Obamacare: Penalty For Not Being Insured In Disarray

Posted on February 17, 2017

Background: The individual shared responsibility provision requires you and each member of your family to do at least one of the following:

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 [..]

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 [..]

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 [..]

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 [..]

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 [..]

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 [..]

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 [..]

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, [..]

Practitioner Actions Resulting in Referrals to OPR

Posted on July 12, 2010

IRS recently revised portions of the Internal Revenue Manual (IRM) dealing with return preparers (IRM 4.1.10.1.1). The updated information provides insight on when tax preparer misconduct [..]

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