Research Costs- Thinking about starting a tax preparation business? Or, do you need tax business help as a preparer? Or, do you need tax business help as a preparer? Perhaps you have already decided and are doing cursory research. If you do your homework on the steps to starting a tax preparation business, it […]
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 […]
Overdue tax installment payments are about to become more expensive. The service is proposing a stiff IRS user fee hike to go into effect on Jan. 1 2017. The charge for new installment plans will be $225… a $105 jump from today’s cost. The outlay for direct debit installment agreements will more than double to […]
ITINs issued before 2013 will expire 12/31/2016. Renewal process will open October 1st, 2016. To identify if an ITIN was issued prior to 2013, the first individuals in this group are ITINs with 78 or 79 as the middle digits. ITINs that have not been used on a US tax return for the past […]
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’ […]
An interesting question was posed this morning that made me think and question it myself. That question was “why does tax season seem to begin later and later every year?” My first thought was simply the day of the week that that date range falls on, but then I pulled up the calendar. Tax season […]
This notice is particularly for Certified Acceptance Agents. Hopefully, you all have kept appropriate documentation on returns which had W-7 applications for an Individual Taxpayer Identification Number. The word on the street is that the IRS is taking a sample pool of ITINs per CAA and investigating the appropriateness of the work done. By that […]
Our next webinar will be covering General Tax Law Updates for the coming tax season. The webinar will be hosted next Thursday, September 6th at 5:30pm Eastern. As always, if you are not able to attend the live webinar, it will be available for archive viewing on your partner portal 24-48 hours after the live […]
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, […]
Please join us next Tuesday for our webinar covering Education Credits & Tuition deductions, how to report them and which option is best for your clients. This webinar will last approximately 2 hours, and for those of you who have signed up for an IRS continuing education package, will provide 2 CE credits in the […]