Tax season can be a stressful time for many preparers. The added pressure of an approaching deadline can sometimes cause even the most meticulous minds to overlook a filing mistake. With careful attention to detail however, you can avoid common errors that could potentially delay refunds or even trigger an audit. Find our full list of common mistakes to look for in this blog post.…
That’s the question posed on the news magazine and hidden camera television show of the same name.Broadcast on ABC News since 2008 as part of the Primetime series, and hosted by newsman John Quiñones,…
Richmond’s Taxpayer Protection and Preparer Fraud Prevention Act of 2013 would give the Internal Revenue Service more oversight to certify paid tax preparers and ensure they are “competent, of good character and able to render services.” The legislation also would allow the IRS to...…
Taxpayers who pay qualifying expenses for a student can be eligible for the American opportunity tax credit, lifetime learning credit, or the tuition and fees deduction...…
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Claiming that the IRS overstepped its bounds in expanding its regulatory power to include all tax preparers who prepare and file tax returns for compensation, three bold tax preparers took the IRS to court, and won...…
Since natural disasters seem to be occurring more frequently and with more intensity than ever before, it would seem wise for anyone owning a computer to know a few basic tips about protecting it. Most owners of computers keep personal and business data on their hard drive...…
Approximately 5,000 tax practitioners will soon receive a letter from the IRS...…
It’s complicated, but it’s important. Now, more than ever, paid tax return preparers need to understand and educate themselves so they can avoid sanctions for giving false or misleading information to the IRS or for asserting frivolous positions that do not meet realistic possibility standards. Preparers need to recognize what is considered disreputable conduct resulting from improperly preparing returns, and learn to identify tax fraud schemes.…
On December 20th the IRS announced that a due diligence checklist, Form 8867, will now be required to be filed with any federal return that claims the Earned Income Tax Credit (EITC). This decision will be enacted as of January 1, 2012, and all will affect returns filed after that date that claim the EITC.…
The IRS believes a new regulation will help ensure the correct credit is given to taxpayers who qualify and has issued a proposition that will require paid tax preparers to file Form 8867 with any federal return claiming the EITC.…
Read more about Proposed Due Diligence Checklist Requirement
