 are Ready for Issuance.

    The PTIN renewal and registration for 2013 are now available. Regulations require all paid tax return preparers obtain a Preparer Tax Identification Number (PTIN). Preparers must renew their PTIN each year by December 31. The renewal fee is $63.00 and the initial application fee is $64.25. Please remember to confirm that your credentials and all […]

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