New IRS Form 1099-NEC
There is a new IRS form meant for business taxpayers to utilize when they pay or receive nonemployee compensation. The 1099-NEC is being reinstated for tax year 2020 and beyond. The "NEC," stands for Non Employee Compensation.
continuing eduction
11 posts
Insurance Benefit Taxation: What You Need to Know
Learn when and how certain insurance benefits can be taxed so that you can set your client's budget accordingly and not be surprised by any extra taxes during tax season.
What deductions are left for senior citizens
Many seniors today have realized they don’t qualify for many tax deductions like they used to when they were younger. However, there are still some left...
3 Emails Every CTEC Tax Preparer Should Be Sending Your …
Every summer tax preparers have a fantastic opportunity to solidify their relationship with their clients. Email them and say Thank you! Update them on any relevant tax law changes. Let your clients know you are there for them.
Can I Claim My Cousin as a Dependent on My …
In this blog we will talk about how you can claim a dependent. Specifically, how can I claim my cousin as a dependent? We'll discuss the regulations that dictate how and when claiming your cousin is possible.
CTEC Tax Pros: Please Relax
All tax professionals must complete annual continuing professional education requirements. The different deadlines can vary. This post discusses the stresses that can come along with completing CPE credits and how to avoid that stress.
What Every CTEC-Registered California Tax Preparer Needs to Know About …
We go into detail about the AFSP requirements. In addition we discuss the consequences of not meeting the AFSP continuing education requirement.
What are the Best Ways To Limit My Tax Bill?
Mr. Tim Frye discusses the best ways to limit a person's tax bill from the perspective of laws active during tax years 2014 and 2015.
What are the Best Tax Benefits for Seniors?
One of the most underrated ways to save money is on your taxes paid every year. And most importantly there are added tax benefits and tax breaks that are offered to taxpayers over 50. This article will outline the best tax breaks available to senior taxpayers.
How Bad is Tax Identity Theft?
Tax identity theft is truly an insidious and pervasive problem in our modern day environment. In 2013 the IRS was able to stultify up to around $25 Billion worth of fraudulently filed tax returns. The other side of that coin is that same year the government dolled out and exhorbitant $5.2 Billion to non deserving recipients. With the advent of electronic filing coupled with IRS policy of passing out tax refunds as fast as possible, there are certainly not as many avenues to vet the tax return before the money is sent. So, all though this is extremely convenient for the law abiding taxpayer, it backfires in that it also makes it much easier for tax identity thefts to get a refund using somebody else's Social Security Number. This article will take a look at the growing tax identity theft epidemic and discuss preventative measures that can be taken to halt fraudulent tax returns being filed.
What are the Continuing Education Requirements to be a Tax …
If you have a tax license, and a PTIN for that matter, there are a required twenty hours of continuing education that must be completed in order for you to forge on to next tax season. The course is governed by CTEC, the body that certifies your continuing education hours and renews your PTIN so your ready to roll come tax time. Let’s take a peak at the varying aspects and features of tax preparer continuing education requirements.