From the category archives:

IRS news/announcements

IRS Responds to Criticisms Of Preparer Notices

22 November 2011

Well that was quick. Days after the IRS sent out copies of the Notice 4809 to 21,000(ish) tax preparers, complaints were already flying. One tax preparer crafted this response to IRS Commissioner Doug Shulman while others took to Twitter and other [entity id="section_76" style="padding: 1px; color: #fff; background: #336699;" class="forbes_entity" active="true" item_id="section_76" key="/social-media" display="Social Media" [...]

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IRS Begins Competency Test Scheduling

22 November 2011

The IRS is forging ahead as part of its master plan to increase oversight of tax preparers across the country. In addition to Preparer Tax Identification Number (PTIN) registration, the IRS will require certain paid tax preparers to pass a competency test by December 31, 2013. It’s the certain in the phrase “certain tax preparers” [...]

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Dear IRS: A Tax Pro Fires Back

18 November 2011

I guess desperate times call for desperate measures. You may have heard about the infamous Notice 4809 from IRS making the rounds among tax professionals. The Notice is part of the IRS’ “hands-on effort to improve the accuracy and quality of filed returns and to heighten awareness of preparer responsibilities.” In other words, dear taxpayers, [...]

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Change of EIN Email Scam Hitting Inboxes

9 November 2011

If you read the blog regularly, you are aware that there are a bunch of emails that pop up from time to time purporting to be from the IRS, asking you to click on all kinds of links or submit personal information. This sort of thing is a scam. That said, a reader sent me [...]

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IRS Offers Relief for Credit Card Reporting Requirements

1 November 2011

Panicked about those new form 1099-K (Merchant Card and Third Party Network Payments) requirements? Take a breath. The IRS has already figured out that things aren’t going terribly smoothly and is, as a result, offering “special transitional relief” for taxpayers and service providers. Contrary to some internet rumors, this isn’t the same as a free [...]

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New Credit Card Reporting Requirement Worries Some Taxpayers

25 October 2011

And you thought bank fees were bad… There’s a new form on the block, Form 1099-K, Merchant Card and Third Party Network Payments, making its debut in a few months, just in time for the 2012 filing season. The form is the result of new compliance reporting requirements for certain credit card and third party [...]

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IRS Announces PTIN Renewals, Changes

24 October 2011

It’s baaaaack! The IRS has announced that professional tax return preparers can now renew their Preparer Tax Identification Numbers (PTINs) for the 2012 filing season. PTINs must now be renewed annually as part of the IRS’ plan to raise revenue regulate professional tax preparers. Tax preparers who fall under the registration rules are those prepare, [...]

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Movin’ On Up: Inflation May Translate to Lower Tax Bills

20 October 2011

If you think that the cost of living is increasing, it’s not your imagination. Everything is getting more expensive from gas to milk to peanut butter. Fortunately, that might translate to a drop in your tax bill. The IRS has announced a number of adjustments to tax exemptions and deductions as a result of rising [...]

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Tomorrow’s Tax Deadline Pushed Off For Some Taxpayers

16 October 2011

Taxpayers on extension for the 2010 tax year have until tomorrow, October 17, 2011, to file their returns. If you previously filed for an extension using the form 4868, that means you. To be considered timely, if you’re filing a paper return, your return must be postmarked no later than October 17, 2011. If you [...]

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