Taxpayers who fall within income levels under the Alternative Minimum Tax (AMT) requirement, or “wealth tax” as it’s often referred to, may be unable to file their tax return until late March if Congress does not agree to a fiscal cliff deal by December 31.…
Read more about Fiscal Cliff Negotiations May Delay Filing for Millions
Approximately 5,000 tax practitioners will soon receive a letter from the IRS...…
Because of the susceptibility of these credits to fraud, and the low success rates in recovering erroneous credits once refunds have been issued, the IRS should take every reasonable step possible to identify potentially questionable credits ...…
Read more about IRS Tightening Controls over Refundable Tax Credits
Zero installs. Zero updates. Zero backups. It is now possible at an affordable price with Drake Software’s online tax preparation solution – Drake Zero. Drake Zero has all the features tax professionals need to prepare individual tax returns. Drake Zero is a web application software.…
Here are some tips any business owner can follow to get more referrals:…
Read more about Get Referrals by Following the Law of Contribution
The deadline to register for or renew your PTIN (Preparer Tax Identification Number) for 2013 is December 31, 2012. All paid tax preparers must have a PTIN and it must be renewed annually. This year ...…
Under the tax code, penalties can be assessed for not filing a tax return or for failing to pay the full amount shown. But Americans who have paid on time and in full for the previous three years can ask for the penalties to be waived...…
The IRS is trying to help eliminate errors in the reporting of car and truck expenses on a Schedule C. They hope to both educate and remind tax preparers of tax compliance by sending out approximately 5,000 letters to those preparers who have filed a Schedule C with what appear to be irregularities...…
Read more about IRS Hopes to Help Preparers Reduce Errors on Schedule C
Taxpayers across the income spectrum – from rich to poor – are set to see tax hikes due to several expiring tax cuts and the automatic spending reductions taking place on January 1, 2013...…
The Internal Revenue Service is attempting to respond to the victims of Hurricane Sandy by waiving certain taxes. Most notably, the IRS announced earlier this month that qualified disaster relief payments made to individuals by their employer or any person can be excluded from those individuals’ taxable income.…
Read more about IRS Offers Relief to Hurricane Sandy Victims
