Tax Law Updates

The latest changes in tax law

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Circular 230 Ethics Rules

It’s complicated, but it’s important. Now, more than ever, paid tax return preparers need to understand and educate themselves so they can avoid sanctions for giving false or misleading information to the IRS or for asserting frivolous positions that do not meet realistic possibility standards. Preparers need to recognize what is considered disreputable conduct resulting from improperly preparing returns, and learn to identify tax fraud schemes.
ITINs Issued Before 2013 Have Staggered Renewal Schedule

PATH Act Affects ITIN Renewal

Our friends over at the Latino Tax Professionals Association (LTPA) recently published a reminder about how Section 203 of the PATH Act impacts ITIN renewal.
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EITC Due Diligence

The most common form of EITC noncompliance is the improper claiming of a qualifying child. The error occurs when the taxpayers claim a child who does not meet the age, relationship, or residency requirements.
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The Cost of Being Ethical

How Being Ethical Cost You Time, Money, & Friends © 2014, Ben A. Tallman EA Introduction Have you ever considered what you give-up by being ethical?  This article will discuss the dilemma that Tax Professionals face when...
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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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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.
Senate Action Draws Praise from Business Group

Senate Action Draws Praise from Business Group

This week the Senate passed legislation that eliminates the IRS’ tax penalty on employers who reimburse workers for the cost of health insurance premiums. A similar measure was passed in the House last week.
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IRS Warns Preparers of Due Diligence Penalties

Tax preparers who submitted a Tax Year 2011 client return claiming EITC (Earned Income Tax Credit) without attaching the Form 8867 (Paid Preparer’s Earned Income Credit Checklist) will likely receive a letter from the IRS warning ...
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EITC Due Diligence

John Sapp, Vice President of Strategic Development for Drake Software, explains and gives examples of procedures tax return preparers must follow to meet the IRS EIC due diligence “documentation” and “knowledge” requirements. This video also includes what to expect if the IRS performs an EIC due diligence audit of your firm.
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Continuing Education Requirements for Tax Professionals

Enrolled Agents and Enrolled Retirement Plan Agents must complete 72 hours of continuing education every three years – a minimum of 16 hours per year, two of which must be on ethics...

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New Scam Targets Tax Professionals

Security Summit Warns of New Email Scam
The Internal Revenue Service today announced a new email scam from cybercriminals that targets tax professionals. Using a two-stage process, this latest phishing scheme attempts to collect private data from tax preparers.

IRS Announces the First Day of Tax Season, Issues Refund Delay Reminder

IRS Announces the First Day of Tax Season, Issues Refund Delay Reminder
Tax professionals across the country are gearing up for tax season, which the Internal Revenue Service today announced will officially begin on January 23, 2017. The press release included yet another reminder about PATH Act-delayed refunds: taxpayers claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) will not have their refund issued until February 15, 2017.

New Features in Drake Software

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Improve Your Efficiency in 2016 For the tax industry, the months leading into January build tension in increments, like a banjo string tightening from every turn of the tuning peg. The days are filled with preparatory tasks for tax professionals and software developers alike, a...

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