TaxSlayer News | Online Newsletter | Professional Tax Software

The summer heat is cranking up and so is the TaxSlayer Pro staff as we work to get the 2010-2011 Tax Program ready for the upcoming tax season. We appreciate everyone that replied to the TaxSlayer Pro Survey this past spring. As you know, we use the survey results as a means of determining enhancements for the upcoming tax software.

Speaking of the upcoming tax season, it seems that the IRS has been very busy making changes. They are implementing mandatory registration and licensing for all tax preparers. Not to worry! TaxSlayer Pro is staying on top of these changes and will keep you updated on a regular basis. Our goal is to educate you with the changes and make the transition as seamless as possible. We have included the latest IRS updates in this newsletter. If you have any questions concerning any of the changes, please feel free to contact our Director of Education, David Elijah.

Another big change in the tax industry is the changes with bank products. Chase Bank, which provided bank products for over 15,000 ERO’s, no longer has a tax related products division. Regardless of which bank you have used in the past, it is important that you APPLY NOW and obtain APPROVAL for bank products for this upcoming tax season. Luckily, TaxSlayer Pro supports four GREAT refund loan product banks. We have included the list of supported banks in this newsletter. As always, please call your TaxSlayer Pro sales representative with any questions.

TaxSlayer Pro will be on the road again this summer attending the IRS Tax Forums and we would love for you to stop by our booth. If you plan on attending one of the IRS Tax Forums, please give us a call. TaxSlayer Pro will also be offering many training and educational seminars before next tax season. Again this year, our Augusta and Las Vegas User Seminars will be held in November. These seminars provide a wealth of information and they are a great way to get last minute CPE credits. We have included a TaxSlayer Pro Calendar of Events in this newsletter for you to review.

With so many changes in the tax industry, I strongly recommend not waiting until the last minute to get your office set up, especially if you have updated your equipment in your office. Our tech support staff will be happy to answer any questions you may have. Give them a call at 706-868-0985.

If you have not already done so, I recommend renewing your TaxSlayer Pro program for the upcoming season now as well as applying and obtaining approval for bank products. You will need to update your TaxSlayer Pro "MY ACCOUNT" beginning August 2nd and be prepared to apply for your NEW IRS PTIN on September 1st.

In closing, I would like to thank you again for giving us the opportunity to serve you during the upcoming tax season. We appreciate your business and look forward to helping you with all of these changes in the tax industry.

Sincerely,

Jimmy Rhodes
President
TaxSlayer Pro

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It's Not Too Late To Upgrade!

It' not too late to upgrade to
TaxSlayer Pro Premium and receive
many extra features!

Give us a call at 888.420.1040!

TaxSlayer Books

Ahhhh, the lazy days of summer! But don't spend ALL your time on leisure activities- use TaxSlayer Books to stay on top of your bookkeeping duties and reap the benefits now and later!

A little effort and preparation now can provide some off-season revenue and make those hectic days of tax season a little easier down the road. With TaxSlayer Books easy user interface, you can efficiently manage your bookkeeping clients' needs and enjoy the added benefit of an organized record of financial data that you can even export to TaxSlayer Pro for quicker preparation of the tax return!

Even better, refer your clients to TaxSlayer Books for their small business bookkeeping software starting at just $49.95, and they can prepare and print their own payroll and vendor checks as well as record deposits and even journal entries, saving you even more time! With the Client/Accountant feature included in the program, they can electronically transfer their monthly file to you through our secure network, and you can review and reconcile their data from the convenience of your own computer! You can even e-file their quarterly 941s at no extra cost!

Check out even more great features that TaxSlayer Books has to offer by downloading a demo at www.TaxSlayerBooks.com. And go have some fun in the sun!

Our New-User Webinars have been extremely popular! Additional dates have been added but they fill up fast so don't delay! Visit www.TaxSlayerBooks.com to register for these upcoming sessions:

Date	Time
Thursday, July 29th	1-3pm EST
Thursday, August 26th	1-3pm EST
Thursday, September 30th	1-3pm EST

Note to TaxSlayer Books 2010 users-Get your FREE update with revised 941 and provisions of the recently enacted HIRE Act! Just open your TaxSlayer Books program and before opening any company file, go to File and Get Update. After connecting to the internet, the latest version of the 2010 program will be downloaded and you'll be up to date in no time! And be on the lookout for exciting news about our NEW ONLINE 2011 program currently in development- to be released in the Fall! More to come soon.

