As the first major tax reform legislation in more than 30 years, the TCJA has made significant changes to the tax code which affects individuals, business and tax exempt organizations. The IRS is tasked with updating or creating about 450 forms, pubs and instructions. In addition to updating the forms, the IRS will also have […]
This tax season will be especially turbulent with the new pre-season tax loans and preparing estimates using the new tax law. Pre-season tax loans, up to $5,000, will be approved as a percentage of the refund and the approval will be based on return criteria (as in the past). However, this year, you will be […]
If you’re thinking about starting a tax preparation business from home, then you’re in good company. For many new tax preparers, this is a great way to get started and build some tax preparation experience while having the lowest amount of overhead as possible. In addition to reducing your overhead, you’ll be able to deduct […]
EPS Last day to apply 10/15/18 Last day to print in office 10/31/18 Checks go stale 10/31/18 TPG & PSCOM Last day to apply 10/20/18 Last day to print in office 10/31/18 Checks go stale 11/30/18
The e-services portal has undergone many large changes over the last couple of years, but the application process is very similar…once you get in. Go to IRS.gov and click on “Tax Pros” in the top right. Then click on “Access E-Services” and scroll down to “E-File Provider Services.” Finally, click on “Access e-file Application.” One […]
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 […]
Just as quickly as we update our ITIN materials and guidelines the ITIN policy office within the IRS has changed their stance yet again! Just released: ITINs (Individual Taxpayer Identification Numbers) will expire after 5 consecutive years of non-filing use. This is a change from the services’ previously stated policy of automatically expiring ITINs after […]
The IRS has been alerted to a new email phishing scam. The emails appear to be from the IRS and include a link to a bogus web site intended to mirror the official IRS web site. These emails contain the direction “you are to update your IRS e-file immediately.” The emails mention USA.gov and IRSgov, […]
A bill recently passed by the Senate taxwriters includes a provision that would revive and expand the use of private debt collectors, requiring the service to hand over to private firms nearly all the inactive tax receivables. The way the bill reads, that would include unpaid fines for not having health coverage, a penalty that […]
The Internal Revenue Service is giving the Mega Millions jackpot some serious competition, with tax refunds totaling $760 million ready to be handed over to an estimated 918,600 taxpayers who did not file a federal income tax return for 2010.