Leniency Planned for Health Care Enforcement?

Leniency Planned for Health Care Enforcement?

It is a question many people have been asking since March of 2010, when President Barack Obama signed the Affordable Care Act (ACA) into law. How will the Internal Revenue Service enforce the law’s mandate requiring Americans to buy health insurance? According to a high-ranking IRS official, the agency plans...…

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IRS to Develop Tax Preparer Database

IRS to Develop Tax Preparer Database

This database will include the names, addresses, and professional qualifications of tax preparers, as well as any publicly disclosed professional disciplinary actions. Essentially, it will allow taxpayers to shop around for a preparer who is qualified...…

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Circular 230 Ethics Rules

Circular 230 Ethics Rules

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.…

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IRS Reminds Preparers of Continuing Education Requirements

IRS Reminds Preparers of Continuing Education Requirements

Tax preparers who are required to pass the new Registered Tax Return Preparer competency exam must complete 15 hours of continuing education this year, and those hours must come from IRS-approved providers. This new continuing education requirement is part of the IRS’s efforts to eliminate problems it has experienced with unqualified preparers.…

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EITC Due Diligence

EITC Due Diligence

The most common form of EITC noncompliance is the improper claiming of a qualifying child. The error occurs when the taxpayers claim a child who does not meet the age, relationship, or residency requirements.…

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IRS Needs Decrease Losses

IRS Needs Decrease Losses

The IRS has reported new figures to shed some light on the problem of the ever increasing tax gap, which is now an astonishing $450 billion a year, a 30% increase from five years ago. For those who may be confused, the tax gap is the amount of taxes that are owed but not paid to the US Treasury.…

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