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My Account Alert!

Beginning August 2, 2010:
Please update your "My Account"
with your bank application data for the upcoming tax season.

Bank Products Face Uncertainty

Wow! What is happening in the bank products industry? Over the last year, both the OCC and FDIC have been putting pressure on the banking industry with regards to tax-related products. This has led to tougher scrutiny on banks and their relationships with ERO's.

Bank approval for ERO's faced newer and more stringent guidelines this past season with many ERO's unable to get bank approval. Also this past season, thousands of ERO's were limited to offering bank products without the ability to offer refund anticipation loans. Then, as if things weren't bad enough, on April 28, J.P. Morgan Chase & Co announced their departure from the tax-related products industry. Their departure has left thousands of ERO's without a bank and has put a definite strain on the remaining banks to handle the capacity.

What is next? The tax industry is eagerly awaiting a scheduled July announcement from Mark Ernst, IRS Deputy Commissioner. Mr. Ernst is going to report on the decisions made by an internal government working group on bank products. Hopefully, some valuable guidance will come from this announcement allowing the bank product industry to move forward with more clarity.
With all the uncertainty in the bank product industry, one piece of certainty prevails: The days of waiting until December to buy software and apply for bank approval are gone. It is now more important than ever to buy software and get bank approval as soon as possible.

Productos de Banco enfrentan a la incertidumbre

Wow. ¿Que está ocurriendo en la industria de productos bancaria? Durante el último año tanto la OCC y la FDIC ha estado poniendo presión sobre el sector bancario en lo que respecta al sobre productos relacionados con impuesto. Esto ha llevado a más duro control sobre los bancos y sus relaciones con ERO. La aprobación de ERO se enfrentan nuevas y más estrictas directrices que la temporada pasada. También la temporada pasada, miles de ERO se limita a ofrecer productos bancarios sin la posibilidad de ofrecer préstamos de reembolso anticipado. Entonces, como si las cosas no estuvieran lo suficientemente malo, el 28 de abril, JP Morgan Chase & Co anunció su salida del la industria de productos sobre impuesto. Su partida ha dejado a miles de ERO, sin un banco y ha ejercido una presión definitiva sobre los demás bancos para manejar la capacidad.

¿Qué sigue? La industria de impuestos espera con impaciencia un anuncio programado julio de Mark Ernst, Comisionado Adjunto del IRS. El Sr. Ernst va a informar sobre las decisiones tomadas por un grupo de trabajo interno del gobierno sobre productos bancarios. Esperamos una valiosa guía que provendrá de este anuncio para la industria de productos bancarios para avanzar con más claridad.

Con toda la incertidumbre en la industria de productos bancarios, una pieza de seguridad prevalece: Los días de espera hasta diciembre para comprar software y solicitar la aprobación del banco se han ido. Ahora es más importante que nunca para comprar software y obtener la aprobación del banco tan pronto como sea posible.

2010 Enhancements

The 2009 tax season was the first of a three year phase for the IRS 1040 modernized e-file platform. TaxSlayer Pro spent a lot of our development hours in making sure that we were able to support the new IRS platform from the first day that it became available. We were successful in that effort and were one of only four developers to initially participate. There are twelve states that have developed their modernized processing systems that participated during the 2009 tax season. This summer, we have continued to lead the industry in developing the additional states that are ready to participate in the modernized platform.

While modernized e-file has taken a significant amount of our efforts, we have also focused on making changes to the software that will make you and your office even more efficient for 2010. We have added an area in the ‘File’ menu that lists your most recently accessed ten returns so you can quickly get back into a return. We have also streamlined the RAL check printing process to make reprinting checks easier and more efficient. There is a new look and feel to the Message Center to help keep you up-to-date of all important news and information. A configuration "Jump to" menu has also been added for easier access to the most widely used configuration settings. We have also added the 990PF to the Business package as well as the Philadelphia BPT and NPT returns.

