News, practice tips, and industry updates for CPAs, enrolled agents, attorneys, and everyone else working in tax professionally.
There was a lot of tax talk in 2019 – especially on social media. From Bitcoin to stretch IRAs to tax refunds, Twitter streams were filled with news, links, and best practices focused on tax. Twitter is an easy way to find out what’s happening in the tax world – for tax professionals, taxpayers and…
The Justice Department has announced a settlement with Franchise Group Intermediate L 1 LLC, (Liberty), the national franchisor and owner of Liberty Tax Service stores. The settlement, if approved by the court, would resolve a complaint filed with a U.S. District Court in Norfolk, Virginia, by the Justice Department against Liberty. Liberty is one of the largest tax preparation service…
The Internal Revenue Service (IRS) Preparer Tax Identification Number (PTIN) season is open. Tax pros who expect to prepare tax returns for compensation in 2020 can now renew their PTINs. All current PTINs will expire on December 31, 2019. “Last year we issued more than 813,000 PTIN’s and are asking tax preparers to renew now…
The Internal Revenue Service (IRS) has scheduled its 2019 Nationwide Tax Forum season. The first forum, planned for July 9-11, 2019, in National Harbor, Maryland, will focus on tax reform changes and cybersecurity tips for tax professionals. Tax lawyers, Enrolled Agents (EAs), Certified Public Accountants (CPAs), Certified Financial Planners (CFPs), Annual Filing Season Program participants,…
To fee or not to fee? That’s been the question for nearly nine years. Now the Internal Revenue Service (IRS) believes that it has an answer: A D.C. Circuit Court has upheld the IRS’ authority to charge fees for issuing and renewing Preparer Tax Identification Numbers (PTINs). A PTIN is like a substitute Social Security Number…
As tax season heats up, the Department of Justice (DOJ) has issued a warning to taxpayers to beware of unscrupulous tax return preparers. Specifically, the DOJ is reminding taxpayers to remain wary of tax preparers who claim they can obtain larger refunds than other tax preparers, or who engage in dishonest practices. “Fraudulent tax return preparers harm…
I don’t prepare my own taxes. That wasn’t always the case. When we first started the law firm, I did taxes for the business and our family. And when we bought our rental property, I took that on, too. And then we had a kid. And another kid. And a third. At some point, juggling…
You didn’t have to look hard in 2018 to find folks talking about tax – especially on social media. Thanks to tax reform, SALT became a common term outside of the culinary world. Section 199A made headlines (and headlines and headlines). And, the complexities of sales tax were debated at the Supreme Court and in your Twitter…
The United States Tax Court has announced that it will shut down beginning Friday, December 28, 2018, at 11:59 p.m. and will remain closed until further notice.
It’s Getting To Know You Tuesday! Today’s tax pro is Blake Crow, a Tax Partner in Eide Bailly’s Sioux Falls, SD office.
