The tax preparation business has changed significantly in recent years, and even more dramatic changes are coming in the future. To survive and grow, independent tax businesses must also change. These changes will include new marketing strategies and tactics, adoption of new technologies, new…
Displaying: Operating Your Tax Business
IRS Kicks Off 2011 Tax Season with Deadline Extension
The following is a news release from the IRS. WASHINGTON — The Internal Revenue Service today opened the 2011 tax filing season by announcing that taxpayers have until April 18 to file their tax returns. The IRS reminded taxpayers impacted by recent…
Jackson Hewitt gets 80% RAL funding, shares soar
(Reuters) – Jackson Hewitt Tax Service Inc (JTX.N) said it could fund 80% of its refund anticipation loan (RAL) program and would secure a longer-term covenant waiver with its lenders, sending the company’s shares up 35%. Jackson Hewitt said it amended an…
A Special Alert from NATP Issued Today
NATP (National Association for Tax Professionals) learned today that the IRS is planning compliance visits with specific tax return preparers for the purpose of enforcing proper technique in due diligence and accurate return preparation. Beginning next month, the IRS will send out…
Virginia Community College System to Provide Tax Preparer Training through The Income Tax School of Richmond, VA
Required IRS Tests and Annual Continuing Education Will Increase Demand for Tax Courses & Seminars On January 4, 2010 the IRS announced its decision to regulate tax preparers and require competency tests, plus annual Continuing Professional Education (CPE). According to the IRS, higher…
Lessons Learned – Lesson 6: Developed & Grew The Income Tax School
Here is Lesson Six in my video series in which I talk about diversifying your business in order to maintain success. Enjoy, and please share and comment – Lessons Learned: Every business has a finite life cycle and must be reinvented periodically…
IRS Announces New Return Preparer Application System and User Fee
IRS Also Releases Proposed Regulations to Amend Circular 230 Rules IR-2010-91, Aug. 19, 2010 WASHINGTON — The Internal Revenue Service today announced that a new online application system for compensated tax return preparers is expected to go live in mid-September. The IRS…
Pay Scale for Tax Preparers – The National Average vs. What You’re Paying
As with many businesses, employee pay is a hot topic of discussion. Is it best to pay tax preparers a straight hourly wage, a wage plus a bonus, a wage as a draw against commission, or some other method? We believe that…
A Policies & Procedures Manual for your Tax Office
As tax businesses grow, one of the things they realize they need is a Policies & Procedures Manual. At Peoples Tax , we have a comprehensive P&P Manual that has evolved over the 22+ years since I founded the business. We find…
Will IRS Modernized E-File (CADE2) result in the RAL becoming Obsolete?
IRS Modernized E-File (CADE) promised to speed up direct deposit refunds to a few days instead of about 2 weeks . Read Details at: http://www.irs.gov/efile/article/0,,id=204763,00.html The new CADE2 IRS project is explained at the following link.:http://www.datacenterknowledge.com/archives/2010/03/29/irs-data-centers-gird-for-tax-season/ We have been phasing out of RALs…
How can you ensure security of your clients’ tax return information?
As tax preparers, we are responsible for maintaining privacy of all tax return information in accordance with IRS privacy code, Section 7216. Most tax preparation software encrypts the clients’ date when e-filing. However, if you save your clients’ tax returns as PDF…
Chase discontinues Tax Related Products business
With Chase following suite with Santa Barbara Bank and pulling out of the RAL business who will be left to meet the needs of independent tax businesses to provide RALs for their clients to keep from losing clients to the national tax…