If you have purchased the Premium product, you will find it easier to scan documents into PaperCut prior to starting the client’s tax return. This year, the Premium product also allows you to print your client organizers to pdf for emailing purposes. Another great new feature for the Premium product is the addition of support for digital signature pads. Now you and your clients can electronically sign the bank applications as well as the 8879.

We look forward to releasing the 2010 TaxSlayer Pro software in early December and are confident you will appreciate all of this years enhancements.

Federal E-file Mandates

Recently Congress approved a federal e-file mandate for tax return preparers, based on recommendations from the IRS, the Treasury Inspector General for Tax Administration and the Electronic Tax Administration Advisory Council. The new Federal E-file Mandate will be phased in over a two year period. The new mandate states:

• As of January 1, 2011, anyone who anticipates preparing 100 or more federal individual or trust tax returns during the year must e-file.
• As of January 1, 2012, anyone who anticipates preparing 11 or more federal individual or trust tax returns during the year must e-file.

In order to e-file, you must have an active EFIN. Per the IRS, the authorization process may take 45 days or more, so please apply early. For more information on how to apply for an EFIN, contact your TaxSlayer Sales representative at 888-420-1040.

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Proposed New Requirements for Tax Preparers

According to IRS figures, for the tax years 2007 and 2008, “more than 80 percent of all federal individual income tax returns were prepared by paid tax return preparers or by taxpayers using consumer tax preparation software.”

Because so many of us rely on the expertise and competence of tax return preparers, the IRS has issued the following changes that will soon affect the tax preparation industry:

• There will be a mandatory Tax Return Preparer Registration process…
• There will be a Competency Examination Requirement…
• …and finally, there will be a Continuing Professional Education requirement.

These requirements will affect “all individuals who are compensated for preparing, or assisting in the preparation of all (or substantially all) of a federal tax return.” Also, those who “sign, or are required to sign, a federal tax return as a paid tax return preparer” will fall under these regulations.

At this time, registration and PTIN requirements will not apply to volunteer or other uncompensated preparers.

The Tax Return Preparer Registration is set to begin on September 1, 2010 with the implementation of an IRS registration website. David R. Williams, the IRS’ Director of Electronic Tax Administration, has stated that he is focused on having approximately one million preparers registered between September 1st and December 31st, 2010. The IRS plans to make the use of Preparer Tax Identification Numbers (PTINs) mandatory instead of optional.

According to Mr. Williams, the online Preparer Tax Identification Number registration will be a 10-minute personal data entry process, along with the submission of a registration fee. At the time of this article, the fee has not been established, but Mr. Williams estimated that the range will be between $25 and $100 annually.

The IRS plans to issue PTINs to preparers who currently do not have one as part of the online registration process. The IRS also intends for the registration process to apply to those paid preparers who already have a PTIN. These individuals will be reissued their current PTIN when they register.

Two questions will be asked during the online registration process:
1. Tax Compliance – Are you current on your personal income tax obligations?
2. Have you had any felony convictions in the last 10 years?

Answering “No” to the first, and/or “Yes” to the second question could preclude your ability to prepare tax returns for a fee. However, it is possible that you could be issued a temporary PTIN while investigations or appeals are ongoing.

The Competency Examination requirement will involve passing an exam that will be made available by the IRS in late May or early June of 2011. Once the exam has been made available, preparers will have to pass the exam in order to obtain a PTIN. To avoid business interruption for existing preparers and clients, a transition rule will give existing preparers approximately three years to meet the competency testing requirement.

There will be two levels of competency examinations:
1. Form 1040 (with Earned Income Tax Credit) up to Schedule C-EZ.
2. Wage and Small Business Form 1040 Series.

It will be to your advantage to take the test that best conforms to your tax preparation business.

It’s also recommended to apply for, and obtain your PTIN before the exam is made available.

The IRS plans to allow preparers who test during the initial three-year implementation period be permitted to sit for the examination as often as the examination is offered until they pass the exam, provided the applicable testing fee is paid for each attempt.

