Jump to content
ATX Community

JRS

Donors
  • Posts

    763
  • Joined

  • Last visited

  • Days Won

    3

Everything posted by JRS

  1. We will not be stopped. #BeatThePanthers
  2. I did some quick checking of my profile and a few others and it seems we all had a profile check by rica... !
  3. The Turbo Tax commercials are the worst and most degrading not only to Preparers but to the general public. >>Donald Trump promised to put H&R Block out of business when he gets elected.<< I wish he would add Intuit to that list.
  4. "Moral of the story: I switched to Drake and only regret that I had not done it years earlier." Totally agree. For a small one person office with a dwindling client base and retirement around the corner, I regret not changing from ATX sooner. Though other than price increases, I had no complaints with ATX.
  5. Jack:  I have no intention of upgrading to 10 for tax work (I am now with Drake as for my small practice ATX  priced me out and this will probably be my last year.)  Are there other reasons for not upgrading my wife's computer or purchase a new computer with Windows 10 on it?

    Thanks, Jerry Slater

  6. WASHINGTON ― Following a review of the tax extenders legislation signed into law last week, the Internal Revenue Service announced today that the nation’s tax season will begin as scheduled on Tuesday, Jan. 19, 2016.
  7. SpidellPublishingInc.® FLASH E-MAIL CORRECTION: PATH Act not yet signed by President (12-18-15) The PATH Act has been signed by the House and the Senate. The President has not yet signed the bill, as previously reported; however, he is expected to sign the bill later today.
  8. President signs extender bill (12-18-15) The President has signed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). Here is a list of key provisions. Made permanent: Enhanced Child Tax Credit Enhanced American Opportunity Tax Credit Enhanced Earned Income Tax Credit Above-the-line educator deduction Sales tax deduction Enhanced mass transit and parking pass benefits IRA-to-charity — California automatically conforms R&D credit IRC §179 — enhanced Enhanced exclusion of gain on sale of small business stock Built-in gains holding period Extended through 2016: Qualified tuition deduction Nonbusiness Energy Property Credit COD principal residence exclusion Mortgage insurance premium deductible as interest Extended through 2019: Bonus depreciation — phases out First year bonus depreciation on automobiles — enhanced Work Opportunity Tax Credit
  9. IRS Reminds Tax Return Preparers of Limited Practice Changes and Announces Revised PTIN Fee WASHINGTON— The Internal Revenue Service today reminded non-credentialed tax return preparers of major upcoming changes regarding which tax return preparers can represent clients in matters before the IRS beginning in 2016, and take action by Dec. 31, 2015, to avoid being affected. The IRS also announced that federal tax return preparers will soon pay less for a preparer tax identification number (PTIN). Last year the IRS announced pending changes to limited practice authorities for non-credentialed tax return preparers. (Rev. Proc. 2014-42) Effective for tax returns and claims for refunds prepared and signed after Dec. 31, 2015, the limited right to represent clients before the IRS held by non-credentialed preparers will be accorded to only those preparers participating in the IRS Annual Filing Season Program, a voluntary continuing education (CE) program. The changes in the limited representation rules have no impact on returns prepared and signed by non-credentialed preparers on or before Dec. 31, 2015. Non-credentialed tax return preparers who participate in the Annual Filing Season Program will continue to have limited rights to represent clients. This enables them to represent taxpayers whose returns they prepared and signed, but only before revenue agents, customer service representatives, and similar IRS employees, including the Taxpayer Advocate Service. The tax return preparer must participate in the Annual Filing Season Program for both the year of return preparation and the year of representation to represent their client. There are no changes to representation rules for enrolled agents, certified public accountants, and attorneys. These tax professionals continue to have unlimited practice rights and can represent any taxpayer before any IRS office, including collection and appeals, regardless of whether they prepared the tax return in question. To participate in the Annual Filing Season Program, non-credentialed tax return preparers must complete either 15 or 18 hours of continuing education from IRS-approved CE providers. The CE must be completed by Dec. 31, 2015, in order to receive a 2016 Annual Filing Season Program Record of Completion. More information about Annual Filing Season Program requirements is available on IRS.gov. PTIN Fee Revised Effective Nov. 1, 2015, the annual fee for 2016 PTINs will be $50 for both new applications and renewals. The IRS will collect $33 as a user fee to support program costs and a third-party vendor will receive $17 to operate the online system and provide customer support. In preparation for the fee change, PTIN open season, which normally begins in mid-October, will begin in early November. PTIN open season is when the IRS begins accepting renewals and new registrations for the upcoming year. Federal agencies are required to review user fees every other year and make adjustments as appropriate. The current PTIN fee is $64.25 for a new registration and $63 for renewal. More information about the updated user fee is available in TD 9742 and REG-121496-15.
