The Tax Preparation Blog

Posts Tagged ‘irs’

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.

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 proposes PTIN fees.(preparer tax identification): 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 September 1, 2010. The length of the article is 427 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 proposes PTIN fees.(prepa…

---

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

Question: state and local income tax?

If someone made estimated tax payments on a quarterly basis to both Connecticut and Federal…is state and local income tax just referring to Connecticut?

Answer: In some states (most notably PA and OH), not only do you have to make estimated Income Tax Payments to your state, you also have to make them to your town. That is because some towns also have an income tax (and an additional return to be filed).

Since no town in Connecticut has a local income tax, the local part doesn’t apply in Connecticut. So you’d only be worrying about the state part in “state and local income tax” in Connecticut.

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 TurboTax Basic was designed to make doing your simple taxes easy, by guiding you step by step through your federal tax return. TurboTax guarantees its calculations are 100% accurate, or you’ll be paid any IRS penalties plus interest. TurboTax also double checks your return to help you get the deductions and credits you deserve. Everything you need to easily do your simple tax return. Does th…

TurboTax Estimated Taxes Quarterly Income Tax Filer Win/Mac $29.95 TurboTax Estimated Taxes is your complete estimated income tax solution, from figuring to filing. It helps eliminate tax-time surprises, penalties and fines…and minimizes under- and over-payments. Enjoy the relief, peace of mind and control that come from doing your quarterly estimated income taxes right: this online program guides you through estimated taxes, step-by-step, quarter-by-quarter, a…

---

City council takes step to keep tax levy same as last year

DeKALB – The DeKalb City Council took steps Monday to levy for the same dollar amount it did last year.

Tax Tips: Estimated Tax Payment

Question: At what percentage rate does the IRS use to deduct Medicare,Social Security and Federal Withholding Tax?

Answer: From your paycheck Social Security tax is withheld at 6.2% of the first $97,500 in wages for 2007 and the Medicare tax at 1.45% of all wages.

The federal tax withholding depends upon your status (Single or Married) and the number of allowances you claimed on W4. If you put more allowances on your W4, your employer will withhold less federal and state taxes from your pay check, but your social security and medicare deductions don’t change.

Now if you paid more federal taxes than your federal tax liability as per your return, then you will get a refund. If you paid less federal taxes than your federal tax liability as per your return, then you must pay additional taxes plus (may be) interest and penalty.

US economy grows; jobless rate stays high

WASHINGTON — The econ­omy grew a little faster over the summer than the government first thought. That modest pick­up wasn’t nearly enough to sig­nificantly lower the nation’s high unemployment rate, and the Federal Reserve doesn’t ex­pect the economy to improve much over the next couple of years.

Federal Unemployment Tax Rate 2010, 2011

Question: Should churches that meddle in politics lose their tax exemption?

Other non-profit organizations lose their tax exempt status if they promote one side or one candidate in an election. But churches apparently are exempt from this restriction. The Mormons, Catholics, other conservative churches are vigorously opposing Proposition 8 in California. I say they should get their tax exempt status yanked. Agree?
For “opposing” read “promoting”.

Answer: Absolutely.
Government and religion do not mix well.
YES! If they meddle in politics they they should give up their right to not pay taxes.
They can enourage people to vote but not encourage a a vote for a certain person.Once they do that, they cross the line. Jeremiah Wright and that church of his, yank the tax exempt status. They tell people to vote Obama. Louis Farrahkan, yup, yank his status. He almost orders his people to vote Obama (I mean he thinks he is the Messiah). The Jerry Fallwell people, they encourage you to vote McCain, yank their status. I don’t care if a Synagogue says “Vote Lieberman”, if they do, yank their status.

Exempt organizations and charitable activities in California …

California’s exempt organizations (economic aspects): Submitted to State of California Controller and Chief deputy controller …

Tax-exempt organizations: Cases and materials …

---

Michelle Malkin: So why doesn’t everyone 
get Obamacare waivers?

More than one million Americans have escaped the clutches of the Democrats’ destructive federal health care law. Lucky them. Their employers and labor representatives wisely applied for Obamacare waivers earlier this fall and got out while the getting was good. Now, it’s time for Congress to create a permanent escape hatch for the rest of us. Repeal is the ultimate waiver.As you’ll recall …

Churches are Illegal if 501c3 Non Profit Tax Exempt

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.

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…

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 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