The Continuing Professional Education requirement will involve 15 hours of continuing education each year. The 15 hours must include three hours on federal tax law updates, two hours on preparer ethics, and ten hours on federal tax law topics. Tax return preparers will be required to self-certify the completion of continuing professional education at the time of registration renewal. The IRS will perform random checks to verify compliance.

“But I’ve been preparing tax returns for years!”
The IRS does not intend to “grandfather” any tax return preparer from the testing requirement based on return preparation experience. Other than members of the exempted groups (attorneys, certified public accountants, and enrolled agents) no other preparers will be exempt from the testing requirement, no matter how much prior return preparation experience they have.

Why is this happening?
Again, “the IRS and the Treasury Department believe that the implementation of the Return Preparer Review Report’s recommendations…will increase tax compliance and allow taxpayers to be confident that the tax return preparers to whom they turn for assistance are knowledgeable, skilled, and ethical.”

Propuesto nuevos requisitos para los preparadores de impuestos

Según las cifras del IRS, para los años 2007 y 2008, "más del 80 por ciento de las declaraciones de todos los impuestos federales individuales fueron preparadas por los preparadores de impuestos o utilizando un software de preparación de impuesto sobre."

Debido a que muchos de nosotros confiamos en la experiencia y la competencia de preparadores de declaraciones de impuestos, el IRS ha emitido los siguientes cambios que pronto afectará a la industria de preparación de impuestos:

• Habrá una registración de Preparador de Impuestos Proceso de inscripción obligatoria ...
• Habrá un examen obligatorio de la competencia ...
• ... y, por último, habrá un requisito de Educación Profesional Continua.

Estos requisitos afectarán a "todos los individuos que reciben una compensación por preparación o asistencia en la preparación de todos (o casi todos) declaraciones de impuestos federales." Además, aquellos que "firman, o está obligado a firmar, una declaración de impuestos federales como un preparador de declaraciones de impuestos pagados "caerá bajo estas regulaciones.

En este momento, el registro y los requisitos PTIN no se aplicará a los voluntarios y otros preparadores no reciben compensación.

El registro de preparador de Impuesto comenzará el 01 de septiembre 2010 con la implementación de un sitio web de registro del IRS. David R. Williams, Director del Servicio de Impuestos Internos de Administración Electrónica de Impuestos, ha declarado que se concentrara en tener aproximadamente un millón de preparadores matriculados entre el 1 de septiembre y 31 de diciembre 2010. El IRS tiene previsto hacer el uso de los Números de Identificación Tributaria del Preparador (PTINs) obligatorio en lugar de opcional.

Según el Sr. Williams, registro del preparador de impuestos en línea para un número de identificación será unos 10-minutos para proceso de introducción de datos personales, junto con la presentación de una cuota de inscripción. En el momento de este artículo, la tasa no ha sido establecida, pero el señor Williams estima que el rango será de entre $ 25 y $ 100 al año.

El IRS planea emitir PTINs a los preparadores que actualmente no tienen uno, como parte del proceso de registro en línea. El IRS también pretende que el proceso de registro aplicara los preparadores que ya tienen un PTIN. Estas personas se volverán a emitir su actual PTIN cuando se inscriban.

Dos preguntas se le pedirá durante el proceso de registro en línea:

1. Cumplimiento Tributario - ¿Estás al día con sus obligaciones personales de impuestos?
2. ¿Ha tenido alguna condena por delito grave en los últimos 10 años?

Si responde "no" a la primera, y / o "Sí" a la segunda pregunta podría oponerse a su estado para preparar declaraciones de impuestos por un cargo. Sin embargo, es posible que obtengan un PTIN temporal mientras las investigaciones etsán en curso.

El requisito de capacidad de examen supondrá pasar un examen que se pondrán a disposición por el IRS a finales de mayo o principios de junio de 2011. Una vez que el examen ha sido puesta a disposición, los preparadores tendrán que aprobar el examen para obtener un PTIN. Para evitar la interrupción del negocio para los preparadores y los clientes existentes, una regla de transición dará a los preparadores existiendo aproximadamente tres años para cumplir el requisito de pruebas de competencia.

