We’ve passed the deadline for individuals and families to obtain health care coverage without being penalized. Our last blog covered communicating with clients after tax season, but didn’t cover one new and important piece of information that should be communicated: the penalties…
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Why Customer Surveys are Important
It’s time to reflect on tax season. How did you do? What were your sales? Did you increase or decrease over last year? You know the drill. You can determine your success or lack there of by looking at sales, number of…
Why Your Business Needs Guiding Principles
A huge part of starting a business – no matter what industry – is creating a mission statement that will guide all aspects of how you will conduct business. Your mission statement should be succinct, simple and easy to understand. Your…
Final Regulations: Employer’s Shared Responsibility regarding Obamacare
Last week the Department of Treasury along with the IRS issued some final regulations that give clarity to the Employer Shared Responsibility provisions under section 4980H of the IRS code. This document (TD 9655) lays out the provisions that will go…
IRS Audit Alert
Every year the IRS randomly selects a small percentage of individual and small business tax returns for audit. Are your clients aware of the “IRS red flags”? Knowing what they are and how they can be avoided is invaluable knowledge for your…
What Should You Do if You Will Owe Income Tax When You File?
If you expect to owe the IRS and/or the state tax department you should file your tax returns as soon as possible. However, you do not have to pay until the tax filing deadline, which for calendar year taxpayers for the…
Tax Preparers: Are Your Backing Up Your Data?
As a tax preparer, your files and client information are both very important. Lots of things could happen in the world of technology – hard drives could crash, you could download a virus, your system could be breached, etc. There needs…
BREAKING: Court Rules in favor of IRS
BREAKING: A federal court ruled that the IRS does in fact have the authority to provide tax credits to individuals purchasing health insurance on the health insurance exchange. Get the full story on Accounting Today here. Related Articles: The Affordable Care…
Why Your Tax Return Should be Prepared Early
IRS has announced that the first day they will accept 2013 individual Form 1040 income tax returns will be Friday, January 31, 2014. That is the date you or your tax preparer will be able to e-file your return. However, many…
7 Ways to Gain Visibility Over the Holiday Season
It’s officially the holiday season. While most people are planning parties, vacations, and focused on getting their holiday shopping done, tax professionals are preparing for tax season. Just because people seem to be focused on the holidays doesn’t mean all is…
What You Need to Know About the 2014 Tax Filing Season Delay
Due to the sixteen-day federal government shutdown, the IRS has announced a 1-2 week delay of the 2014 tax filing season. This means the IRS will not be accepting and processing returns before January 28th at the earliest and February 4th…
IRS PTIN Renewals Status
The IRS has recently updated their website with information on PTIN renewals. The following item was posted to IRS.gov : Q: What is the status of renewing Preparer Tax Identification Numbers (PTIN) for 2014? A: Due to the lapse in government…