Tax planning help may be needed for taxpayers who, through a combination of tax credits, usually receive a tax refund as opposed to owing, which may be just the opposite in the next couple of years as many common and often used tax credits are set to expire. The following common tax deductions and credits […]
Warning letters are being sent this month and throughout December to tax preparers who potentially have filed erred or inaccurate EITC claims. The IRS is also planning on continuing their “knock & talk” campaign for preparer education this tax season, where they will be physically visiting offices with high percentages of EITC recalculation due to […]
Instant Tax Service has had their doors closed by US district court Judge Timothy Black. Instant Tax was said to have been promoting a “culture of fraud and deception” within its franchisee base. Along with promoting unrealistic and undeliverable refund options to clients, Instant Tax was also sited for filing returns based off of pay […]
Federal Direct’s next webinar will be covering Tax Office Marketing. This webinar will go through the custom marketing programs available in your partner portal, debut the new partner website design, and break down the new low cost “To Every Door” direct mail campaign that any tax office marketing on a budget should be aware of! […]
Anyone who, for compensation, prepares or helps prepare any federal return or claim for refund must have a valid PTIN from the IRS. The PTIN must be used as the identifying number on returns prepared. “We ask that you renew your PTIN as soon as possible to avoid a last-minute rush. It’s easy to let […]
IRS statistics show that approximately 4% of all returns including schedule C income eventually get audited. Half of these returns are audited due to a random selection and the other half are chosen based upon a scoring assessment based upon IRS standardization charts for different acceptable business expenses. The IRS released that the most common […]
Oct 15th is the date published on the IRS’ official e-file chart, but they have changed it to 8am Eastern, Monday October 31st. There is no additional time past this date to electronically resubmit returns that have been rejected, they will have to be paper filed. What does this mean for my office? – Any […]
The IRS announced that they will be continuing their “Knock and Talk” EIC preparer education program, along with sending compliance letters, initiating preparer due dilligence audits, and requiring additional information be attached to all returns claiming EITC. Prepareres will not notice much differece in the preparation process as now the tax preparation software will submit the EITC checklist […]
Provisional PTINs: available through 4/18/2012. This means that you WILL be able to get a PTIN prior to completing the preparers examination up to this date. If you already have a PTIN, you will need to renew that PTIN for a fee of $64.25 after October 15th, 2011 for the coming tax season. You will […]
For anyone who has not heard the deadline for avoiding having to take the RTRP Examination until December 2013 is October 1st. Federal Direct can assist you get your PTIN now, but if you delay, you will experience multiple additional charges and an examination before you can preparer taxes this year! If you do not […]