ABLE Accounts: Tax Shelter for Disabled Individuals
The Achieving a Better Life Experience (ABLE) Act of 2014 is legislation that allows states to create tax-advantaged savings programs for eligible people with disabilities called ABLE Accounts.
Tax Preparer Continuing Education
7 posts
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.
New California EITC for Non-Citizens
Recently California residents and guests desperately need economic assistance. Now there is a new California EITC for non-citizens.
87% of Tax Preparers Can’t Represent Clients If IRS Comes …
Up to 87% tax preparers are powerless to represent their clients when those clients need their tax pro most: in the event of an unpleasant IRS event.
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.
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.