easytax

Jack, Just off phone with NY --- IRS CE's do not count --- they have no way (currently) to do receptacle (working on it but not anticipated soon). The NY "open registration" will open in late November 2014 so you can file in 2015. The CE requirements DO NOT apply for 2014 filings done in 2015 --- they will only be applicable for the 2016 filing year (2015 actual year). That is why NY is giving us to December 31, 2015 to do all the CE's. Ms TabbyKats, Yes, my notice did not require ANY CE's but stated I could take the 16 and 4 CE's and have it "noted" on my registration certificate. I only do 1-2 and have not filed any in 2014 (2013 tax year). You apparently signed up for the "live" courses at a NY location. I will utilize the online courses which should be available by November (I am cheap and travel little, etc. - part hermit). As far as "policing" the returns -- they will simply send fines to the preparer and "clients" using that preparer -- if the preparer has not registered and met their requirements. POSSIBLY the preparers might "not pay attention" to the fines, etc. but when the preparers "client" gets involvement --- then NY has leverage... So far --- CA, NY and I have heard MD have preparer requirements. Any others out there (strangely enough - while closer to MD than NY (south central PA) and with a number of "mail-in's", I did not know about MD. All the fun we have to look forward too ---- I just LOVE -- government changes and increased user costs -- don't you? /S

Lucky folks !!!!! Saw your posts about renewing and again went to IRS.gov --- only to find that I STILL have to wait 1-3 weeks for regular open enrollment. This was after telephoning the PTIN line and speaking with Michael. He had no information or idea on why some can renew "early" while others wait. The good parts of the call were that the IRS will automatically pick-up my RTP* status, automatically place me in the AFSP (all CE requirements exceeded, etc.) and the wait time today for the PTIN line was less than one (1) minute - almost immediately. So, congrats on renewing and having one more thing out of the way.

The New York State Department of Taxation and Finance (DTF) promulgated new regulations (http://www.tax.ny.gov/tp/reg/regulations.htm ) this year that require commercial tax return preparers who will prepare New York State personal income tax returns to complete continuing education requirements. You have been identified as a person who is paid to prepare these returns. The amount of required continuing education is based upon your experience. - If the number of income tax returns you were paid to prepare is LESS THAN TEN during any of the last three years, you must complete 16 HOURS of continuing education coursework by December 31, 2015 and FOUR HOURS of coursework in 2016 and each year after that. - If the number of income tax returns you were paid to prepare was TEN OR MORE during each of the last three years, you must complete FOUR HOURS of continuing education coursework by December 31, 2015 and each year after that. If you intend to prepare TEN OR MORE New York State personal income tax returns during 2015, then you MUST complete continuing education coursework. If you did not prepare TEN OR MORE New York State personal income tax returns during each of the last three years, you must complete 16 HOURS of continuing education coursework by the end of December 2015, and FOUR HOURS of continuing education each year after that. If, however, you did prepare TEN OR MORE New York State personal income tax returns during each of the last three years, then you are required to complete FOUR HOURS of continuing education coursework by the end of December 2015, and FOUR HOURS of continuing education coursework each year after that. FREE COURSEWORK We will begin offering free training courses through live presentations by DTF personnel in locations across New York State THIS MONTH. - The OCTOBER and NOVEMBER sessions will cover the first group of required coursework topics for the 16 HOUR course and the entire FOUR HOUR course - Additional required coursework topics for the 16 HOUR course will be available later in 2014 and 2015 - Additional live and online versions of the coursework will be available throughout late 2014 and 2015 REGISTER NOW Visit our Web site to learn more and follow the URL below to register for the free coursework. http://www.tax.ny.gov/tp/reg/live-sessions-16-hours.htm (for the list of 16 HOUR coursework) http://www.tax.ny.gov/tp/reg/live-sessions-4-hours.htm (for the list of FOUR HOUR coursework) QUESTIONS If you have any questions about your Continuing Education requirements or the required coursework you may call (518) 457-1929. The Tax Department will never send you an email asking you to validate personal information such as your username, password, or account numbers.

This video (fabar) answers your question ---- (sorry, I viewed it when original but forgot particulars): http://www.irsvideos.gov/ElectronicFBAR/ I believe it comes down to dollars in accounts --- even though NOT theirs personally --- the control/possible use exists - so the answer would be --yes.

