Part III – Administrative, Procedural, and Miscellaneous Restrictions on Use of the Term Registered Tax Return Preparer Notice 2011-45 The Department of the Treasury and the IRS are implementing the recommendations contained in Publication 4832, “Return Preparer Review.” As part of this implementation, the Department of the Treasury and the IRS have issued final regulations
IRS Issues Proposed Regulations That Would Require Tax Preparers to File Due Diligence Checklist with All EITC Claims Submitted in 2012 IR-2011-98, Oct. 6, 2011 WASHINGTON —The Internal Revenue Service announced today that it is issuing proposed regulations that would require paid tax return preparers, beginning in 2012, to file a due diligence checklist, Form
Recent IRS News View recent, tax-related IRS news releases below. Resources for Tax Preparers: IRS Releases Specifications for Registered Tax Return Preparer Test IR-2011-89, Sept. 6, 2011 WASHINGTON — The Internal Revenue Service today released the specifications for the competency test individuals must pass to become a Registered Tax Return Preparer. The test is part of an ongoing
Tax preparation software for tax preparers and PTIN hassle. WASHINGTON, D.C. (NOVEMBER 23, 2011) The Internal Revenue Service said it plans to add a new option to its Preparer Tax Identification Number system in December for users who need to change the email address associated with their online PTIN accounts. The new option
In 2012, Many Tax Benefits Increase Due to Inflation Adjustments IR-2011-104, Oct. 20, 2011 WASHINGTON — For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced today. By law, the dollar amounts for a variety of tax provisions, affecting virtually every
The Internal Revenue Service is temporarily shelving its controversial plan to fingerprint tax preparers, IRS Commissioner Doug Shulman said Tuesday. Speaking at the American Institute of CPAs’ National Tax Conference, Shulman described some of the IRS’s latest moves, including ones influenced by the AICPA. The AICPA wrote to Shulman last month asking the agency
In the wake of studies that found that tax returns filed by paid preparers can be riddled with mistakes, the Internal Revenue Service is clamping down on the industry. Up to now, paid tax preparers in the vast majority of states were free to hold themselves out as experts without any training whatsoever. Nor did they
Tax Return Preparation For All Your Clients.
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For over 30 years I have been providing services for CPA ‘s, tax preparers, and attorneys who prepare tax returns for businesses and the general public. My career began in 1981 with Park Avenue Tax Return Service, Inc. based in New York City. The format was simple, preparer would fill out input sheets, our people would key data into computer, the program (located on mainframe computers at the time) would execute and create a print file with finished tax returns. In 2006 all that has come to an end because of e-file mandates.
That’s when I decided to take a chance and took this business to the next level. I am still in the services bureau environment, but now it is a full service for CPA’s & tax preparers. I still use data sheets for input purposes, but because of all the new technology and great software that was written specially for my service bureau purposes, all tax returns can be prepared, emailed, e-filed from the same computer station and you do not need to spend $2,500 – $5,000 for professional tax software to prepare tax returns. No tax preparation software for preparers required. You don’t have to spend hours on the phone with tech support to figure out what you are doing wrong and why you are not getting the result you desire. Your name will appear at the bottom of all tax returns that you prepare. You will see how easy and simple your tax season can be. All you need to do is TRY FREE OF CHARGE. That’s right, no charge on any tax return that you would like to sample. Do it NOW before next tax season rolls around.
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New form 1099-K produced confusion, here are some answers.
My website is getting a lot of hits with people confused on how to handle new Form 1099-K. Most people don’t know where to make the entry on their tax return. I decided to help and here are some answers to your question.
What is form 1099-K?
Form 1099-K must be sent by all credit card companies and any other companies that received payments for purchases and passed the money to a business or an individual who sold the goods to a consumer. To make this simple, this is a portion of gross receipts that was paid for by credit cards, PayPal, Google Checkout, and other companies that provide similar transactions.
Where do you enter 1099-K information?
Form 1040, individual tax return
On form 1040 you have to make this entry on Schedule C (self employment). Add up all 1099-K amounts and enter the total on Form 1040, Schedule C, » Read more..
