Tax Talk

For the upcoming tax year the annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012. Any monetary, or tangible gift with FMV, of less 14 thousand dollars does not require a gift tax return to be filed nor is the recipient required to pay taxes on that gift, so let’s […]

The PTIN renewal and registration for 2013 are now available. Regulations require all paid tax return preparers obtain a Preparer Tax Identification Number (PTIN). Preparers must renew their PTIN each year by December 31. The renewal fee is $63.00 and the initial application fee is $64.25. Please remember to confirm that your credentials and all […]

Below is a list of dates with corresponding late fees. Don’t forget these late fees are IN ADDITION to the regular renewal fee. Also, these fees do NOT include your PTIN fee. October 31st- Deadline to renew with CTEC, Pay California $25 After 10/31- Jan. 1st- Late renewal with CTEC, Pay California $25 to renew […]

The IRS will be sending out approximately 5,000 letters to tax preparers of all designations who filed tax returns with a Schedule C that have a high percentage of traits typically found to have errors. These letters are being sent prior to the tax-filing season. The IRS has acknowledged that they specifically targeted returns that […]

Whether you are searching for yourself or with a fellow tax preparer, regardless of previous experience, you will find that this is the best and last year to open your own tax prep business with the fewest barriers to enter the industry.  New federal tax preparer requirements set in place will be enforced strictly next […]