As tax season rolls around, many people turn to DIY tax software to file their taxes. These programs can be a convenient and cost-effective way to file your taxes, but they also come with some risks. One of the biggest risks of using a DIY tax program is the possibility of making mistakes that could […]
As the owner or operator of a tax office, it’s essential to take measures to protect your Electronic Filing Identification Number (EFIN). Your EFIN is a unique identifier assigned by the IRS that allows you to electronically file tax returns on behalf of your clients. It’s important to keep this number secure because it can […]
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 […]
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 […]
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 […]
Identity theft is a problem that affects millions of Americans and that nondescript number is growing exponentially. Years ago, there were fewer people filing fewer fraudulent returns, but now, with the ease of e-file and the lax security of some office’s document retention procedures, there are thousands of people who have built a type of […]
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, […]
New for the 2011 tax season all W2s will require a manual entry of clients social security number. Software companies will no longer be allowed to prepopulate SSN onto W2s. The reasoning behind this is related cleints having ITINs (Individual Tax Identification Number) instead of Social Security Numbers. In past years software programs would simply populate the […]
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 […]
Many tax preparers are unaware that the IRS accepts e-filed returns through October 15th. This can be both for taxpayers who owe and those who are requesting a refund. If you have any questions about e-filing after April 18th please feel free to contact our year round tax and technical support team at [phone_link_red].
Many people are under the misconception that filing a tax extension will allow for a delay in having to pay tax liability. This is not the case! An extension simply allows a 6 month stay in having to submit a completed tax return. An estimated tax payment must be submitted along with the extension filing […]
While most tax offices have already experienced a considerable slow down from the peak weeks of late January and early February, do not become complacent and overlook the revenue potential that can come from the last minute crowd! While most of these last minute filers will not choose bank products, they certainly are worthy clients […]