  10. It looks like Mom is out of luck. http://www.irs.gov/pub/irs-pdf/i5695.pdf "You may be able to take the credits if you made energy saving improvements to your home located in the United States in 2014. Home. A home is where you lived in 2014 and can include a house, houseboat, mobile home, cooperative apartment, condominium, and a manufactured home that conforms to Federal Manufactured Home Construction and Safety..." " Main home. Your main home is generally the home where you live most of the time."
  11. >>especially for the elderly<< Sadly, it is not only the elderly that seem to fall for it. I have had numerous calls from friends of varying ages call and ask me what to do. BUT, no clients!
  12. http://www.newsmax.com/Newsfront/irs-breach-accounts-hacked/2015/05/26/id/646831/
  13. >>I am confused... How does E&O cover theft?<< This is my interpretation of E&O. I guess you could say the mentioned Tax Preparer was negligent in letting someone break in. BUT, my E&O would not cover it. I took the definition from Wikipedia because I am also confused. "Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions(E&O) in the US, is a form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are potential causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm."
  14. "H&R Block believes acquiring or franchising independent tax preparation services represents a great path for growth. The company says it is targeting good performers in the pool of 67,000 independents that prepare at least 100 returns each year. In remarks during the company's recent Investor's Day webcast, Shawn Moore, VP of assisted tax services, noted the target market is limited by that fact that one of four independents reviewed by Block knowingly commit tax fraud." http://www.theprogressiveaccountant.com/index.php?option=com_content&id=3874&view=article&Itemid=59
  15. From their website: All CTEC Registered Tax Preparers (CRTP) must... First complete 60-hours (45 hours federal and 15 hours state) of qualifying tax education from a CTEC Approved Provider Obtain a PTIN (Preparer Tax Identification Number) from the IRS Purchase a $5,000 tax preparer bond Register with CTEC within 18 months from the completion date on the certificate of completion To renew your registration all CRTPs must... Complete 20-hours (10 hours federal tax law, 3 hours federal tax update, 2 hours of Ethics and 5 hours for State) of continuing tax education each year Maintain a valid PTIN (Preparer Tax Identification Number) from the IRS Maintain a $5,000 tax preparer bond Renew the registration by October 31st of each year
  16. Phones have been restored. Thank you for your patience.. Labor Day Sale Only $299.99 for our basic package.
  17. http://apps.irs.gov/app/picklist/list/draftTaxForms.html?indexOfFirstRow=25&sortColumn=postedDate&value=&criteria=&resultsPerPage=25&isDescending=true
  18. This the best I could find: http://www.binaryex.com/taxes-on-binary-option-trading-profits/ http://en.wikipedia.org/wiki/Binary_option
  19. Call: Tax Practitioner Services ✓ Hotline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 916.845.7057 ✓ Hotline (fax) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 916.845.9300 ✓ e-file . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 916.845.0353
  20. The only thing I can come up with is a previous letter from the FTB requesting additional information. Who knows if or when a letter was sent or even received by your client I had a similar situation years ago. Talked to the Hot Line, the letter was "qued" but never sent! The penalty is assessed for failing to provide requested information. "Failure to Provide Information Requested/Failure to File a Return Upon Demand Any taxpayer for failing to provide requested information, or failing to file a return after notice and demand. 25% of total tax liability assessed without regard to any payments or credits."
  21. WASHINGTON — The Internal Revenue Service announced today that guidance will soon be issued outlining a new voluntary program designed to encourage education and filing season readiness for paid tax return preparers. The program will be in place to help taxpayers during the 2015 filing season. The Annual Filing Season Program will allow unenrolled return preparers to obtain a record of completion when they voluntarily complete a required amount of continuing education (CE), including a course in basic tax filing issues and updates, ethics, and other federal tax law courses. "This voluntary program will be a step to help protect taxpayers during the 2015 filing season,” said IRS Commissioner John Koskinen. “About 60 percent of tax return preparers operate without any type of oversight or education requirements. Our program will give unenrolled return preparers a way to stay to up-to-date on tax laws and changes, which we believe will improve service to taxpayers.” Tax return preparers who elect to participate in the program and receive a record of completion from the IRS will be included in a database on IRS.gov that will be available by January 2015 to help taxpayers determine return preparer qualifications. The database will also contain information about practitioners with recognized credentials and higher levels of qualification and practice rights. These