How to become a Tax Return Preparer
Thinking about becoming a tax return preparer? If you are feeling overwhelmed by the tax code changes, business start up costs, or timeliness of your endeavor, stop. Becoming a tax return preparer is easier than it may seem. At least the technical aspects are not too difficult. Finding time to develop your stills may be […]
The Best Time to Become an Enrolled Agent is Now.
With the passing of the Tax Cuts & Jobs Act, many tax laws will be changing. The tax law changes will not be represented on the Enrolled Agent Special Enrollment Exams until next year. If you can find the time and motivation to complete your Enrolled Agent exams between May 1, 2018 — February 28, […]
Post Tax Season Clean-Up
Audit yourself- Audit your professional tax software for any e-files that might have not been accepted. Sometimes state tax returns may fall through the cracks. Ensure all e-files that were sent or previously rejected have been accepted. Be sure that any tax refund checks to be printed from bank funded returns have been printed and […]
IRS Revokes Special Enrolled Agent Logo
According to the National Association of Enrolled Agents (NAEA) the IRS has informed them that Enrolled Agents are no longer allowed to use the previously IRS issued and approved EA logo. The IRS did create the logo for the EA program and supported its use as a means to encourage participation in the Enrolled Agent […]
IRS Provides Additional Day to File and Pay Taxes
Following today’s system issues, the IRS is providing taxpayers an additional day to file and pay their taxes. Individuals and businesses with a filing or payment due date of April 17 will now have until midnight on Wednesday, April 18. Taxpayers do not need to do anything to receive this extra time. Throughout the system […]
New IRS Commissioner Koskinen Approved
John Koskinen, a 74-year-old multimillionaire with a resume full of accomplishments, will be the new Commissioner of the IRS. The Senate Finance Committee approved his nomination Friday.
Tax Prep Fees on The Rise
According to Accounting Today, average fees for tax prep are rising. While it certainly does depend on which forms you need, all tax prep fees are steadily increasing a few percentage points, and will very likely continue to rise as the individual mandate is facilitated through tax filing.
IRS Commissioner Nominee Vows to Rehabilitate Tax Agency
John Koskinen, President Barack Obama’s nominee to run the U.S. Internal Revenue Service, said at a Senate panel’s confirmation hearing that he would work to restore the public’s trust in the tax agency. “With 95,000 employees and the range of challenges the agency faces, mistakes will happen,” Koskinen said today in prepared testimony for the […]
IRS Launches 2012 EITC Audits for Preparers
The IRS is starting this year’s Earned Income Tax Credit due diligence compliance audits of return preparers. To select preparers for audits, the service will “look at returns with a high chance of errors competed by the same preparer,” according to the IRS.gov. The audits review at least 25 EITC returns for the preparer’s due-diligence […]
Important- New Federal Tax Forms for Tax Year 2013
This coming tax year will be host to some new tax forms that will probably be around for the long haul. The new forms relate to the impending facilitation of the Patient Protection and Affordable Care Act (Obamacare) and the child tax credit. New forms to the 1040 series package: -Form 8959, Additional Medicare Tax […]