The standard mileage rate for business purposes is based on an annual study of the fixed and variable costs of operating an automobile, while the rate for medical and moving purposes is based solely on the variable costs...…
Would you like to be a hero to your taxpayers? Offer a few tips to them about deductions they may not know about. Include a list of possible deductions in a pre-season email reminder or include them in a list of hot topics on your website – this will help them prepare for their office visit and help them build their trust in you. Here are a few examples of those things taxpayers often miss……
The IRS processed more tax returns using the new system during the 2012 filing season, according to a report from the Treasury Inspector General for Tax Administration (TIGTA); however...…
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...…
