E-FILE AMENDED RETURNS (1040-X)

Now you can E-file 1040-X. This is a major milestone in tax administration, the Internal Revenue Service announced today that taxpayers can now submit Form 1040-X electronically. This will help Taxpayers correct tax returns with ease and speed up processing tremendously. E-filing as a whole has consistently grown each year and the 1040-X, Amended U.S. […]

PTIN FEES ARE BACK 😮

The IRS set $21 fee per PTIN application or renewal (plus $14.95 fee payable to contractor) The Internal Revenue Service announced today the annual fee for 2021. Tax return preparers will have to pay to obtain or renew their Preparer Tax Identification Number (PTIN) for the 2021 tax season. Anyone who prepares or substantially helps […]

PAYCHECK PROTECTION PROGRAM (PPP)

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks, and the money is used for payroll, rent, mortgage interest, or utilities. Loans from the Paycheck Protection Program will […]

IRS “GET MY PAYMENT” Tool

The IRS Get My Payment information tool is now LIVE on the IRS website. Taxpayers can use the Get My Payment site to: Check on the status of their Economic Impact Payment. Confirm their payment type (direct deposit or mailed check). Add their direct deposit information if it has not already been provided to the IRS. Taxpayers will not be able to update their mailing address using […]

CARES ACT UPDATE

Economic Impact Payment Information As the IRS prepares to issue approximately 175 million Economic Impact Payments, We have been working closely with the industry leaders to develop a strategy that gets refunds into taxpayer’s hands without creating a burden on tax professionals. What your clients can expect? A taxpayer who filed through your office and […]

ECONOMIC STIMULUS BILL

Your phones are probably ringing with taxpayers wanting to know about their stimulus checks. The below article is not intended to address all potential scenarios but to hit on the stimulus check highlights regarding the questions we are being asked. Who gets what? Things to know… Stimulus payments will be phased out for certain income levels: Individuals […]

PAID PREPARER DUE DILIGENCE LAW

IRS paid preparer due diligence compliance program is not something new to the tax industry, but the IRS is continually adopting new tactics and adding new things to the program. The paid preparer due diligence compliance program includes earned income credit (EITC), the child tax credit (CTC), additional child tax credit (ACTC), the other dependents […]

TEXT MESSAGE MARKETING

Come tax time your customers are being messaged nonstop by your competitors via T.V, radio, and even social media feeds. The only thing better than that is sending a personalized text message. It’s an affordable and effective strategy to reach your customers wherever they are.   When you are evaluating your communication options, consider this: […]

TIME TO RENEW YOUR PTIN FOR 2020

Time to renew your PTIN again…IRS is urging tax return preparers to start the upcoming 2020 filing season smoothly by renewing their preparer Tax Identification Number (PTIN) now. all current PTINs will expire December 31, 2019 Anyone who prepares or helps in preparing a federal tax return for compensation must have a valid PTIN from […]

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