Tax Talk

IRS released new information today highlighting increases in EITC preparer fraud penalties.  The standard monetary penalty has increased from $100 to $500 per compliance issue on returns filed after 12/31/2011.  For more information on avoiding preparer compliance penalties visit the IRS’ EITC Website for more information.  This recent update was just released today, 11/7/2011, and […]

The IRS will be filing all returns through the new Modernized E-File (MEF) system this coming tax season.  This translates to your clients getting their refunds in as little as 5 days.  This represents a reduction in refund delays by 2 days.  The IRS reserves the right to delay returns with questionable Earned Income Tax […]

For the coming 2011 tax season, the IRS has changed the date they will start accepting e-filed returns to January 17th, 2012.  This is a Tuesday and return filed should be acknowledged by the IRS within 24 hours, as opposed to previous seasons where the first days’ acknowledgements would be delayed for 48 – 72 […]

The next training webinar for Federal Direct partners is scheduled for Tuesday November 8th at 6:30pm Eastern.  This webinar will cover accessing your online resources for tax preparation tools,  software & tax training, and will go through using the custom marketing creator for creating and implementing your office’s own unique marketing programs.  Registration invitations have […]

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 […]