IRS news Archives - Federal Direct Tax https://www.federaldirecttax.com/blog/tag/irs-news/ Helping Individuals & Businesses Enter The Tax Preparation Industry Fri, 03 Mar 2023 14:25:36 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 IRS PTIN-Everything You Need to Know https://www.federaldirecttax.com/blog/irs-ptin-everything-you-need-to-know/ Wed, 10 Sep 2014 15:45:51 +0000 http://www.federaldirecttax.com/blog/?p=1638 What does PTIN stand for? PTIN stands for Preparer Tax Identification Number. What is the cost of a PTIN? The IRS PTIN cost is $64.25 for the first year and $63 each afterword. (Sidebar: There are CPAs that have filed a class action lawsuit against the IRS PTIN fees. If you remember, it used to […]

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]]> Tax Bill to Prevent Tax Refund Theft https://www.federaldirecttax.com/blog/tax-bill-to-prevent-refund-theft/ Fri, 08 Aug 2014 15:00:21 +0000 http://www.federaldirecttax.com/blog/?p=1628 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 […]

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]]> IRS Looks to Distribute $760 Million in Unclaimed Tax Refunds https://www.federaldirecttax.com/blog/irs-looks-to-distribute-760-million-in-unclaimed-tax-refunds/ Tue, 01 Apr 2014 17:53:29 +0000 http://www.federaldirecttax.com/blog/?p=1594 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.

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]]> IRS May Fine 122,133 Paid Tax Preparers $345 Million in Penalties https://www.federaldirecttax.com/blog/irs-may-fine-122133-paid-tax-preparers-345-million-in-penalties/ Fri, 20 Dec 2013 15:38:25 +0000 http://www.federaldirecttax.com/blog/?p=1576 Last tax season marked an increasing level of noncompliance by tax preparers with the Internal Revenue Service’s due diligence reporting requirements for the Earned Income Tax Credit, according to a new report reviewing the IRS’s performance during the delayed tax season. The report, from the Treasury Inspector General for Tax Administration, found that as of […]

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]]> New IRS Commissioner Koskinen Approved https://www.federaldirecttax.com/blog/new-irs-commissioner-koskinen-approved/ Mon, 16 Dec 2013 16:03:49 +0000 http://www.federaldirecttax.com/blog/?p=1570 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.

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