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Professional Tax News & Advice

Voluntary Education Program Unveiled

Last week, the IRS announced the new voluntary education program available to preparers as early as the 2015 filing season. The AFSP, or Annual Filing Season Program, is a quick fix to the court’s decision to prevent the IRS from regulating tax preparers. The courses encourage tax season readiness and a basic comprehension of tax law. This program will help preparers distinguish themselves from others by showcasing their tax knowledge and understanding on the IRS.GOV website. [More]

Off and Running: Let Us Know How Your Tax Season Is Going

Due to the delay in the start of tax season this year, many tax professionals have experienced a slower start than usual, but the pace is slowly picking up. With the IRS starting to release deposits as of February 5 th , tax preparers are starting to see a rise in client traffic.Tax professionals have also reported, they are starting to experience an increase in inquiries regarding health care, clients are looking to their tax preparers as a source of information about the Affordable Care Act. We want to know what you have been experiencing this tax season. [More]

The Affordable Care Act: What You Need To Know As A Tax Preparer

As tax season quickly approaches, your clients will begin to look at you, their tax preparer, as a source of information about the Affordable Care Act. It is important for you to be knowledgeable about how having health insurance or not having health insurance will affect their tax return and the new tax provisions set out in the Affordable Care Act. Read on about the changes that are set to begin in 2014 they may affect your clients. [More]

IRS Delays Start of 2014 U.S. Tax Filing Citing Government Shutdown

The Internal Revenue Service announced yesterday, October 22, 2013, a delay of approximately one to two weeks to the start of the 2014 filing season to allow adequate time to program and test tax processing systems following the 16-day federal government closure. The IRS is exploring options to shorten the expected delay and will announce a final decision on the start of the 2014 filing season in December, Acting IRS Commissioner Danny Werfel said. The original start date of the 2014 filing season was Jan. 21, and with a one- to two-week delay, the IRS would start accepting and processing 2013 individual tax returns no earlier than Jan. 28 and no later than Feb. 4. [More]

IRS to Get Stricter On Enforcing Preparer Penalties

In response to a recent government report, the IRS will be improving its procedure for determining and enforcing penalties on paid tax preparers. The report from the Treasury Inspector General for Tax Administration (TIGTA) was requested by the IRS Oversight Board, to determine how effective the IRS is in using the existing requirements and penalty system that applies to unenrolled paid tax return preparers. [More]

IRS Streamlines Innocent Spouse Relief

The Internal Revenue Service has issued new guidance and streamlined procedures for spouses who are seeking equitable relief from joint income tax liability. Revenue Procedure 2013-34 supersedes the earlier Revenue Procedure 2003-61. It provides the threshold requirements for any request for equitable relief and sets forth conditions under which the IRS will make streamlined relief determinations granting equitable relief from an understatement of income tax or an underpayment of income tax reported on a joint return, or the operation of community property law.