A recent lawsuit arguing the IRS lacks the authority to require tax preparers to pass a competency exam and take continuing education courses brought the IRS’s RTRP (Registered Tax Return Preparer) program to a screeching halt when the federal court judge agreed and issued a ruling that voided the RTRP process. But the IRS is not accepting the ruling ...…
Sequestration: a series of across-the-board federal cuts scheduled to occur if Congress doesn’t take actions to cut spending. The deadline from Congress to take action is Friday, March 1. If no action is taken and sequestration goes into effect,...…
Although most everyone is aware of the dangers of identity theft, the IRS is expecting difficulties in wading through all of the tax returns that are to be filed this year. The hardest part will be…
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.…
Winter means cold weather, less sunlight, shorter days, and less time spent outside. This combination can cause a vast amount of people to feel a mild form of depression known as the “winter blues...…
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...…
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. . .…
