The Tax Preparation Blog

Archive for the ‘Tax Preparers’ Category

Question: Status of tax refund?

We filed electronically and our tax preparer said our refund would be deposited in our bank account on March 21. She seemed pretty certain of that date. But it’s not here and the accountant’s office is closed today. Do you think she would have known for sure? Also, is there an 800 number or website where I can check the status of our refund?

Answer: Check the status at irs.gov – click on “where’s my refund”. You will have to enter the primary ss# from the return, the filing status, and the exact amount of the refund as shown on the return. If that shows a deposit today, it might show in your account later today or if not, should show by Monday sometime.

TurboTax Business Federal + E-file 2011 $92.99 This software is perfect for business-minded consumers as it comes with a step-by-step guide for accurate taxing, calculations and deductions. The Intuit TurboTax Business Tax Preparation Software’s flexible industry settings manage tax processes for a number of American corporations and partnerships. This software also includes free Federal E-file that performs electronic tax return service…

IRS issues prop. regs. on use of PTINs after 2010.(preparer tax identification numbers): An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on June 1, 2010. The length of the article is 1182 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: IRS issues prop. regs. on use of …

PTINs for all: new IRS regs and proposals pick up speed.(FedTax)(preparer tax identification number ): An article from: California CPA $9.95 This digital document is an article from California CPA, published by California Society of Certified Public Accountants on September 1, 2010. The length of the article is 1068 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: PTINs …

IRS Seeks to Improve Quality of Tax Prep Industry; Tax Preparers Must Act Soon on ID Numbers

Director, IRS Return Preparer Office The Internal Revenue Service recently launched an unprecedented effort to provide some oversight over the tax preparation industry.

PTIN: Preparer Tax Identification Number

Ash Flat couple’s fraud case handed to jury

Jurors began deliberating Monday afternoon on 44 fraud charges against an Ash Flat couple accused of milking the federal government out of Social Security and veterans benefits, Pell Grants, and income-tax credits.

Interview Skills – Lesson 1 The Truth Behind Interviews

Home business focus group provides some surprises

Assumptions are one thing, but reality often is something else.

Question: Pending Tax Preparer Regulation – What are your thoughts?

We at Universal Accounting recently participated in an IRS panel discussion in DC regarding the proposed new Tax Preparer Regulations. The next panel discussion is scheduled for September 2nd. To be prepared, I’d like to hear your concerns and expectations for the new regs. Specifically, should existing tax preparers be grandfathered? If so, how should the IRS determine who to grandfather? Are there other suggestions you would have for the registration process?

Answer: Preparers should be required to show basic competence. In my state, California, preparers are required to take a 60 hour class–the class given by H&R Block and its competitors fills the bill–and pass an exam to get a license to prepare returns for pay. In most other states they can just hang out their shingle and go to work.

Treasury Department Circular No. 230: Regulations Governing Practice before the Internal Revenue Service (Title 31 Code of Federal Regulations, Subtitle A, Part 10) $15.95 This Circular contains rules governing the recognition of attorneys, certified public accountants, enrolled agents, enrolled retirement plan agents, registered tax return preparers, and other persons representing taxpayers before the Internal Revenue Service….

IRS REGULATION: income tax preparers, enrolled agents and tax attorneys (EA Exam) $21.00 This audio book on CDs provides an easy way for students to review a list of key terms and concepts of the underlying subject. It truly offers the most comprehensive and easy accessible supplement to your independent study for IRS Special Enrollment Agent Examination. Topics Covered: Income Tax Return Preparer; Substantial Portion of Return; Disclosures; Preparer Penalties; Accuracy Related Penalt…

IRS issues prop. regs. on use of PTINs after 2010.(preparer tax identification numbers): An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on June 1, 2010. The length of the article is 1182 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: IRS issues prop. regs. on use of …

IRS cracking down on tax preparers

The IRS wants to know who is preparing your taxes and make sure they are qualified to do it.

NOTICIERO – Registracion de Tax Preparers

Question: I’m being audited and I think it may be my fault?

I received a letter from the IRS asking me to make an appointment for an audit. Expenses and contributions are being questioned.

My taxes are prepared by a large tax company because I don’t know what on earth I’m doing. Looking at my tax returns, my tax preparer claimed that I had $15k in travel expenses (which I do, but my company reimburses me) and $3k in charitable contributions (which is not the case).

So – I realize that I am responsible – but what comeback can I get from my tax preparer? He has been doing my returns for 6 years, all with dubious information.

I am not going to lie to the IRS – and am willing to hold my hands up and surrender, but I’m afraid of big fines or getting prosecuted. Should I get professional help? How should I approach this?

Thank you!

Answer: You are responsible for everything on your return. Some preparers will guarantee the accuracy of their work by paying any penalty and interest that results from their error but you owe whatever the correct tax is in any case.

You should contact the preparer and see what assistance can be provided to you.

Return preparer’s advice does not prevent accuracy-related penalty.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on April 1, 2009. The length of the article is 1015 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Return preparer’s advice does no…

IRS issues final regulations on sec. 6694 tax return preparer penalties.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on February 1, 2009. The length of the article is 1541 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: IRS issues final regulations …

Changes in tax practice standards affect CPAs: new rules and penalties for return preparers and advisers in recent years require diligence.(certified public … An article from: Journal of Accountancy $9.95 This digital document is an article from Journal of Accountancy, published by American Institute of CPA’s on May 1, 2010. The length of the article is 3937 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Changes in tax practice sta…

IRS: Tax preparer ID number required

The IRS is now requiring paid tax preparers to obtain ID numbers that they are to include on all tax returns they file.

Tips for Finding a Trustworthy Tax Preparer