The Tax Professionals Blog
Record of Completion Deadline Approaching – VER...
As we emphasized during last year’s ClientWhys fall seminars, effective for tax returns and claims for refunds prepared and signed after Dec. 31, 2015, the limited right to represent clients before the...
Read MoreTax Extender: Teacher $250 Above the Line Deduc...
Background: This provision, which has been available since 2002 and through 2014, allows teachers and eligible educators, grades kindergarten through 12, to take an above the line deduction, up to...
Read MoreTax Extender: Earned Income Tax Credit (EITC)
Background: The EITC for three or children, with 45% credit rate and maximum credit of $6,269 was a temporary increase sun setting after 2017 (Sec 32(b)(3).
Read MoreIRS 2016 Standard Mileage Rates
The IRS in Notice 2016-01 has announced the standard mileage rates for 2016. Due to the declining gas prices in 2015 the rates have taken a significant drop. 54 cents...
Read MoreYesterday the IRS issued an announcement (IR 20...
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...
Read MoreCalifornia Initiates a State EITC Beginning 2015
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...
Read More