LIKE US on Facebook! Still wondering if social media is really necessary to improve your business? Consider your audience. If your clients or potential clients are mostly people over the age of 65, odds are that social media may not be your most useful tool. However, it is a FREE ...…
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“We took our first income tax information to a local practitioner in the spring of 1974,” Warner recalled. “However, the main client base of this tax preparer consisted of farmers. After I looked over the completed 1065 partnership return, I felt a desire for a better understanding of the tax laws.” That is when Warner made a decision based on good old common sense. . .…
However, there are still some forms that cannot be filed until later. The following tax forms will be accepted by the IRS in late February or into March after updating forms and completing programming and testing of its processing systems. A specific date will be announced in the near future.…
Taxpayers using Form 8863, Education Credits, can begin filing their tax returns after the IRS updates its processing systems. Form 8863 is used to claim two higher education credits -- the American Opportunity Tax Credit and the Lifetime Learning Credit.…
Cloud-based software has been rapidly expanding in the business world. For many accounting professionals, the cloud is effectively providing the tools necessary to cut technology costs and take advantage of enterprise-grade technology without large scale investments. Along with promising ways to reduce IT expenses and risk associated with business interruptions...…
The beloved Refund Cycle Chart has been retired by the IRS. What?! Yes, it’s true. Taking its place is a new and, we hope, improved “Where’s My Refund?” (WMR) application, which gives taxpayers the ability to track their refunds online . . .…
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In response to the recent court ruling which precludes enforcement of the RTRP requirements, the IRS has issued a statement acknowledging that tax preparers do not currently have to meet these requirements...…
Claiming that the IRS overstepped its bounds in expanding its regulatory power to include all tax preparers who prepare and file tax returns for compensation, three bold tax preparers took the IRS to court, and won...…
The 2013 filing season for processing individual tax returns will begin on January 30, 2013. EROs and Online Providers may hold tax returns until the IRS begins accepting them. ...…
John Sapp, Vice President of Strategic Development for Drake Software, explains and gives examples of procedures tax return preparers must follow to meet the IRS EIC due diligence “documentation” and “knowledge” requirements. This video also includes what to expect if the IRS performs an EIC due diligence audit of your firm.…
