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IRS announced that the RPO is refunding the test fee to all RTRP holders who passed the exam to receive this credential. Letters will go out to the preparers on May 28. Checks will be mailed on June 2, 2015. The checks will be mailed to the address on the PTIN file. The list has already been pulled so addresses cannot be updated at this point. Checks to be issued is approximately 89,000 preparers, totaling approximately 10 million dollars. There will be procedures and additional staff allocations to handle questions and phone calls from preparers who took test. Additionally, the RTRP credential will no longer be recognized by the Service however,...
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Tips from the IRS Most employers have fewer than 50 full-time employees or full-time equivalent employees and are therefore not subject to the Affordable Care Act’s employer shared responsibility provision . If an employer has fewer than 50 full-time employees, including full-time equivalent employees, on average during the prior year, the employer is not an ALE for the current calendar year. Therefore, the employer is not subject to the employer shared responsibility provisions or the employer information reporting provisions for the current year. Employers with 50 or fewer employees can purchase health insurance coverage for its employees through...
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Karen L. Hawkins announced this week that she has resigned as Director of the Office of Professional Responsibility at the IRS. Her last day as Director will be July 11 and she has released the following message. Director’s Farewell Message to Tax Professionals After 48 continuous years in various professional capacities, thirty-six in the practice of law, the last six as Director of the Office of Professional Responsibility, I have decided to take a little “holiday”. My retirement resignation has been tendered to, and accepted by, Commissioner Koskinen, and we have agreed that my last day as an IRS employee will be July 11, 2015. When Commissioner...
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Tips from the IRS The Internal Revenue Service today reminds tax-exempt organizations that many have a filing deadline for Form 990-series information returns in mid-May. With the May 15 filing deadline facing many tax-exempt organizations, the Internal Revenue Service today cautioned these groups not to include Social Security numbers (SSNs) or other unneeded personal information on their Form 990, and consider taking advantage of the speed and convenience of electronic filing. Form 990-series information returns and notices are due on the 15th day of the fifth month after an organization’s tax year ends. Many organizations use the calendar year as their...
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The NSA will be conducting new programs in our series of ConnectED Webinars, which are approved for continuing professional education (CPE) by the Internal Revenue Service (IRS), National Association of State Boards of Accountancy (NASBA), Accreditation Council for Accountancy and Taxation (ACAT) and California Tax Education Council (CTEC). The following webinars for tax and accounting professionals are scheduled to be held May-June 2015: May 21, 2015 2014 Updates to the Tangible Property Repair Regulations The Final Tangible Property Repair Regulations are now in full effect and taxpayers were required to be in compliance for the 2014 tax year....
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Hello Everyone, I am John Everett, and I will be co-presenting with Cherie Hennig a series of four webinars on the Enrolled Agents Exam for the National Society of Accountants (NSA). Your enrollment in this series of webinars ensures that you will have access to this blog on exam preparation. This first post will introduce the webinars, and explain how they are presented. The purpose of these webinars is to jump-start your studying for the exam by covering as many commonly-tested topics on each part as possible. Although not intended to prepare you for the full exam, these webinars should give you a good feel for the exam and the level of specificity...
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Tips from the IRS In celebration of National Small Business Week (May 4 - 8), the IRS is featuring some helpful online tools for small business owners and the self-employed. The products include webinars and videos on the IRS video portal at www.irsvideos.gov . Check out the special tab for Small Business Week to find a selection of webinars on topics viewed by thousands including: • Business Use of Your Home Find out what kinds of deductions are allowable for a home office and what’s not. Learn about a simplified method for figuring the home office deduction. • Avoiding the Biggest Tax Mistakes Learn about available tax...
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Learn about the 10 fundamentals of your Taxpayer Bill of Rights in the IRS video below. For more information, visit IRS.gov .
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Tips from the IRS Just because tax season is over doesn't mean you should stop thinking about it. By planning ahead, you could save yourself a big headache down the line. Many surprises could arise from now until next April 15, including life changes and new tax laws. Now is the best time to devise a system to organize your taxes and get a jump on next year's filing. Here is some advice from the IRS on how to do just that: Take action when life changes occur. Some life events can change the amount of tax you pay. Some examples that can do that include a change in marital status or the birth of a child. When they happen, you may need to...
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Tips from the IRS If you enrolled for coverage in the Health Insurance Marketplace, you probably filed a tax return based on a Form 1095-A. Many people have done this and since received a notice from the Marketplace that there was an error on their Form 1095-A. If this happened to you, the following advice from the IRS will help you determine what to do next. You do not need to file an amended return based on your corrected Form 1095-A. This is true even if additional taxes would be owed based on the new information. Nonetheless, you may choose to file an amended return. Comparing the forms can help you determine whether you are likely to...
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Tips from the IRS If you missed the April 15 tax deadline and didn't file an extension, the time to act is now. Here are some things you should know about filing your return after Tax Day. File as soon as you can. If you owe taxes, you should file and pay as soon as you can. This will stop the interest and penalties that you will owe. IRS Direct Pay offers you a free, secure and easy way to pay your tax directly from your checking or savings account. There is no penalty for filing a late return if you are due a refund. The sooner you file, the sooner you’ll get it. IRS Free File is your best choice. Nearly everyone can use IRS Free...
