When Does My Tax Preparer PTIN Expire?
Tax Preparers were required to get a Preparer Tax Identification Number last tax season. Those PTINs were initially scheduled to expire one year, to the day, from when they were issued. That time frame has been changed by the IRS, now all PTINs will expire on 12/31 of the following year. This translates to anyone […]
Tax Debt forces SuperBowl Veteran to put championship ring up for auction
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 […]
Senators Press IRS to Adapt Tax Code for Same-Sex Couples
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 […]
Business Mileage Deductions Changes for 2nd Half of 2011
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 […]
Child Care Credit without an EIN or SSN
Yes, It can be done; and Yes, it can be e-filed. The IRS has stated that it will now be accepting e-filed returns without the presence of an EIN or SSN for the care provider. You should make sure that your clients have exercised due diligence in attempting to obtain the EIN or SSN before […]