JJ It will take them a while before they decide what is what. Probably well after 2015 filing's. For myself, I am going to renew as soon as IRS.gov opens the PTIN section for 2015 (currently just 2014 is active). The same goes for NY registration as a preparer --- as soon as they get their act together and define what is CE acceptable and "open" registration for 2015, I am going to renew (my NY returns are less than 10, so there is no cost here --- except for CE cost (which hopefully will be federal CE and NOT state specific). How does CA preparer registration work --- are the CE's for fed's considered CE's for CA or are there specific CE's for CA only?

Small practice as I am rebuilding. All forms and documents are scanned (8879 both - when sent and when returned) and electronically filed with clients documents, work papers and final returns, etc.. For the years when extensions and other filings crossed years -- simple put an electronic copy of all into that perspective year. So much more room, ease of use, etc. --- after initial scan procedure and process implemented (done over several years so as NOT to have to redo before the change (when paper was king). Yes, on-sight and off site as there are only two types of people using computers today ------- those that have had and will again have a hard drive failure and those that are awaiting a hard drive failure.

Combine that with constantly putting "staples" in certain places --- as a secondary check to see if they did in-fact give you the document, etc. All sounds like a good idea for an ongoing office practice.

Jack --- perhaps this is practice for a future "political career"???? After all --- isn't "minutia" what politics strive for ---? As a second thought --- perhaps they are like me --- "anal" and want to make sure of what is said and done properly. NOW, I am scared --- maybe I have a politicians tendencies too???

I never knew this one .... thought I would share. Veterinary costs for a service dog are deductible medical expenses, IRS says. Ditto for amounts paid to purchase and train the dog plus food and grooming. These animals assist the visually impaired and others who have physical disabilities, so the owners can write off the costs of buying and caring for their dogs on Schedule A to the extent total medicals exceed 10% of adjusted gross income…7.5% if 65 or older.

Thanks Jack --- that eases my mind somewhat. The main thing now is getting the "other" information from those clients so we can complete the 8695 form and related worksheets for those that say "no" to the question about full year coverage for them and dependents, etc. According to the 8995 instructions (draft right now): Even if you do not need to report or claim a coverage exemption, you will need to use the Shared Responsibility Payment Worksheet included in these instructions to calculate the shared responsibility payment if you or another member of your tax household did not have minimum essential coverage or a coverage exemption for one or more months.

Does not matter --- what her friends said --- the PROPER thing is to do the RIGHT thing and that would be to amend and correct the original return. As to insurance --- as stated by others --- E&O always has a deductible, so possibly you will not save a lot --- especially when factoring in higher future rates, etc. The early withdrawal penalty is hers and NOT YOURS, as is the regular tax on the withdrawal. Interest wise, you can look at it either way but it suggested that you pay -- YOUR part of the interest --- that does not include her part from her additional regular tax because of the withdrawal and her penalty tax from the early withdrawal --- interest on those amounts are HERS ONLY. If she does not agree, then YOU probably would be better served to NOT have her as a future client. Decide what you believe is the right/proper thing and do it. If you retain her and she trusts you --- fine --- if not, you still did the right/correct/proper thing (in your mind and estimate) -- move forward and do not dwell on her. The payment in full on the check is an excellent idea, whatever amount you do decide she should receive. After all, she may continue to try some other action using any payment as evidence you agree that you made a mistake... SO --- limit possibilities with things like "payment in full" on the check and DO NOT give her anything in writing. I am not an attorney, so this is NOT legal advice --- if you desire a legal opinion -- contact a register attorney in your area, etc..

It is when they answer -- No --- that the fun begins. That is when --- without proper information and documents AND forms we may or may not have, the onus is placed on us as preparers --- not on the government (both from client perspective and from IRS possible penalties). Make sure you detail your interview notes -- so if/when the IRS decides to try and take penalties from us for improper filing -- you can substantiate it was clients info, etc..

Agreed! If congress wants to do the correct thing ---- make all reporting required by January 31 (even February 15) for everybody (business and personal) and everything. Then have the tax season begin two - three weeks later. The matching should then be there, the fraud should be lessoned and so on. Also, make congress make the rules/law for the tax year at a minimum a year before (anything required/changed for 2014 had to be done prior to December 31, 2012; 2015 done, etc. prior to December 31, 2013 - and so on). That way, everyone involved has time to implement the needed/required forms, requirements, etc. Business knows what to expect and can plan properly. The same for us as practitioners and for the people we serve. The answer is actually easy --- it just takes guts and doing the correct thing --- over gaining power and re-election for themselves.

