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
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This IRS YouTube video describes energy credits available to taxpayers who plan to winterize their homes before the year’s end.
The Essential 1040®
As federal tax laws become more complex, the need for preparers to be aware of changes each year becomes increasingly more important. To truly be equipped for tax season 2012 each preparer needs to review all the new laws that affect their clients.
Topics include:
As of January 1, 2011, all paid tax return preparers must obtain a Preparer Tax Identification Number (PTIN) before preparing returns. If you already have a PTIN, you must renew it each year.
Some preparers must take and pass a competency test in order to obtain a PTIN. Certified Public Accountants, attorneys, Enrolled Agents and individuals who do not prepare 1040-series returns are exempt from the testing requirement. Some preparers who are supervised by Certified Public Accountants, attorneys, and Enrolled Agents may also be exempt. To determine if you are required to take the test, review the Frequently Asked Questions at www.irs.gov/ptin.
Test Booklet is available bellow for download » Read more..
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 to reconsider its plans for fingerprinting tax preparers as part of its effort to regulate the tax preparation profession.
“We have received input on the recent background check » Read more..
Shulman Discusses the Future of Tax Preparer Enforcement
Press Release — November 8, 2011
IRS Commissioner Doug Shulman spoke at the AICPA Fall Meeting on November 8, 2011, and shared information that will impact the future of tax professionals. In 2010, the IRS implemented the Return Preparer Program, an initiative requiring all tax preparers to register with the IRS and obtain a PTIN. This program also requires preparers that are not attorneys, CPAs or enrolled agents to complete the Registered Tax Return Preparer Competency exam and complete continuing education.
Originally, to become a registered tax return preparer » Read more..
The EITC due diligence penalty is jumping from $100 to $500 on returns filed after Dec. 31, 2011. Learn how to meet the requirements and avoid penalties with the online EITC Due Diligence training module.
Notice 2011-91
The regulations governing practice before the IRS, which are published in 31 CFR part 10 and are reprinted as Treasury Department Circular No. 230 (Circular 230), establish enrolled retirement plan agents as individuals who may practice before the IRS. Enrolled retirement plan agents’ practice is limited under section 10.3(e) of Circular 230 to representing taxpayers before the IRS with respect to issues involving the following programs or forms: employee plans determination letter program, employee plans compliance resolution system, employee plans master and prototype and volume submitter program, and the Form 5300 and the Form 5500 series that are filed by retirement plans and plan sponsors but not with respect to actuarial forms or schedules. Section 10.4(b) of Circular 230 requires individuals who want to become » Read more..
IR-2011-105, Oct. 20, 2011
WASHINGTON —The Internal Revenue Service today announced that the nation’s 738,000 tax return preparers who have Preparer Tax Identification Numbers (PTINs) can now renew their PTINs for the 2012 filing season.
Preparers are required to renew their PTINs on an annual basis and need to do so before the next year begins. For example, a preparer’s PTIN for 2012 must be renewed by Dec. 31, 2011.
Anyone who for compensation prepares, or helps prepare, all or substantially all of tax returns or claims for refunds must have a PTIN. Paid return preparers must » Read more..
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 taxpayer, must be revised each year to keep pace with inflation. New dollar amounts affecting 2012 returns, filed by most taxpayers in early 2013, include the » Read more..
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