It’s no secret that the IRS has struggled to process taxpayer returns in a timely fashion since the pandemic started. Adding fuel to the fire, the pandemic created millions of taxpayers who desperately need their refunds in order to pay for living expenses. According to the Taxpayer Advocate Service, the IRS had a backlog of […]
E-filing will shut down for the year on November 20th, 2021. If you have returns waiting to get filed, you still have plenty of time. Be mindful that there is no “grace period” for the shut off. Once it’s off, it’s off until it’s turned back on in January. https://www.marketingexpress.irs.gov/systems-status/system-status-mef/modernized-efile-mef-operational-status
You can get or renew your PTIN for 2022 on the PTIN system. The PTIN renewal fee for 2022 is $35.95 Go to irs.gov/ptin
The new Advance Child Tax Credit 2021 monthly payments are scheduled to start going out next month, on July 15th. Receiving these advance payments will reduce taxpayers’ credits traditionally on next years tax return filings. We have been getting quite a few questions on how to assist taxpayers wanting to opt-out of receiving these payments, […]
What is an IRS enrolled agent? Enrolled agent status is the highest credential that the IRS awards to tax professionals. Individuals who achieve this designation have expanded abilities to help taxpayers, much like those of CPAs or attorneys. The tax code is constantly changing, but it is certainly not simplifying. Even after IRS Enrolled Agents […]
President Obama has openly and vehemently criticized the new corporate strategy of lowering its tax burden. This new strategy is called inversion, and for those who aren’t well versed in tax code, it’s a process by which a corporation buys a foreign corporation in order to take that corporation’s tax home which, in turn, lowers […]
Yet another tax relief company now faces the long arm of the law after having been found guilty of challenged practices including fraudulently misrepresenting the company services in order to con more people. The FTC is mailing out 16 million dollars to over 18 thousand former clients of American Tax Relief. Apparently, each consumer will […]
The Senate Finance Committee has introduced bipartisan legislation to improve protection for taxpayers against fraudulent tax refund claims made with stolen identities. The refund theft tax bill includes new assistance for taxpayers who have been victims of identity theft and requires the Internal Revenue Service to establish a new security feature that individuals can use […]
It’s the biggest city in the nation, so reasonable it would have a proportionally higher crime rate, right? Yes, even for taxes. New York state recently sent out 56 tax suspension letters. 40 preparers seem to have accepted the judgement and the other 16 preparers are challenging the action. Due to the increased tax-related crimes, […]
The IRS is at it again… Since they were shut down on their authority to mandate all tax preparers get continuing education and take a competency test, they have now developed a “voluntary certification” that preparers can opt into. The program is called the Annual Federal Tax Refresher Course; and yes, successful completion of the […]