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1099-K Business Return Reconciliation Eliminated
Posted on February 16, 2012
The Housing and Economic Recovery Act of 2008 required third-party payment entities, such as credit card companies, to begin filing informational returns with the IRS reporting merchant card transactions, such as credit and debit...
Tax Preparers Need to File Form 8867 with All EITC Claims
Posted on December 21, 2011
Beginning January 1, 2012, (IR-2011-122) new regulations require paid tax return preparers to file Form 8867, Paid Preparer's Earned Income Credit Checklist, with any federal return claiming the Earned Income Tax Credit (EITC)....
PTIN Renewals Will Be a Calendar Year
Posted on June 29, 2011
Originally it was envisioned that tax preparers would renew their PTIN registration one year after they originally registered. In other words if you registered your PTIN on October 1, 2010 you would have to reregister the PTIN...
Standard Mileage Rates Boosted July 1
Posted on June 23, 2011
The IRS in Announcement 2011-40 advises the public that the IRS is revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and...
Tax Preparers Can't Use the Term RTRP until Passing The Exam
Posted on June 20, 2011
In Notice 2011-45, the IRS warns tax preparers that representing themselves as Registered Tax Return Preparers (RTRP) before passing the competency examination is misrepresentation and is subject to Circular 230 sanctions. This...
Enrolled Agents (EA) With SSN Ending in 4,5 or 6 Can Now Renew!
Posted on June 2, 2011
For those Enrolled Agents with Social Security numbers ending in 4, 5 or 6. The EA renewal form (Form 8554) is now available on irs.gov and in electronic format on pay.gov. The renewal cycle will run from June 1, 2011 through...
First-Time Homebuyer Credit Repayment Delays Refunds
Posted on March 29, 2011
In 2008, the first-time homebuyer credit was actually a 15-year interest free loan that had to be paid back beginning in 2010. The maximum credit for 2008 was $7,500, which results in a repayment of $500 for most taxpayers....
Debt Indicator for the 2011 Tax Filing Season Removed By the IRS
Posted on August 20, 2010
On August 5, the Internal Revenue Service announced that starting with next year's tax filing season, it will no longer provide tax preparers and associated financial institutions with the "debt indicator," which is used...
Will Congress Take Action Or Allow Taxes to Increase?
Posted on July 30, 2010
Normally, one would think that Congress would have to take some action to increase taxes. However, it is quite the opposite for 2011. If Congress fails to take action, in spite of the fact that President Obama vowed no new taxes...
IRS Phases in the 2011 Federal E-File Mandate
Posted on July 12, 2010
The Worker, Homeownership, and Business Assistance Act of 2009 included a provision that requires tax preparers, beginning for the tax season in 2011, who expect to file more than 10 individual, estate, or trust returns to...
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