Audits Drop, But Not For The Rich
US taxpayers were slightly less likely to face an audit last year, according to an analysis issued by the Transactional Records Access Clearing House (TRAC) at Syracuse University.…
Tax Returns Yield Fewer Mistakes
Analysis by the Internal Revenue Service indicates that the error rate for individual tax returns has been cut by more than half. Last year, the IRS identified ...…
Can the IRS Handle Online Filing Traffic?
When taxes fall due on April 15, there is a very real question about how well the Internal Revenue Services – and more to the point, its servers – will be able to handle the traffic.…
The Boomerang Effect
The number of unemployed college graduates who move back in with their parents (or other family members) might be a little surprising.…
Tax Reform Circulated in US Senate
A list of proposed tax reform options was circulated to member of the US Senate Finance Committee and lobbyists this week. Most of the proposals contained in the nine-page draft were modest administrative changes, and included:…
Wondering Where Your Amended Return Could Be?
Wondering where your amended return could be?A new tool, provided by the IRS, allows you to check the status of a Form 1040X, Amended Tax Return, for current and up to three prior years. The new tool…
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Court Denies IRS Regulation Program For Tax preparers
The US Internal Revenue Service was prevented this week from implementing its plan to regulate tax preparers. The plan, which required test-taking and continuing education for preparers, was struck…
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RTRP Update
RTRP UpdateRefunds may be requested, for anyone who may have scheduled the RTRP exam, using their PTIN account. Once logged in, you may cancel your exam and complete the request for refund form. The…
New Test Specifications for EA Exam
New Test Specifications for EA ExamThe IRS recently updated the terms for the Special Enrollment Examination. These are posted on prometric.com/irs. Also, there is a version posted for those who want…
Don’t Get Caught Short on Short Sales
After the real estate crash, many taxpayers' mortgages exceeded the value of their properties, so they did a short sale or went through a foreclosure. Many of these taxpayers received...…
