Tax Implications of Federal Government passing Debt Ceiling Increase
The bill to increase the US debt ceiling passed both the House and Senate Monday evening. The bill raises the debt ceiling in several increments throughout the next year and gets us past the 2012 election. A “super committee” comprised of both Republicans and Democrats will convene to approve another 1.5 trillion in borrowing for […]
Over 50% of all households paid NO federal tax for 2009
Over 50% of all US households paid NO federal tax for the tax period of 2009. Even more impressive than that is that almost 30% of all households got a check back for MORE than all of their income taxes they paid in. This is due to the refundable credits such as Earned Income Tax […]
100,000 Tax Preparers to be target by the IRS for PTIN violations in 2010 season
The IRS has began sending letters to about 100,000 tax return preparers who either used outdated PTINs or used social security numbers instead of a PTIN when filing returns this past tax season. The letters explain the new oversight program, inform preparers of how to register for a new PTIN, or renew an old PTIN, […]
Tax Clients Liens & Levies – IRS offers “Fresh-Start Open House” Tomorrow
The Internal Revenue Service will open the doors to dozens of its Taxpayer Assistance Centers across the country this coming Saturday, July 16, 2011, to answer taxpayer questions and provide help with tax filing issues. This special event is particularly intended for people who want to make a “fresh start” by taking steps to have […]
Continuing Education for Tax Preparers
Tax Preparers will have to complete 15 hours of continuing education starting in 2012. These 15 hours will be broken down into 10 hours of federal tax law topics, 3 hours of tax law updates, and 2 hours on ethics. Courses will be provided by numerous IRS approved organizations, and Federal Direct will provide these […]