Habrá dos niveles de los exámenes de competencia:

1. Formulario 1040 (con el Earned Income Tax Credit) de hasta el Anexo C-EZ.
2. Salarios y Forma de Pequeños Negocios 1040 de la serie.

Será a su ventaja para tomar la prueba que mejor se ajuste a su negocio de preparación de impuestos.

También es recomendable solicitar y obtener su PTIN antes que el examen este disponible.

El IRS planea permitir a los preparadores que prueba durante el período de aplicación inicial de tres años rendir el examen con la frecuencia que el examen se ofrece hasta que pasen el examen, siempre y cuando la tasa de ensayo aplicables se paga por cada intento.

El requisito de Educación Profesional Continua incluirá 15 horas de educación continua cada año. Las 15 horas debe incluir tres horas en las leyes de impuestos federales actualizaciones, dos horas sobre la ética de preparador, y diez horas en temas de impuestos federales.

Los preparadores de impuestos que certificar la realización de la formación profesional continua en el momento de renovación de registro. El IRS realizar controles aleatorios para verificar el cumplimiento.

"Pero he estado preparando declaraciones de impuestos de años!"
El IRS no tiene intención de "padrinar" cualquier preparador de declaración de impuestos de la obligación de las pruebas basadas en la experiencia de retorno de preparación. Solo agentes que son miembros de los grupos exentos (abogados, contadores públicos certificados, y agentes inscritios) nigun otro preparadores estarán exentos de la obligación de la prueba, no importa cuánta experiencia previa tenga en la preparación de declaraciones.

¿Por qué sucede esto?
Una vez más, "el IRS y el Departamento del Tesoro creen que la aplicación de las recomendaciones de la devolución del preparador Informe de Evaluación de ... aumentará el cumplimiento tributario y permite a los contribuyentes tener la certeza de que los preparadores de declaraciones de impuestos a los que dirigirse para obtener ayuda son informados, capacitados, y éticos. "

Customer Spotlight

Hershel Trawick
Trawick Tax Service
Hampton, GA

I began my tax preparation career working for H & R Block in 1967 preparing tax returns and teaching two of their tax preparation courses. I started my own business in 1969 on a part-time basis while working as a Civil Service employee with FORSCOM Headquarters in Ft. McPherson, GA. I dedicated the business to the Lord and established three major objectives: 1) work only by appointment, 2) finalize the tax return during the scheduled appointment, and 3) charge a fair price for work performed. I have held to these objectives throughout the past 41 years. My business began to take off and I eventually had to take leave time during tax season. I do no formal advertising. All new clients are referrals from existing clients.

I automated my practice in 1984 using CPAids software. I used this software until they were purchased by Best Software. A year later Intuit purchased Best and I used their ProSeries software for the next 15 years. For the last 3 years that I used ProSeries I would preview other tax software (Drake, ATX, Taxworks, TaxSlayer, etc. ) at the IRS tax forums. Even though ProSeries had a high price tag, I hesitated to change due to my relatively large client database. During an IRS tax forum in 2002, TaxSlayer stated they could convert my data base with an 85-90% conversion. This coupled with their free E-Filing, and a considerably cheaper price tag sold me. I have been using TaxSlayer for the past 8 years and have already renewed for the next tax season. I have never looked back. The software is extremely user friendly and handles every type of return I prepare. The support staff is truly a selling point for the company. If I call I get a live person on the other end. If I e-mail or FAX a question or problem (very seldom) I have an answer the same day.

I retired from my government career in 1992 and now concentrate solely on tax preparation. My practice has grown to the point that I am maxed out. I do not offer write up, payroll or corporate tax preparation services. I prepare and e-file 850-875 individual returns every year. While I am available year round, 99% of my work is completed by 15 April each year. I could not do this without my two greatest assets: My wife, Margie (I prepare the taxes and she handles everything else) and TaxSlayer Pro tax preparation software. TaxSlayer is truly the number one tax software in my book and I don't hesitate to tell others every chance I get. To God be the glory, great things He hath done.

