Drake Software blog for tax pros, covering tax, IRS news, and more
It’s almost that time of year when tax professionals need to renew their Preparer Tax Identification Numbers (PTINs). This identification number expires annually on December 31st for paid tax professionals. Our blog post provides tips and tricks for PTIN renewal so you can hit the ground running for the new tax season.…
This week, the IRS began sending letters to tax return preparers who have violated PTIN rules, targeting two groups in particular. Preparers who receive Letter 4732 filed tax returns using their…
Beginning in November 2014, the Internal Revenue Service began its sixth year of a hands-on effort to improve the accuracy and quality of tax returns and to heighten awareness of preparer…
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Number of PTIN Holders Up 50,000 Accounting Today reports that the IRS Return Preparer Office has updated total numbers of federal return preparers who hold PTINs. According to the RPO, 743,331…
IRS Notifies Tax Professionals with Expired PTIN NumbersThe Internal Revenue Services has notified tax preparation professionals who have Preparer Tax Identification Numbers (PTINs) that expired on…
Read more about IRS Notifies Tax Professionals with Expired PTIN Numbers
Taxpayers using Form 8863, Education Credits, can begin filing their tax returns after the IRS updates its processing systems. Form 8863 is used to claim two higher education credits -- the American Opportunity Tax Credit and the Lifetime Learning Credit.…
The deadline to register for or renew your PTIN (Preparer Tax Identification Number) for 2013 is December 31, 2012. All paid tax preparers must have a PTIN and it must be renewed annually. This year ...…
Tax professionals who have already renewed their PTIN and need to update their credentials must do so by calling the PTIN helpline at 877.613.7846. A representative will be able to update the…
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...…
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.…
