The Congress shall have power to lay and collect taxes on incomes from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration. [U.S.…
The federal minimum wage has remained at $7.25 per hour since 2009, but workers in several states will be making up to $2 more than the federal minimum thanks to automatic adjustments enacted to compensate for inflation...…
It has been a very busy month for the Internal Revenue Service. Members of Congress finally nailed down some tax legislation for 2012, and 2013. However, their last minute decisions put the IRS behind when it comes to processing tax returns because the agency has to work to update its software to adjust for the new laws...…
The 1040 Legacy e-file system has officially been retired. It is still technically available for one more year, but will be revived only if the new system experiences a significant failure. This is a huge milestone for the IRS...…
Read more about What The Modernized e-File System Means For Tax Preparers
In the meantime, it is recommended that preparers who have already been assigned a Preparer Tax Identification Number (PTIN) continue to use it to protect their identity.…
Read more about RTRP Program Shut Down...PTIN Still Recommended
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 ...…
Read more about To Use or Not to Use: Social Media and Business
“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.…
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 . . .…
Read more about Bye-Bye Refund Cycle Chart - Hello Refund Tracker
