Marketing is often a second thought when starting your own tax prep business; when the truth is, tax advertising should be the first thing you consider when constructing the foundation for a successful startup. You can be the best tax preparer, EA, or CPA in the country and be able to do taxes in your […]
We are now within 1 week of the May 17th filing deadline and many of you are as busy as ever assisting procrastinating clients! Federal Direct will be available for extended support hours this Friday, Saturday and Monday leading up to the filing deadline. Give us a call and we can help get those last […]
Over the last few days, as federal refunds have started to get disbursed, we have been noticing some unexpected behavior regarding tax return acknowledgements and tax refund figures. While investigating refund figure changes, we noticed that the discrepancy appears to be the exact amount of the recovery rebate credit from line 30 on the 1040. […]
No word on hub testing, yet, but the official start to tax season for filing 2020 tax returns will be February 12th, 2021.
Shutdown begins on Saturday, November 18th, 2020, at 11:59 p.m. Eastern time, in order to prepare the system for the upcoming Tax Year 2020 Filing Season. Any returns not in accepted status will either need to be mailed or e-filed after e-filing turns on for the upcoming tax season in January. ***Revision to the e-file […]
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.
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.
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 […]
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 […]
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 […]