Remember that report stating that folks with out bank accounts were going to face a ton of problems? Well, that crisis has been avoided. The Obama administration said Wednesday that there will be a rule preventing health plans from not accommodating households that do not have traditional bank accounts. An estimated 8.5 million people without […]
Federal Direct will be closed on Monday, September the 2nd in observation of Labor Day. We wish you all a safe and relaxing Labor Day. The office will reopen Tuesday the 3rd at 9 am.
This week the IRS Return Preparer Office is mailing letters to approximately 3,000 return preparers who are preparing tax returns without a valid preparer tax identification number (PTIN). Letter 4731 is being sent to 1,100+ people who are using a legacy PTIN that was obtained prior to September 2010 and has never been renewed in the new […]
The IRS has set preliminary rules for disclosing taxpayer tax return information to the insurance exchanges, also called “marketplaces” (not currently set up), to help in determining who is and who is not eligible for the “premium tax credit.” For taxpayers whose income is relevant in determining eligibility for an insurance affordability program, Medicaid, CHIP, […]
According to Accounting Today, the IRS will be extending the time before the retirement of the Electronic Account Resolution services on the IRS’s website. The IRS plans to extend the applications for three more weeks. There has been and continues to be much outrage over the shutting down of the system when there are drastic […]
Fuzzy Thurston, a former lineman of the Green Bay Packers will be auctioning off his 1967 SuperBowl Championship ring to help with his 1.7 Million tax debt. The tax debt originates from Thurston’s post NFL business venture where he opened a chain of restaurants called The Left Guard. The original debt was issued in 1984 […]
8 democratic Senators have pressed the IRS for appeals to the tax code relating to the handling of same-sex couples. Many states now allow for same-sex couples to file joint State returns, however these same couples must file separate federal tax returns. A heavy portion of the problems these couples face are related to dealing […]
The IRS has just released its’ adjusted mileage rates for the second half of tax year 2011. These rates will be in effect for all clients returns this coming January. Be aware, taxpayers always have the option of calculating and using actual expenses for their vehicle, but typically the mileage rates offer taxpayers the most […]
The IRS is moving forward with implementing their testing requirement for tax preparers and they have stated that this will be in place for this coming 2011 tax season, starting January 2012. One way to postpone having to take the preparer competency examination is to have your PTIN issued prior to the IRS implementing the […]
The IRS has selected Prometric to administer the forthcoming tax preparer examinations, but they would like to hear from you, the actual preparers, regarding the structure, length, specific areas and topics that should be covered, reporting, etc. Prometric is the company that has been administering exams for Enrolled Agents and CPAs for years, but with […]