Mef is Operational
At 9:00 am ET on Thursday, February 16th, we will re-enable Mef for the vast majority of our federal returns. IRS has indicated that their issue has been resolved and their backlog has been cleared.
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Suspending modernized e-file
What the transition to legacy means for preparers is that ACKs will NOT be back within minutes … it will take anywhere from 1 hour to 10 hours, depending on what time of day you transmit.
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IRS Revises Procedures for Innocent Spouse Relief
According to IRS Commissioner Douglas Shulman, “The IRS is significantly changing the way we determine innocent spouse relief. These improvements should dramatically enhance our process to make it fairer for victimized taxpayers facing a difficult situation.”
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Tax Refunds Delayed
In an IRS Industry call at 2pm January 26, the IRS indicated that some of their new “upfront fraud filters” had held up more returns that then had anticipated.
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IRS Announces Due Diligence Checklist
On December 20th the IRS announced that a due diligence checklist, Form 8867, will now be required to be filed with any federal return that claims the Earned Income Tax Credit (EITC). This decision will be enacted as of January 1, 2012, and all will affect returns filed after that date that claim the EITC.
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IRS Welcomes Feedback Concerning New Real-Time Tax System
Currently, the IRS follows a “look back” model of compliance. With this method, the IRS compares third-party information it receives with that submitted on a tax return, often after the return has already been accepted.
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IRS Reconsiders Fingerprinting Requirement
In recent months, there has been a lot of talk about the latest due diligence requirements proposed by the IRS – requirements designed to help regulate the tax preparation profession. But just recently, one of the proposed requirements has been put on hold.
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Registered Tax Return Preparer Competency Test Information
The tax preparation industry has experienced many changes in the past couple of years, including the requirement for competency testing as a provision of tax preparer regulation. According to the IRS, the return preparer competency test will be released late in 2011.
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Proposed Due Diligence Checklist Requirement
The IRS believes a new regulation will help ensure the correct credit is given to taxpayers who qualify and has issued a proposition that will require paid tax preparers to file Form 8867 with any federal return claiming the EITC.
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Opportunity Knocking
Having trouble finding affordable and convenient ways to meet your Continuing Professional Education (CPE) requirements? Are CPE requirements new to you and you’re not sure where to go or how to get started? Are you looking for ways to brush up on your tax knowledge, but prefer to learn in a self-paced, yet interactive environment?
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Older Posts Yeah! There are more posts, check them out.
Drake Software on Twitter- Drake Software Blog Spot
- Updated Tax Refund Chart February 18, 2012
- IRS and Mississippi issue delay updates February 15, 2012
- IRS Efiling Needs Help February 11, 2012