News, practice tips, and industry updates for CPAs, enrolled agents, attorneys, and everyone else working in tax professionally.
The IRS has recently released Notice 2011-6 (downloads as a pdf) which further explains its position with respect to oversight of tax professionals. It’s big news in the tax professional world. Perhaps the most notable of the info posted in the Notice was an exception to the IRS requirements for certain tax preparers who will…
So now that members of Congress (and President Obama) are patting themselves on the back after their 11th hour tax deal, the real work begins: the IRS and tax professionals get to explain for the next month and a half why they can’t actually start processing your taxes on time. That’s because even though they…
That sigh you just heard? It’s the sound of tax professionals everywhere finally breathing after the IRS issued final regulations requiring paid tax return preparers to register with the IRS to obtain a Preparer Tax Identification Number (PTIN). The move to PTINs (and associated regs) has been making news for some time now as IRS…
Roni Deutch, the so-called “Tax Lady” (absolutely no relation, thank you very much) has been slapped with a $34 million lawsuit by California Attorney General Jerry Brown. According to the Attorney General’s website, “Tax Lady Roni Deutch is engaged in a heartless scheme that swindled people with tax problems. She promises to significantly reduce their…
If you’ve ever received an email or a notice from a tax professional, you’ve probably seen something tacked onto the bottom that looks like this: IRS Circular 230 notice: In order to comply with requirements imposed by the IRS, we at The Erb Law Firm, PC, must inform you that any U.S. federal tax advice…
The week started with an offer to move my blog over to a network (no thank you) and ended with a marriage proposal (also no thank you) – all in all, not a bad week. The one complaint I had was that, by turning down the latter, I missed my potential suitor’s offer to “set…
The last couple of tax seasons have been tough for many taxpayers trying to utilize popular refund anticipation loans (RALs). With banks increasingly unwilling to provide loans for third-party preparers, the potential pool of money available to folks seeking RALs was pretty limited. This made taxpayers unhappy. It made the IRS fairly happy. They, like…
A little over a year ago, Bernie Madoff received a 150-year sentence (that’s more than most serial murderers get, folks) for his “extraordinarily evil” fraud. Nearly six months later, David Friehling, Madoff’s longtime accountant pleaded guilty to assisting Madoff with the fraud. Friehling, who is expected to receive over 100 years in prison for his…
Taxpayer asks: Dear taxgirl, I need some help. I am being audited by the IRS and I don’t know what to do. I am self-employed (web design) and I do not have many records to back up my tax returns. I didn’t lie on my taxes but I can’t prove it. I don’t know what…
Taxpayer asks: Hi tax girl! So I’ve heard a pretty believable rumor that the tax preparer I’ve used for four years has been federally indicted for tax fraud. I’m not sure if it was her own tax return or the people she worked with, though I do know of a few people who used her…