Basically the webinar was a decent overview of ACA and the practitioner (more individual needs than business, but overall good). The BIG take-a-ways (for me) were when I reviewed the forms mentioned. The 8962 (reconciliation) and the 1095-A (reportable from the "Market Place") helped somewhat with the review of the 8965 (exemption forms) having the biggest impact with the most information. As with most government instructions, you have to take-it-slow and wade through step-by-step but in this case very worth it. With all the examples and some thought, you can come away with a decent understanding of the practitioner needs for the coming tax season (as least as to the individual side of the ACA reporting for 2014). This might also offer a partial answer for your clients questions on what they might require as to forms, etc.. All forms can be found at http://apps.irs.gov/app/picklist/list/draftTaxForms.html .

The following link takes you to an IRS page that explains about the new videos (info link - out around Sept. 8, 2014). (URL link rather than take a lot of space here). http://www.irs.gov/uac/Newsroom/New-YouTube-Videos-Provide-Tips-on-Health-Care-Tax-Returns Please NOTE, these are semi-informative as they do NOT speak directly to actual tax preparation but state IRS generalities in the form of an "overview". HOWEVER these are NOT along the lines of "star wars" or the other IRS videos we heard about before. There are a myriad of other tax topics here also -- please check the right hand column, etc. -- This is after all "YouTube".

I try to continually take (and pass ) CE courses so I can serve my clients and myself to the best of my ability. One of my less costly providers is "Platinum Professional Services" and the links below go toward their explanations and materials. Give them a look and see if they fit -- if not, so be it (adage: vanilla, chocolate, strawberry, etc.). You will find material on the PTIN requirements and also the "new" program. NOTE: there are two (2) courses under "ASFP" - one for no certifications, one for an "RTRP" in place. A "new" IRS --- offering ---- is the "ASFP" which is "Annual Filing Season Program" ----- here is a link explaining the program for both those with NO certifications and those with certifications (including "RTRP"): How do I become an IRS Annual Filing Season Program Qualified Tax Return Preparer? http://www.platinumprostudies.com/tax-preparer-courses/IRS-Annual-Filing-Season-Program-Guidelines . Additional information for those with state (CA, OR, NY, etc.) or other requirements might be found here: http://www.platinumprostudies.com/tax-preparer-courses/how-to-become-an-irs-qualified-tax-return-preparer . My understanding at this time is that today and for the 2014 taxes filed --- that even a "normal" tax preparer with a PTIN can talk with, discuss, etc. the tax return and preparation with the IRS. However that starting in 2015, a "tax preparer" cannot do those things unless they have completed the "ASFP" requirements. Hope this helps clarify, Ed.

The agency disagrees with a 2013 Tax Court decision that allowed a corporation with overdue employment taxes to make a tax payment and designate the money for the unpaid income taxes of its two shareholders. The owners had pled guilty to failing to file returns and pay income taxes. IRS disregarded the instructions and applied the money to the firm’s outstanding payroll tax debt. Although the Court ruled that the company’s instructions control, IRS says it won’t follow the decision.

Saw this and found it was different from my original understanding --- IRS can do more than just withhold refund IF you have excess health premium credits --- versus just a penalty. IRS isn’t limited in trying to collect excess advance health premium credits. The agency’s full collection arsenal is available to collect overpayments, including levies and liens against a taxpayer’s assets if the filer doesn’t pay up. That’s even more reason to quickly tell the exchange of changes in family size, income and other circumstances affecting the amount of the credit. If your income ends up to be higher than you estimated, the smaller credit may cause you to owe tax. The Service is far more restricted when collecting the tax for being uninsured. The agency isn’t allowed to use its lien and levy powers against those without coverage, so it can only offset tax refunds. Nor can it charge interest on the unpaid balance.

Here is the link to register for Wednesday's ACA Webinar from the IRS. http://www.visualwebcaster.com/IRS/100208/reg.asp?id=100208

Agree with Jack here expect for one thought --- I prefer the I7 chip (quad core, etc.) and try to get extra ram (min. 8mg but try for 16mg.). Not because it might run today's ATX better but for "tomorrow" if/when CCH does go to the 64 bit or REALLY fixes the current ATX program. My thoughts are spend a little more now --- with hopefully much longer use time for any future needs versus buying basic now and HAVING to buy again later. Have a positive and GREAT season.

