Archive for August 3, 2011

Industry News Flash


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 effort by the IRS to enhance oversight of the tax preparation industry. Preparers who pass this test, a background check and tax compliance check as well as complete 15 hours of continuing education annually will have a new designation: Registered Tax Return Preparer.

    The specifications identify the major topics that will be covered by the test, which will be available starting this fall. Although individuals who already have a provisional preparer tax identification number (PTIN) from the IRS do not have to pass the exam until Dec. 31, 2013, they may take the exam at any time once it is available.

    The test will have approximately 120 questions in a combination of multiple choice and true or false format. Questions will be weighted and individuals will receive a pass or fail score,

    » Read more..

Things you need to do to get ready for tax season

Professional Tax Preparation Software

As you are aware starting 2010 tax season all income tax preparers must have IRS assigned PTIN number. If you do not have one, you can REGISTER with the IRS and your PTIN number will arrive within 28 days or you can register by printing and filling out Form W-12 and then mail it to the IRS.

If you already have PTIN number, you will need to RENEW your application.

If you fail to sign-up for or refresh your PTIN, penalties may apply. Tax return preparers who use their SSN, EIN, EFIN, or ETIN, instead of a valid PTIN, on tax returns or claims for refund filed after December 31, 2010 may be subject to penalty » Read more..

Services Offered to Tax Preparers

Service for tax preparers

When tax season rolls around and you need office help, by you using my service you can eliminate all the hassles of looking and teaching someone who has no clue what your business is all about. If you are a tax preparer and spend your time visiting clients, my service is your best solution.

I will send you input sheets that are really easy to fill out. The first year will take a little longer because we don’t have any data. The following year will be a lot simpler. You will receive a proforma which will have all data from prior year printed in the prior year column. All you have to do is give me input for the current year. It is THAT SIMPLE. » Read more..

Tax returns, e-File and things to come!!!

Services for tax preparers e-file

Starting 2012 (2011 Tax year) all tax returns, prepared by tax return preparers who are paid for their services and prepare more than 10 tax returns, must be electronically filed. That includes 1040, 1120, 1120S, 1041, 1065, 990, and all extensions. IRS counts extensions as part of 10 returns. According to the IRS rules if you prepare more than 10 tax returns and do not file tax returns electronically there will be a $50 penalty » Read more..