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The U.S. Department of Justice issued a press release this week, reminding the public to file their taxes accurately and on time. This public service announcement featured a detailed account of the year's most notable Tax Division prosecutions, as well a stern warning that "no one is above the law or below the radar." The Justice Department works with the Internal Revenue Service (IRS) and other law enforcement partners to enforce the nation’s tax laws fully, fairly and consistently through both criminal and civil litigation. During the past year, the Tax Division’s prosecutions have included: April 2015 – Daniel Porter, a Chino,...
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Tips from the IRS If you find yourself owing federal tax, there are several convenient payment options available. Here are a dozen things to keep in mind if you need to make payments to the IRS. 1. Never send cash. Electronic payment options are the quickest and easiest way to pay your tax. 2. Check out IRS Direct Pay to pay directly from your bank account. Access Direct Pay on IRS.gov. It’s secure and free. You will get instant confirmation that you have submitted your payment. 3. You can pay taxes electronically 24/7 on IRS.gov . Just click on the ‘Payments’ tab near the top left of the home page for details. 4. Pay in...
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Tips from the IRS With the April 15 deadline fast approaching, the Internal Revenue Service today offered taxpayers still working on their 2014 taxes a number of tips designed to help them avoid common errors that could delay their refunds or cause other tax problems in the future. First and foremost, the IRS encouraged taxpayers to file electronically. Doing so, whether through e-file or IRS Free File, vastly reduces tax return errors, as the tax software does the calculations, flags common errors and prompts taxpayers for missing information. And best of all, there is a free option for everyone. Whether filing electronically or on paper, be...
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Filing your tax return this year comes with a new twist: confirmation of your health insurance. Under the Affordable Care Act (ACA), taxpayers filing 2014 tax returns must attest that they had health care insurance since January 1, 2014 for themselves and their dependents. You will have to check a box on your Internal Revenue Service Form 1040 return to indicate you had coverage. If you didn’t have health insurance for one or more months during 2014, you may have to pay an additional tax, called the Individual Shared Responsibility Payment. You may also qualify for an exemption from the penalty for being uninsured. Some taxpayers who enrolled in coverage...
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April 15 is just over a week away and many tax preparers have fees in place for clients who bring their documents in at the last minute. Bloomberg recently published the article “ Procrastinating On Your Taxes? Your Accountant May Fine You ,” which quoted NSA President Marilyn Niwao. Of course, procrastinators aren’t the only clients who might see extra fees. Some preparers charge for disorganized paperwork or the expedition of a return. If you are wondering how your fees compare to other professionals in your area, find out with the NSA Tax Preparation Fee Calculator . Want more information? The National Society of Accountants Income &...
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Tips from the IRS Curious about the federal gift tax? While you may be subjected to it when you give large amounts of money or property to someone, there are many types of gifts that don’t qualify. Here are seven helpful tips to help you determine if your gift is taxable. 1. Nontaxable Gifts. The general rule is that any gift is a taxable gift. However, there are exceptions to this rule. The following are not taxable gifts: Gifts that do not exceed the annual exclusion for the calendar year, • Tuition or medical expenses you paid directly to a medical or educational institution for someone Gifts to your spouse (for federal tax...
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Good day Folks: Here is the issue from a friend. Taxpayer, has a 34 year old living at home and unemployed all of 2014. The son started Obama Care in May of 2014. Taxpayer claimed him as a dependent, since she supported him in 2014. The IRS is holding up the tax refund for the taxpayer, the IRS is asking for Form 1095a and 8962 forms. My feeling is, the son should have filed a zero return, and filing Form 8962. From what I am reading from the IRS letter, it sounds like by Filing 8962, the parents maybe liable for repaying the premium credit. Any suggestions???? Andrew J Piernock, Jr ATP Accredited Tax Preparer Piernock...
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Tips from the IRS Do you have unpaid federal or state debt, such as back taxes or child support? Don't be surprised if it costs you part or all of your federal tax return. The Treasury Offset Program is in place to help people settle certain debts. Below are five facts about tax refund offsets, including how to dispute them. 1. Bureau of the Fiscal Service. The Department of Treasury’s Bureau of the Fiscal Service, or BFS, runs the Treasury Offset Program. 2. Offsets to Pay Certain Debts. Past due federal tax debt may reduce your tax refund. The BFS may also use part or all of your tax refund to pay certain other debts such as: ...
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March 27, 2015 April 15 is just around the corner and the IRS wants to remind everyone that they offer free tips and email subscription services. More than 670,000 people are getting useful, one-page IRS Tax Tips sent to their email inbox this tax season through a free subscription service available on IRS.gov. One Tax Tip is being sent each business day through the April 15 tax deadline, offering single-topic briefs on tax subjects affecting millions of people. The easy-to-read tips cover a wide range of topics to help people with the 2015 tax filing season. Many tips offer information on money-saving tax credits and deductions that can...
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