From your posts and comments: You care about your clients and you are a professional. Therefore you only really have one choice that will make you happy -- do what a professional would do and notify them but also what a caring person would do AND "let them be responsible for themselves" beyond that point. As far as "being mommy" --- at a certain point would that not also be what a caring/responsible person does for their kids? People who always treat their kids like a kid usually only hurt them in the long run ---- especially when 'mom/parent" is not around. Nothing wrong with being "mommy" and a professional/caring person in ANY circumstance. Thank you for the opportunity to share personal beliefs, Ed.

Earnings are taxed at distribution. Here is an excerpt from the "PA Personal Income Tax Guide (pages 100 - 101) see: www.revenue.state.pa.us shortcut: http://www.revenue.state.pa.us/portal/server.pt/document/628138/pitguide_chapter_07_pdf NOTE: Basically it all goes back to -- taxable is what was not taxed before or not contributed as exempt (employers contributions in some cases) and you figure that out under "cost recovery method". F. Distributions To Plan Participants Under Employer-Sponsored IRAs All amounts distributed under an employer-sponsored IRA shall be included in compensation to the extent provided in Section H, "Cost Recovery Method," except-- • Distributions to a former employee made on or after the later of— o The date the former employee attained age 59½, and o The date on which the former employee separated from the service of such employer sponsor, and • For the year of the transfer, distributions that are transferred into an individual retirement plan or qualified plan where the transferred amounts are not included in income for Federal income tax purposes. G. Distributions To Plan Participants Under Individual Retirement Investment Accounts All amounts distributed from an individual retirement investment account shall be included in compensation to the extent provided in Section H, "Cost Recovery Method," except-- • Distributions made to a participant after the participant attains age 59½, and • For the year of the transfer, distributions that are transferred into an individual retirement plan or qualified plan where the transferred amounts are not included in income for Federal income tax purposes. H. Cost Recovery Method The extent to which a distribution is taxable as compensation shall be determined using the cost recovery method of accounting. That accounting method is explained in Personal Income Tax Bulletin 2005-5 ("Qualified Employer Plans").

Apply Now Email not displaying correctly? Click here to view in browser Tax Advisory Services Got tax smarts? Like helping people? Join Intuit’s 2014 Tax Support team Hi, Intuit is hiring TurboTax customer support agents for the 2014 tax season. Apply now if you: Like preparing taxes Enjoy customer service Love working from home Apply Now All you need is 1-2 years of basic tax preparation experience (no credential needed). You’ll answer tax questions and help people from the comfort of your couch. Plus you’ll be a valued member of Intuit’s small, flexible support team—that means you’ll get all the support you need too! We hope you’ll join us! Your Intuit Tax Advisory Services Team IMPORTANT: Intuit respects the personal nature of e-mail communication. Every effort is made to offer only information that may be of value to you or your business. If you do not wish to receive marketing e-mail from Intuit in the future, This message was sent to: If you receive an e-mail message that appears to come from Intuit but that you suspect is a phishing e-mail, please forward it immediately to [email protected]. Please visit security.intuit.com for additional security information. ©2014 Intuit Inc. All rights reserved. Intuit, the Intuit logo, among others, are registered trademarks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such. Internal Use Only: Intuit Inc. Customer Communications 2800 E. Commerce Center Place, Tucson, AZ 85706

As it is copyrighted material -- Here is the link: http://money.msn.com/business-news/article.aspx?feed=AP&date=20140830&id=17894828&33009

A lot of good answers here --- from both sides --- do not buy whole life, etc. etc. to have some for final expenses. Real life case: 20 year term age 46 @ $745 yr. covers all while kids, etc. till grown and on own, mortgage paid and so on. Year 5 - heart problems, etc.; year 10-11 supposed to have died several different time from "things" and put in nursing home to do so. still have 5 years left on term. --- by the way --- when you lose everything and become ward of state --- term does not count as asset as "no cash value", so you get to keep it. Made it out of home, (God was good); digging out - but NO INSURANCE will touch me, so even with the "final events" coverage at $12-15 per unit will cost over $35 mo. for just a few units of coverage once my term runs out. OR if I keep term - policy has guaranteed conversion clause --- it will only cost me $14,473 for the 21st year; $15,958 for the 22nd year; $17,572 for the 22nd year and so on. I share this as even with a cost benefit analysis - you might want to consider that ---now, you can get something, whereas later you may not have options. Using the "final benefit" costs the $88.00 monthly you mention for $100.000 coverage building some dollars; is just about 2 1/2 times the cost of my small few unit cost(units are typically 3-5 thousand - depending on final benefit company), and --- you get a lot more. Just a different perspective.