From the IRS Newsroom: WASHINGTON ― On Dec. 17, 2010, The Internal Revenue Service released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011. Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance […]
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IRS Reminds Paid Tax Preparers to Register Now for PTINs
The following is a press release from IRS.gov: WASHINGTON — As year end approaches, the Internal Revenue Service today strongly encouraged paid tax return preparers to register now for their new or renewed Preparer Tax Identification Numbers (PTINs) to avoid any last-minute rush. Starting Jan. 1, 2011, use of the PTIN will be mandatory on […]
Jackson Hewitt gets 80% RAL funding, shares soar
(Reuters) – Jackson Hewitt Tax Service Inc (JTX.N) said it could fund 80% of its refund anticipation loan (RAL) program and would secure a longer-term covenant waiver with its lenders, sending the company’s shares up 35%. Jackson Hewitt said it amended an agreement with its RAL funder Republic Bank & Trust Co, a unit of […]
IRS Continues Efforts to Ensure Accurate Return Preparation
The following is a press release from the IRS: WASHINGTON — The Internal Revenue Service has started sending out more than 10,000 letters to tax return preparers nationwide to remind them of their obligation to prepare accurate tax returns on behalf of their clients. Also, during the 2011 filing season, IRS representatives will visit approximately […]
5 Myths Every Business Must Avoid to Survive the Economic Recovery
By Vivian Hairston Blade At a recent stockholders meeting, the vice president of sales for a global manufacturer reported, “The economy has been tough on our industry. Sales volumes significantly declined and have not nearly returned to pre-recession levels. The company has laid off employees, cut expenses and, unfortunately, has had to cut prices to […]
IRS Announces New Member for the Electronic Tax Administration Advisory Committee
The following is a press release from the IRS: WASHINGTON — The Internal Revenue Service today announced the selection of seven new members and a chairman for the Electronic Tax Administration Advisory Committee (ETAAC). ETAAC provides an organized forum for discussion of electronic tax administration issues and supports the goal of increasing electronic interactions between […]
IRS Waives Tax Preparer Continuing Education Requirement in 2011
The following is from www.nstp.org (National Society of Tax Professionals) IRS Commissioner Douglas Schulman and IRS Office of Professional Responsibility (OPR) Director Karen Hawkins have publicly announced that the IRS will delay implementing the new continuing education requirement for tax preparers until after 2011. Therefore, preparers will not have to take the 15 hours of […]
A Special Alert from NATP Issued Today
NATP (National Association for Tax Professionals) learned today that the IRS is planning compliance visits with specific tax return preparers for the purpose of enforcing proper technique in due diligence and accurate return preparation. Beginning next month, the IRS will send out 10,000 letters to a variety of preparers alerting them to their preparation responsibilities […]
New Online Registration System for Paid Tax Return Preparers is Now Available
The following is a news release from the IRS Media Relations Office IR-2010-99, Sept. 28, 2010 WASHINGTON — As part of an initiative to ensure that tax return preparers are competent and qualified, the Internal Revenue Service today issued final regulations requiring paid tax return preparers to register with the IRS to obtain a Preparer […]