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All Paid Return Preparers Must Have a Preparer Tax Identification Number A Preparer Tax Identification Number (PTIN) generally is required for anyone who is paid to prepare or help to prepare all, or substantially all, of a federal tax return, claim for refund, or other tax form submitted to the IRS, unless specifically excepted. In…

Proposed regulations permitting the IRS to shorten third-party notice requirements in certain circumstances erode important taxpayer protections and could result in a taxpayers bearing the consequences for IRS-caused delays. Background The IRS Restructuring and Reform Act of 1998 (RRA 98) instituted major reforms to IRS tax administration. RRA 98 included new provisions providing added taxpayer…

Newly Designed Taxpayer Roadmap Pages Ahead of Filing Season Ahead of filing season, TAS introduces a new design for some Taxpayer Roadmap pages               Getting ready for filing season? Check out the TAS redesigned taxpayer notice pages (or stops) to help you navigate your taxes. The new design makes it easier for you to find…

Preparing your taxes doesn’t have to be scary, but this spooky season I would like to share an example of how things can go frightfully wrong. Imagine this terrifying scenario: Someone offers to prepare your tax return, promising a big refund. All you have to do is take their word for it and look the…

Spoiler Alert:  The IRS has ended its practice of automatically assessing penalties at the time of filing for late-filed Forms 3520, Part IV, which deal with reporting foreign gifts and bequests. And… By the end of the year the IRS will begin reviewing any reasonable cause statement which taxpayers attach to late-filed Forms 3520 and…

Protecting yourself and your clients from evolving tax scams Tax professionals need to be on the lookout for a variety of new and evolving schemes aimed at stealing sensitive taxpayer information. These schemes don’t just threaten your clients, they can damage your business as well. Thieves have upped their game by targeting tax professionals to…

A tax return preparer is a person who prepares a tax return, or a substantial portion of a tax return for payment. An individual who prepares a tax return for free is not considered a tax return preparer for these purposes. If you prepare tax returns in exchange for payment, you are subject to return…

The American Bar Association will highlight the importance of pro bono services with its annual National Celebration of Pro Bono during Pro Bono Week October 20-26. Derived from the Latin phrase pro bono publico, meaning “for the public good,” pro bono embodies the essence of selflessness and community service. The American Bar Association’s Standing Committee on Pro Bono and Public…

It is your responsibility as a tax professional to ensure you protect your client’s right to claim a tax refund. Tax professionals must be vigilant in tracking deadlines and advising their clients to take timely actions. Time for Filing a Claim for Refund The Refund Statute Expiration Date (RSED) is the end of the period…

Are you one of one of millions of business owners who are affected by the Corporate Transparency Act (CTA)? If so, you may be required to report Beneficial Ownership Information (BOI) to Treasury’s Financial Crimes Enforcement Network (FinCEN). FinCEN has launched a nationwide public service campaign to bring this information to potentially impacted business owners.…