Tax Law Updates

The latest changes in tax law

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Supreme Court Passes On ACA Challenge

Not on the List to Review for 2014 Term The US Supreme Court has released the list of cases it will take up in the 2014 term, and the petition that challenges a key part...
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Millions of Dollars of Frozen Credits in Taxpayer Accounts

Further Actions Are Needed WASHINGTON – The Internal Revenue Service (IRS) is charged with collecting the Nation's taxes while also providing quality customer service. Accurate processing of so-called "frozen credit accounts" – accounts that...
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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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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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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.
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Supreme Court Upholds Federal Subsidies For The ACA

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 ensure nationwide health care coverage. ...
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RTRP Update:

In response to the recent court ruling which precludes enforcement of the RTRP requirements, the IRS has issued a statement acknowledging that tax preparers do not currently have to meet these requirements...
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What the ACA Supreme Court Case Means To Tax Preparers

On Wednesday, March 4, the US Supreme Court will hear oral arguments in the case of King v. Burwell, a challenge to the Patient Protection and Affordable Care Act (ACA).  Unlike many of the...
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Court Dismisses AICPA Lawsuit Against the IRS

The AICPA Lacked Standing and Would not be Harmed by a Voluntary Program   The US District Court for the District of Columbia has dismissed a lawsuit against the Internal Revenue Service by the American Institute...
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RTRP Program Shut Down…PTIN Still Recommended

In the meantime, it is recommended that preparers who have already been assigned a Preparer Tax Identification Number (PTIN) continue to use it to protect their identity.

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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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