NATP (National Association for Tax Professionals) learned today that the IRS is planning compliance visits with specific tax return preparers for the purpose of enforcing proper technique in due diligence and accurate return preparation. Beginning next month, the IRS will send out 10,000 letters to a variety of preparers alerting them to their preparation responsibilities […]
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New Online Registration System for Paid Tax Return Preparers is Now Available
The following is a news release from the IRS Media Relations Office IR-2010-99, Sept. 28, 2010 WASHINGTON — As part of an initiative to ensure that tax return preparers are competent and qualified, the Internal Revenue Service today issued final regulations requiring paid tax return preparers to register with the IRS to obtain a Preparer […]
Classes at The Income Tax School featured for new tax preparer rules
The following is an article by John Reid Blackwell from the Richmond Times-Dispatch, Sept. 21, 2010. View the original here. Starting next year, professional tax-return preparers will have to meet new requirements to prepare federal income-tax returns. The requirements, announced by the Internal Revenue Service this year, include registering with the IRS, passing a competency […]
Virginia Community College System to Provide Tax Preparer Training through The Income Tax School of Richmond, VA
Required IRS Tests and Annual Continuing Education Will Increase Demand for Tax Courses & Seminars On January 4, 2010 the IRS announced its decision to regulate tax preparers and require competency tests, plus annual Continuing Professional Education (CPE). According to the IRS, higher standards will boost service and protections for taxpayers, increase confidence in the system […]
IRS Nationwide Tax Forums Report
I just returned from the last of the six IRS Nationwide Tax Forums in San Diego, which had about 2,000 attendees. The previous Forum in Las Vegas had over 6,000 attendees. The first two Forums in Atlanta and Chicago in late June and early July were uneventful. Then the flood gates opened in Orlando and […]
Lessons Learned – Lesson 6: Developed & Grew The Income Tax School
Here is Lesson Six in my video series in which I talk about diversifying your business in order to maintain success. Enjoy, and please share and comment – Lessons Learned: Every business has a finite life cycle and must be reinvented periodically to survive. An ideal diversification is a complementary business in terms of seasonality […]
IRS Announces New Return Preparer Application System and User Fee
IRS Also Releases Proposed Regulations to Amend Circular 230 Rules IR-2010-91, Aug. 19, 2010 WASHINGTON — The Internal Revenue Service today announced that a new online application system for compensated tax return preparers is expected to go live in mid-September. The IRS has proposed to require all individuals who receive compensation for preparing all or […]
Lessons Learned – Lesson 5: Community Service
Here is the latest video in my Lessons Learned series. This one relates to the lessons I have learned when it comes to a business’ role in community service. Here are the key lessons: Contributing to the community in which you operate is good for business. Business and social goals can often be attained simultaneously […]
RALs Not Going Away
I am at the NYC IRS Tax Forum and have talked with my contacts at several RAL banks. The SBBT successor has funding and a bank partner and will be providing RALs, as will a few other RAL banks. The same thing has happened in the past when the DDI was pulled in late December […]