The Tax Professionals Blog
Yesterday the IRS issued an announcement (IR 2015-123) that may be misleading to California tax preparers registered with CTEC.
Posted by Lee Reams Sr. on
The IRS’s voluntary education program for unenrolled return preparers and others, the Annual Filing Season Program (AFSP), includes the provision that unenrolled return preparers will no longer have limited representation rights if they do not have a “record of completion” for the year for which the return was prepared and for the year of the representation, effective for tax returns signed after December 31, 2015.
California Initiates a State EITC Beginning 2015
Posted by Lee Reams Sr. on
California has initiated an EITC beginning 2015. California and twenty-five other states plus the District of Columbia now offer an EITC. In twenty-two of these states, including California, the credit is refundable. Most states set their EITC as a portion of the federal EITC, and most states conform to the federal EITC program in other aspects such as eligibility requirements and income levels.
Senators Introduce Bill to Require IRS to Notify Victims of Identity Theft
Posted by Lee Reams Sr. on
On May 13 introduced a group of senators introduced the Social Security Identity Defense Bill of 2015, which if passed, would require the IRS to notify an individual and law enforcement if it has reason to believe the individual’s SSN was fraudulently used.
Why You Should Participate in the IRS Voluntary Preparer Program
Posted by Lee Reams Sr. on
In the past, unenrolled preparers (1) where able to represent returns they prepared in an office audit or correspondence audit with the IRS. This will no longer be true beginning in 2016, even if you have Power of Attorney from your client. Starting in 2016, unenrolled preparers must have a “Record of Completion (2)” for the year the return was prepared and one for the year of audit. Without a “Record of Completion” for each year, your ability to practice as a tax preparer will be substantially limited.
IRS Website Hacked By Identity Thieves
Posted by Lee Reams Sr. on
According to the IRS, identity thieves have gained access to the IRS website and accessed tax return and personal information for more than 100,000 taxpayers.