Main Street Practitioner Blog

Tax and Accounting News for Practitioners from Main Street to Wall Street

  • The IRS has announced it will begin issuing new and renewal PTINS at no cost beginning today. The change follows the suspension of the PTIN program as a result of the June 1 court decision in Steele v. United States , where the U.S. District Court for the District of Columbia ruled the IRS can ...

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    PTIN Litigation

    On June 1, 2017, the United States District Court for the District of Columbia upheld the Internal Revenue Service’s authority to require the use of a Preparer Tax Identification Number (PTIN), but enjoined the IRS from charging a user fee for the issuance and renewal of PTINs. In accordance with ...

  • The Administration's budget proposal released on Tuesday, May 22, includes two provisions that may affect NSA members. In the section of the budget proposal related to reducing improper payments, there is a proposal to increase oversight of paid tax return preparers as well as a proposal to provide ...

  • Over 66 million people in the United States are currently receiving Social Security or SSI benefits, yet the Social Security system is one of the most complicated retirement plans in the world. Unfortunately, most clients on their own do not know how to maximize Social Security benefits, and Social ...

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    Nuts and Bolts of an IRS Audit

    There are various factors that may lead to an IRS audit (e.g., 1099 matching, high Discriminant Inventory Function (DIF) score, whistleblower, etc.). The easy answer to avoiding an IRS audit is to report all items on the return properly and file all forms timely.  Review all Forms 1099 that you receive ...

  • The National Society of Accountants (NSA) announced dates for its series of four webinars to help accounting and tax professionals prepare for and pass the Enrolled Agent (EA) exam. The webinar series is useful for accounting professionals who are beginning their studies or just need a refresher ...

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    2017 Tax Filing Season Statistics

    IRS Sees Millions of Tax Returns Last Days of Tax Filing Season The IRS today announced that the agency has received 135.6 million returns this year following a late surge of filings last week. During the week ending April 21, the IRS received more than 17 million tax returns. The vast majority, ...

  • Registration deadline is May 30, 2017 Registration for the Accreditation Council for Accountancy and Taxation® (ACAT) exam to obtain ACAT Accredited Business Accountant/Advisor, Accredited Tax Preparer and Accredited Tax Advisor credentials is now open and the Summer exam testing window is June ...

  • NSA and other tax professional groups wrote to members of Congress last week urging a comprehensive set of recommendations designed to improve services provided by the IRS to taxpayers and tax practitioners. The groups called for an improved governance and oversight structure for the IRS and proposed ...

  • The IRS's private debt collection program is set to begin this week, with four private companies trying to collect overdue taxes on the government's behalf. The IRS debt collection program is a new version of a program established in 2006 that was shut down in 2009 because it wasn't profitable. The ...