Next week, the IRS will begin hosting the Nationwide Tax Forums, a series of three-day conferences covering ethical and legal issues facing the tax industry. Attendees can earn CPE, attend live seminars, and learn more about upcoming products.
“You’ll know what to do.”
Terry and her mother had always been close. After Barbara Durkin was diagnosed with lung cancer in 2003, Terry decided to come home and help with her mother’s tax practice. When talking about their relationship, Terry reminisces, “I can’t describe my mother in just one word: She was my role model, my friend, my mentor, and so much more. She was influential in every part of my life.”
There is no question that identity theft – particularly as it relates to taxes – is a major criminal activity and a serious threat. The Federal Trade Commission (FTC) notes that last year this segment of fraudulent crimes topped its list of consumer complaints for the 15th consecutive year.
Yet another sign that the economy may be showing signs of recovery is the top concern of the majority of CPA firms – how to attract and retain qualified people as a foundation for growth. The exception to this are the firms operated by sole practitioners, whose primary concern is the continuing complexity of tax laws and keeping up with the changes.
By a vote of 6-3, the United States Supreme Court (SCOTUS) upheld the Patient Privacy and Affordable Care Act (ACA), ruling that the intent of the law was to insure nationwide health care coverage. In doing so, the Court rejected the legal challenge to the law based on the wording of one section related to subsidies provided for low-income persons.
If you’re running Windows 7 or later, you may have noticed a small logo appear in the taskbar (generally in the lower right corner of the screen). Click on the logo and you’ll be taken to a “Get Windows 10” application, where you can reserve a copy of the new operating system on its release date of July 29, 2015.
The IRS announced that roughly 44,000 tax return preparers earned a record of completion after participating in the first Annual Filing Season Program. As previously reported, those individuals obtaining the record of completion are now listed in the IRS.gov Directory of Federal Tax Return Preparers with Credentials and Select Qualifications, aims to help protect taxpayers and tax preparers alike.
Today, the IRS reminded taxpayers that money spent on summer day camps can be eligible for a tax credit if the attending child or dependent qualifies under the rules outlined in Publication 503. This special edition tax tip includes a checklist for those who might be interested in filing.
You’ve heard the names of the top firms in tax preparation. The firms that have proven successful despite competition, ever-changing tax regulations, compliance requirements, and proposals for regulation and growing identity theft.
What is it that makes these firms successful when others are not? Strong business skills are obviously the foundation for any success. Businesses generally fail for three reasons: a lack of cash, a lack of clients, or ineffective marketing.
Today, the IRS announced that it will increase the amount of information shared between the tax preparation industry and the government to safeguard taxypayers from identity theft and tax refund fraud. The IRS, states, and industry leaders agreed to form three separate groups that would improve taxpayer authentication, fraud identification, information assessment, cybersecurity frameworks, and communication with taxpayers.