According to TaxProToday, the IRS has sent out its regular warning letters to inactive EFIN holders. However, this year it seems that there was some error and current, active EFIN holders could be getting one, as well. If you have used your EFIN to e-file at least one return in the last two years, you […]

If you have a client who is attempting to get ITINs for dependents, he or she must be a parent or use a Power of Attorney form for immediate family (grandparents, brothers, sisters, etc). If your client is an aunt or uncle, the Power of Attorney will not work. In this instance, you will notarize […]

Ladies and gentlemen, it is time to begin thinking about your plans regarding the impending Registered Tax Return Preparer exam.  As much as many of us unintentionally procrastinate, it is advisable to go ahead and begin preparing to take the test. Do not wait until the last minute. Here are a few facts about the […]

Here are eight important points about the two different penalties you may face if you file or pay late. If you do not file by the deadline, you might face a failure-to-file penalty. If you do not pay by the due date, you could face a failure-to-pay penalty. The failure-to-file penalty is generally more than […]

During the most recent Bush administration, individual income tax cuts passed which are now expected to expire at the end of this year. This year is an election year which means that politicians are waiting until after the election to decide whether or not the tax cuts will be extended. According to Accounting Today, most […]