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IRS Provides Guidance on Identifying Numbers for Tax Return Preparers
July 27, 2010 – IRS Releases Proposed Regulations Related to Fees for Preparer Tax Identification Numbers The Internal Revenue Service has released proposed regulations that would establish a fee for individuals who apply for a preparer tax identification number (PTIN). The proposed regulations (REG-139343-08) would establish a fee of $50, payable to the IRS, to […]
Going Paperless: Pros & Cons
Has anyone been successful in going nearly 100% paperless? If so, what is your formula for success? We are trying, but find it difficult to get our tax preparers to provide client copies on CD and many clients still insist on paper copies, especially the elderly. This transition would be easier if we didn’t have […]
What is IRS Section 7216?
Has anyone been visited by the IRS to determine compliance with IRS privacy regulations (Section 7216). The IRS privacy code requires that all taxpayer information be kept strictly confidential. Having a taxpayer’s documents with social security numbers visible on a desk in a public area (e.g. the receptionist’s desk) is a violation. Keeping client files […]
EA vs CPA credential – which is more important?
In my experience, if a taxpayer has a complicated tax situation he or she immediately thinks of getting help from a CPA. However, I know that not all CPAs are trained and experienced in the specialized field of individual and small business tax preparation. In fact, tax is law not accounting and preparing tax returns […]
The Income Tax School Will Help You Meet IRS Tax Preparer Regulations
The Income Tax School will meet New IRS Regulation Guidelines for Tax Preparers to complete IRS Competency Exam and yearly continuing education requirements You can count on The Income Tax School (ITS) to meet the new standards the IRS has announced for Tax Preparers. Since 1989, ITS has been training those interested in becoming tax […]
Reporting Tax Fraud
When is it appropriate for a tax preparer to report fraud and how is fraud reported to the IRS? One year I had a taxpayer come in to apply for a RAL. His return had been prepared by an attorney and he just wanted us to enter it into our system so we could e-file […]
Hiring Tax Preparers
I am often asked to explain how we use our Income Tax School as a tool to recruit & train qualified seasonal tax preparers. When I founded Peoples Income Tax in 1987 after working for 19+ years for H&R Block, I decided to start my own Income Tax School to recruit and train tax preparers. […]
It Can Be Lonely at the Top
Being an entrepreneur can be very challenging because, as the “CEO”, you have no one in your business with whom you can interact at a peer level. And you have no superior to provide guidance. It can be very lonely at the top. No one really seems to really understand the challenges you face, not […]