include attorneys, certified public accountants (CPAs), enrolled agents, enrolled retirement plan agents (ERPAs) and enrolled actuaries who are registered with the IRS. “It’s also important to note this program is not to replace the important tax work done by certified public accountants, enrolled agents and attorneys,” Koskinen said. “Tax professionals with recognized credentials will be publicly listed on IRS.gov, and we plan to help inform taxpayers about the professional options available.” Anyone who prepares all, or substantially all, of any federal tax return or refund claim for compensation is required to obtain a preparer tax identification number (PTIN). The pending guidance will also explain that tax return preparers with a valid PTIN who do not obtain a record of completion as part of the Annual Filing Season Program, or are not an attorney, CPA, enrolled agent, ERPA, or enrolled actuary, may still prepare tax returns, but will not be included in the public directory. In 2011, the Treasury Department and the IRS issued regulations that mandated testing and CE for paid tax return preparers and created a Registered Tax Return Preparer (RTRP) credential. The RTRP designation was for preparers with valid PTINs, who passed an IRS competency test and completed 15 hours of CE. Earlier this year, the Court of Appeals for the D.C. Circuit upheld the lower court’s determination that the IRS regulations from 2011 mandating competency testing and CE for paid tax return preparers were invalid. The IRS continues to believe regulation of paid tax return preparers is important for the proper functioning of the U.S. tax system. To that end, the Administration’s Fiscal Year 2015 Budget includes a proposal to explicitly authorize the IRS to regulate all paid tax return preparers. Prior to the 2013 court decision, over 62,000 return preparers passed an IRS-administered competency test and completed the requirements to become Registered Tax Return Preparers. The Annual Filing Season Program will exempt RTPRs and others who have successfully completed certain recognized national or state tests from the filing season refresher course that will be required for other participants. The Annual Filing Season Program will be an interim step to help taxpayers and encourage education for unenrolled tax return preparers. The IRS will assess the feasibility of administering a uniform voluntary examination in future years in order to ensure basic return preparer competency. Annual Filing Season Program – Record of Completion Requirements In general, non-exempt return preparers with a valid PTIN for the program year will need to complete 18 hours of CE annually from IRS-approved CE providers to obtain an IRS record of completion. The hours will need to include: 6 hours of federal tax filing season refresher course (with a required comprehension test at completion) 10 hours of federal tax law topics 2 hours of ethics For the first year, a transition rule will apply to prorate the required hours. For a return preparer to obtain a record of completion for the 2015 filing season, a total of 11 hours will need to be earned in 2014, including the six hour refresher course, three hours of other federal tax law topics, and two hours of ethics. Once the official guidance is issued, IRS-approved CE providers will begin to offer qualifying federal tax filing season refresher courses. A list of all IRS-approved CE providers is available and includes a new column to indicate which providers are planning to offer the qualifying courses. The list is updated daily. For 2015, qualifying courses will be offered through December 31, 2014. The IRS will begin issuing records of completion to those who have met the requirements in mid-October 2014 after the 2015 PTIN renewal season starts. Consent to Circular 230 restrictions As a prerequisite to receiving a record of completion, an individual will be required to consent to the duties and restrictions relating to practice before the IRS in subpart B and section 10.51 of Treasury Department Circular No. 230. Modification to limited practice permissions The pending guidance will also announce that effective for tax returns and claims for refunds prepared or signed after December 31, 2015, only unenrolled tax return preparers who have a record of completion under the Annual Filing Season Program for the calendar year of preparation and the calendar year of representation will be permitted to represent taxpayers before the IRS during an examination of a return that they signed or prepared. Attorneys, CPAs, and enrolled agents will continue to have unlimited representation rights and can represent clients before any office of the IRS.
  22. There are some still using TRX. There are complaints on the BBB board as late as 4/14/14. I can't see why someone does not shut them down..The software was not approved by California or 2012 or 2013, yet some of the complaints are from Ca preparers..
  23. "And on top of everything else, they sent a nice Easter card " AND a thank you video for using Drake! My only complaint with Drake this year is I used HALF the paper and toner than with ATX. Drake actually printed what I wanted.
  24. I have emailed Drake twice this season and received the usual "will respond in x amount of hours or days" (can't remember which). Barely had time to delete the message when the answer arrived. Totally impressed with the software AND support.
×
×
  • Create New...