Many businesses sell medical marijuana in the retail sector. Of course, having legalized marijuana on a state level, makes this business practice legitimate for state taxes but what about federal taxes? For federal tax purposes, since marijuana is still illegal, it prevents this business from being treated as a real business with deductible expenses. However, […]

The IRS recently released a statement saying that EFIN applications by paper will no longer be accepted. Effective October 1, 2012, applications to become an IRS e-file provider must be submitted online. The IRS will no longer accept paper e-file applications. Become an e-file provider in 3 easy steps: 1. Create an IRS e-Services account. […]

Why does it seem that just before something is fully functional and working well that it needs to be changed? The IRS has made several new changes and “improvements” to the online PTIN registration portal. Hopefully, these changes improve it’s capacity in registering and renewing preparers’ PTINs.  Hopefully, there won’t be three weeks just before […]

Federal Direct will be hosting a webinar covering significant changes to the ITIN program that effect all applicants in the process.  This webinar will provide 1 IRS continuing education credit in the Tax Law Updates category.  The webinar is scheduled for Tuesday July 17th at 5:30pm Eastern.  Webinar invites have been to all Federal Direct […]

This morning the Supreme Court upheld the constitutionality of the Affordable Care Act.  The most debated issue was the individual coverage mandate element of the law which levies penalties to taxpayers who are required to purchase insurance coverage but fail to do so.  Administration of the Affordable Care Act will be serviced by the IRS; […]