Tag Archives: tax law

Care and Feeding of your PTIN Series – Session 2 – The RTRP Exam

The IRS established new regulations for tax professionals recently. After nearly 100 years without any form of tax preparer licensing or overview, it’s time for tax preparers to exhibit that they have a fundamental understanding of tax law, tax preparation and ethical standards. Now there is a new exam that ALL otherwise uncredentialed tax preparers […]

Care and Feeding of your PTIN Series – Session 1 – Maintaining Your RTRP

NOTE: All regulations re:RTRPs have been suspended – these rules no longer apply. The IRS established new regulations for tax professionals recently. After nearly 100 years without any form of tax preparer licensing or overview, it’s time for tax preparers to exhibit that they have a fundamental understanding of tax law, tax preparation and ethical […]

Final Decision on Your Ultimate 2013 Tax Obligations?

Courtesy of CCH, a Wolters Kluwer Co. (RIVERWOODS ILL., September 14, 2012) – Taxpayers recovering from the current economic downturn will get at least some relief in 2013 by way of the mandatory upward inflation-adjustments called for under the tax code, according to CCH, a Wolters Kluwer business, a leading global provider of tax, accounting […]

Taxpayers Advocate – 2011 Annual Report to Congress

WASHINGTON — National Taxpayer Advocate Nina E. Olson today released her annual report to Congress, identifying the combination of the IRS’s expanding workload and declining resources as the most serious problem facing taxpayers. The result, the report says, is inadequate taxpayer service, erosion of taxpayer rights, and reduced tax compliance. The Advocate expressed her continuing […]

Form 1045 NOL

Today TaxMama hears from Marvin in the TaxQuips Forum who needs clarification “On Form 1045, where I can carry net operating losses back for up to five years, in what order do I do that? Do I start with the 5th yr, then the 4th yr, then 3,2,1? Or do I start with the most […]

IRS Announces New Voluntary Worker Classification Settlement Program

[Note: Stay tuned to TaxMama’s TaxWatch column in MarketWatch.com next week, for an anlysis of this program before you participate in it.] Past Payroll Tax Relief Provided to Employers  Who Reclassify Their Workers as Employees WASHINGTON – The Internal Revenue Service today launched a new program that will enable many employers to resolve past worker classification […]

Return Changed by Preparer Prior to E-Filing

Courtesy of David & Mary Mellem, EAs A PMTA is a document that contains legal advice signed by attorneys in the National Office of the Office of Chief Counsel and issued to IRS personnel who are national program executives and managers.  They are useful for taxpayers since they explain what the rules are in certain […]

Tax Deductions for Scuba Diving

  Article reprinted with the permission of W. Murray Bradford, CPA   QUESTION:  I sell property and casualty insurance in Florida. I also like to scuba dive. I would like your opinion on whether or not the following is deductible. I  spent five hours with a prospect. First we went on a dive, then we […]

Your Opinion Counts! Speak Up!

Public Comment Invited on Recommendations for 2011-2012 Guidance Priority List IRS Notice 2011-39 The Department of Treasury and Internal Revenue Service invite public comment on recommendations for items that should be included on the 2011-2012 Guidance Priority List.

Beware of Tax Scams

Courtesy of IRS The IRS wants taxpayers to be aware of tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. The schemes take several shapes, ranging from promises of large tax refunds to illegal ways of “untaxing” yourself. Here are three important guidelines […]