IRS Announces 2013 Pension Plan Limitations; Taxpayers May Contribute Up to $17,500 to Their 401(k) Plans in 2013
IR-2012-77, Oct. 18, 2012
WASHINGTON — The Internal Revenue Service today announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2013. In general, many of the pension plan limitations will change for 2013 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged because the increase in the index did not meet the statutory thresholds that trigger their adjustment. Highlights include: » Read more..
PTIN Renewal Period Underway for All Tax Professionals; Registered Tax Return Preparer Candidates Urged to Schedule Tests
IR-2012-79, Oct. 22, 2012
WASHINGTON — The Internal Revenue Service today reminded the nation’s 730,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2013. Also, preparers who have a competency test requirement should take the time now to schedule an appointment for the exam.
Anyone who is a paid federal tax return preparer must register with the IRS and have a PTIN, as must all Enrolled Agents. Additionally, some return preparers have new continuing education and competency test requirements. » Read more..
Ready to advance your career? Be ahead of the game by taking the Registered Tax Return Preparer test this summer. Or take the Special Enrollment Exam to become an Enrolled Agent. Both tests are available in all six IRS Nationwide Tax Forum cities! Note: You will not receive continuing education credit for taking the test during the Tax Forums.
- Log into your online PTIN account
- Click on your PTIN
- Click on Schedule a Competency Test
- Select one of the convenient test locations from the list below
- Pay the fee – $116 (this fee is in addition to the cost of attending the Tax Forum)
Sign up for the Special Enrollment Exam:
- Follow the steps to become an enrolled agent
- Select one of the convenient test locations from the list below
NOTE: test seats are available on a first come first served basis – sign up early! » Read more..
More than 200 Actions Taken in Past Week in 23 States
For more information, see the Special Identity Theft Enforcement Efforts – 2012 page.
IR-2012-13, Jan. 31, 2012
WASHINGTON – The Internal Revenue Service and the Justice Department today announced the results of a massive national sweep cracking down on suspected identity theft perpetrators as part of a stepped-up effort against refund fraud and identity theft.
Working with the Justice Department’s Tax Division and local U.S. Attorneys’ offices, the nationwide effort targeted 105 people in 23 states. The coast-to-coast effort took place over the last » Read more..
For tax year 2011, the IRS asks recipients of the Form 1099-K, Merchant Card and Third–Party Network Payments to include the business income from 1099-Ks as part of the aggregate total with other business receipts on their tax returns.
Please note: This does not change the requirement that responsible entities file and furnish Forms 1099-K for 2011.
Form 1099-K, Merchant Card and Third Party Network Payments
A payment settlement entity (PSE) must file Form 1099-K for payments made in settlement of reportable payment transactions for each calendar year. A PSE makes a payment in settlement of a reportable payment transaction, that is, any payment card » Read more..
IRS e-file Launches Today; Most Taxpayers Can File Immediately
IR-2012-7, Jan. 17, 2012
WASHINGTON — The Internal Revenue Service opened the 2012 electronic tax return filing season today with a reminder to taxpayers that e-file remains the best way to get fast refunds and ensure accurate tax returns.
IRS e-file has surpassed the milestone of 1 billion returns processed. The electronic transmission system revolutionized the way the IRS processes tax returns and made speedy refunds possible. More than 112 million income tax returns were e-filed last year, or 77 percent of all individual returns filed. » Read more..
IRS Kicks Off 2012 Tax Season with Deadline Extended to April 17
WASHINGTON — The Internal Revenue Service today opened the 2012 tax filing season by announcing that taxpayers have until April 17 to file their tax returns. The IRS encourages taxpayers to e-file as it is the best way to ensure accurate tax returns and get faster refunds.
The IRS also announced a number of improvements to help make this tax season easy for taxpayers. This includes new navigation features and helpful information on IRS.gov and a new pilot to allow taxpayers to use interactive video to get help with tax issues. » Read more..
PTIN System Unavailable for New Applications from Dec. 26 until Jan. 9
Due to previously scheduled maintenance on IRS systems, the PTIN system will be unavailable for new applications from 5:00 PM ET on Friday, Dec. 26 until approximately 9:00 AM ET on Monday, Jan. 9. Preparers are still able to renew existing PTINs during this window. We sincerely apologize for the inconvenience. We are exploring ways to mitigate the outage for preparers who cannot meet the December 26 deadline. More to come on this issue.