Just yesterday, Dec 3rd, there has been a nation wide preliminary injunction against enforcement of the upcoming mandatory BOI reporting deadline of January 1st 2025. This is a preliminary injunction and we do assume the government will be appealing the decision, but as it stands now, the reporting deadline of January 1st 2025 is now […]
Who do professional tax preparers call when they need help? The answer is, like many tax-world answers, it depends. What do they need? Chances are there is a very specific person, vendor, line or department that will take you straight there. Here we have compiled a handy dandy, ultra-bookmarkable list of numbers that a tax […]
Tax season is a busy time for everyone involved, but it’s especially important for taxpayers in the market for a qualified tax preparer. Tax laws are complex and ever-changing, and it can be difficult for taxpayers to keep up with the latest changes. This is where professional tax preparers come in. Professional tax preparers can […]
The Internal Revenue Service (IRS) will be shutting down its Modernized e-File (MeF) system on November 18th, 2023, for annual maintenance. This means that taxpayers will not be able to e-file their individual income tax returns during this time. The MeF system is used by both taxpayers and tax preparers to e-file individual income tax […]
The PTIN portal is officially open for new 2024 PTINs and for PTIN renewals for 2024. A little bit of good news is that the price is a little less than it was last year. The fee to renew or obtain a PTIN for 2024 is $19.75. The fee is set at $11 per application […]
The Internal Revenue Service (IRS) has announced that it will reopen the Certifying Acceptance Agent (CAA) program in late 2023. The CAA program allows certain organizations to help taxpayers obtain Individual Taxpayer Identification Numbers (ITINs). ITINs are tax processing numbers issued to individuals who are not eligible for a Social Security number (SSN). The CAA […]
IRS Notice 2022-36 waives late filing penalties for 2019 and 2020 returns filed late but on or before Sept. 30, 2022. Applies to income tax returns: 1040, 1040NR 1041 1065, 1120, 1120S 990 PF And more Does not apply to estimated tax, underpayments, preparer penalties If late filing […]
One component of becoming an e-file provider is getting fingerprinted for a background check. This has traditionally been completed with paper fingerprint cards which were mailed to the IRS and matched to the applicant’s application. However, as of September 25th the IRS will be implementing a new electronic fingerprinting process which will require an applicant […]
Hot off the presses! IRS HUB Testing to start tomorrow, January 18th and continue through Friday January 21st. Tax returns intended for early processing can be submitted now! What is IRS HUB Testing? -This is when the IRS pulls and processes returns that have been submitted as part of a controlled test launch of the e-file […]
Tax and immigration services are in high demand as immigration reform is on the horizon. All undocumented immigrants living and working in the United States need an Individual Taxpayer Identification Number (ITIN) in order to file and pay their taxes. ITIN holders are eligible for various tax credits which can result in tax refunds, but […]
Benefits of Online Tax Software Online tax prep software can be used on any computer – Mac or PC Online tax software auto updates and is self-maintaining Acknowledgments automatically applied No need to back up files since they are stored in the cloud Functionally similar to desktop versions Fluid movement between software years Several preparer roles […]
Should I become a tax preparer? That is a common question that we get to discuss with entrepreneurs on a daily basis. Becoming a tax professional is not glamorous, but it does place you into an industry that has proven over the years to be stable and in demand. Become your friends, family, and clients’ […]
If you haven’t heard of Uber by now, let me briefly explain. Uber is a car service cheaper than that of a regular taxi because Uber drivers user their own car and choose when they work. Think of a ride-share or carpool that you pay for,but you don’t pay as much as a taxi. Long […]
Just as quickly as we update our ITIN materials and guidelines the ITIN policy office within the IRS has changed their stance yet again! Just released: ITINs (Individual Taxpayer Identification Numbers) will expire after 5 consecutive years of non-filing use. This is a change from the services’ previously stated policy of automatically expiring ITINs after […]
Want to know how to pay less taxes? One of the easiest ways to reduce one’s tax liability is by keeping receipts for taxes. While not everything is tax-deductible, saving receipts for taxes is pretty easy and will help you keep good track of your deductions without doing any work! So, what is the best […]