TaxSlayer Pro Technical Support

Does your office equipment need an upgrade or a complete overhaul? Well now is one of the best times to implement a new system and replace broken and outdated office equipment. Besides tax software, the computer you use to prepare taxes is the most important asset to your tax business. A question that we often get in Support is "What should I be looking for in a computer"? If you will only be using the computer for tax preparation and research, then there is no need to dish out thousands of dollars on a new computer. Almost any new computer that you see on Dell's website or within one of the big box retailers will do just fine and they can be purchased for around $500.

What about printers and scanners? The price of printers and scanners has dropped significantly in recent years, especially laser printers. A laser printer can greatly increase the efficiency of your tax office. These printers are fast, and although a little pricier at the initial purchase, the toner will be less in the long run versus buying multiple inkjet cartridges. If you have purchased or plan to purchase TaxSlayer Pro Premium, which contains our paperless office program called "Paper Cut", then you will need a scanner to take full advantage of the paperless possibilities. A sheet fed scanner is the type of scanner you will want to purchase. The older style flatbed scanners are fine for scanning a picture or two, but for running a tax office, you will need a scanner that will accept multiple pages at once, similar to a fax machine. Any scanner you purchase will integrate with TaxSlayer Pro, so you need to find one that you like and one that will fit your budget.

Which firewall or anti-virus program should I buy? If you purchase a new computer, it will most likely come pre-installed with Norton or McAfee. If you are updating an older computer, we still recommend Norton or McAfee. Anti-virus programs such as 'Panda', 'Kaspersky', and 'Super Anti Spyware' have conflicted with the operation of TaxSlayer Pro.

Should I setup a network? If you have more than one computer in your office, we highly recommend setting up a network. A network will streamline the flow of data in your office. All computers on the network will be able to share data, which will eliminate the need to back up data to a flash drive and recall it on another computer. The first step in setting up a network is to find a trusted computer or networking company in your area. They will design and implement your network. Once your office network is established, TaxSlayer Pro Technical Support can assist in getting TaxSlayer Pro networked in your office.

If you have any questions about upgrading equipment in your office, please give us a call or send an email to prosupport@taxslayerpro.com. We will be more than happy to answer any questions you may have. Have a great summer!

Chad Wallace
Director of Technical Support

Employee Spotlight

Name: David Elijah

Birthplace: Augusta, GA

Family:
Wife-Sherry;
Two sons-Brandon (26),
Jeremy (21);
Daughter-Whitney (15)

What do you like best about your job?
The sincere gratitude that I hear from a software user during tax season, after we've helped him or her out of a tight spot.

Favorite Hobbies:
Hiking, fly-fishing, fly-tying, paddling

Favorite Food:
Fresh trout cooked over a campfire

Favorite Places:
North Georgia mountains; Alaska

Favorite Color:
Burnt orange

Your Biggest Accomplishments:
Getting my oldest son through Law School

Something you don't know about me:
I hope to one day write a novel and several short stories for publication.

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Scheduled Dates & Events

July 27th - 29th Orlando IRS Show

July 29th Web-based TaxSlayer Books Training Session

August 2nd My Account opens for EROs to update data for upcoming season

August 10th - 12th New York IRS Show

August 24th - 26th Las Vegas IRS Show

August 26th Web-based TaxSlayer Books Training Session

August 31st - Sept. 2nd San Diego IRS Show

September 6th TaxSlayer Pro Sales & Support closed

September 24th TaxSlayer Pro New User Seminar

September 30th Web-based TaxSlayer Books Training Session

October 22nd TaxSlayer Pro New User Seminar

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System Requirements

Please note new system requirements.
Windows 95, 98, ME, NT and 2000 are no longer supported.

Recommended System Requirements:
Computer: 2.0 GHz or higher
Memory: 2 GB of RAM
Hard Drive: 1 GB of hard drive space
Operating System: Windows XP Pro SP2/Vista/Windows 7
Printer: 100% HP Compatible Laser Printer
Resolution: 1024 x 768 or higher
Internet: High Speed Internet Connection

Minimum System Requirements:
Computer: 500 MHz or higher
Memory: 512MB of RAM
Hard Drive: 250 MB of hard drive space
Operating System: Windows XP or Higher
Printer: 100% HP Compatible Laser Printer
Resolution: 1024 x 768 Internet: Dial Up Internet connection