October 19, 2016
All PTINs expire December 31, 2016 and must be renewed annually.
The IRS is reminding tax professionals to renew their Preparer Tax Identification Numbers (PTIN) before December 31, 2016. Anyone who prepares any federal tax returns for compensation must have an active valid PTIN. The fee for PTIN renewal is $50.
Annual Filing Season Program (AFSP) Info
June 1, 2016
Tax preparers who wish to participate in the 2017 IRS AFSP (Annual Filing Season Program) may begin satisfying their annual continuing education requirement.
IRS AFSP tax preparer courses are now available for the 2017 filing season. 18 hour AFTR and 15 hour AFTR-exempt course packages are both available. Participants may complete their CE requirements anytime between now and midnight December 31, 2016. Here are some links to help you get started:
November 11, 2014
The Internal Revenue Service will host a webinar on Wednesday to discuss new information for uncredentialed tax preparers, Enrolled Agents, and AFSP participants.
The IRS Return Preparer Office (RPO) is hosting a live webinar for uncredentialed tax return preparers and Enrolled Agents on Wednesday, November 12, 2014 at 2:00 pm ET. The primary topics will include: PTIN requirements and options for uncredentialed tax preparers, how to become an Enrolled Agent, how to participate in the Annual Filing Season Program (AFSP), and an overview of the upcoming online public directory of federal tax return preparers. Officials from the Return Preparer Office will host a live online Q&A session afterward.
PTIN numbers are not needed in order to participate. You can register by visiting http://www.visualwebcaster.com/IRS/100763/reg.asp?id=100763.
CPE courses: PES Continuing Education Courses
CPE requirement: Continuing Education Requirements
March 12, 2014
Both electronic filings and direct deposit refunds experienced bumps in popularity in the first month of this year’s tax season. The trend likely reflects more than only the taxpayers’ desire for speed and convenience.
E-filing is up 2.5% and direct deposit refunds up 3%. However, regarding the latter, folks are benefiting in more ways than just making fewer trips to the bank.
So far this year, over 87% have taken advantage of the direct deposit option and its various features. These refund recipients are able to automatically steer different amounts to several accounts. Basically, if it has a routing number, the IRS can point your refund to it.
This comes in handy if someone hopes to hold onto that refund for longer than they might have otherwise. Recipients can funnel parts of their refund straight into savings accounts, retirement accounts, money market accounts, health savings accounts, education savings accounts, and even automatically purchasing up to $5000 in savings bonds.
What’s the catch? In order for individuals to take advantage of the direct deposit option, they must have received a minimum refund amount – $1.
Sources: IRS: 2014 Refunds Ahead of Last Year, FOX Business: What to Do With Your Tax Refund
Recent developments in financial planning: PES Financial Planning CPE Courses
March 11, 2014
The IRS paid out about $147 billion in tax refunds between January 31 and February 28. The average refund was $3,034 – a 3% increase over the same period of time a year ago.
These refunds account for 48 million of the 59 million returns received so far, which was 5.6% more received than by the same time last year. The agency’s report also states that this is nearly 40% of the returns it expects to receive this tax season. Ordinarily, taxpayers who anticipate a refund will file sooner than those who do not.
Source: IRS: 2014 Refunds Ahead of Last Year
Recent developments in taxation: PES Tax CPE Courses
The IRS has released their annual list of the Dirty Dozen tax scams and Identity Theft is in the number one spot. Other scams making the list include phishing, return preparer fraud, and hiding income offshore. Working with a qualified CPA will help taxpayers avoid many of the scams on the list. The full Dirty Dozen list is available on the IRS website here.
Qualified CPAs are knowledgeable on wide variety of business issues and of course taxes, and stay up-to-date by completing CPE for CPAs.
There is nearly $1 billion in tax refunds from the 2009 tax year that are still unclaimed because the individuals never filed an federal tax return. The IRS estimates that half of the potential refunds for 2009 are over $500. Many of the unclaimed refunds are from the Earned Income Tax Credit which can be worth up to $5,657 for 2009.
April 15, 2013 is the last day to file a 2009 return and receive a refund. After that the unclaimed refunds become property of the U.S. Treasury.
It’s that time of year again! January 30 marks the first day the IRS will start processing 2012 returns and kicks off this year’s tax season. Some of the IRS forms still aren’t available but most individuals can start filing returns today. If you’re looking for additional information on any tax topics, some of our CPA CPE courses can come in handy.
Plus, you have a full year to complete the CPE so you can purchase the course as a reference today and complete the full CPE credits after April 15, when you have more time!
The American Taxpayer Relief Act was passed on January 1, 2013 in order to avert the “fiscal cliff”. The Act extended various tax cuts and incentives while letting others expire.
Our new 4-hour CPA CPE course on the “fiscal cliff” bill provides an understanding of many of the provisions of the American Taxpayer Relief Act, as well as a history of the items it affects.
The course is titled American Taxpayer Relief Act and is course #6770. You can purchase the CPE course here for only $34.50.
As the previous post discussed, tax preparers are now being regulated by the IRS and must complete 15 hours of IRS-approved tax preparer continuing education by December 31, 2012 (and each year thereafter). Although the 15-hour tax preparer continuing education requirement is from the IRS and must be completed by tax preparers throughout the entire country, some individual states have additional requirements for tax preparers.
New York is one of these states with additional requirements. Although New York tax preparers still only need to complete a 15 hour tax preparer course each year, they must also register with the New York State Department of Taxation and Finance annually. Additionally, anyone in the state of New York who helps to issue or administer a refund anticipation loan or refund anticipation check must register with Department of Taxation and Finance.
For additional information on tax preparer continuing education requirements, New York state requirements for tax preparers, or to purchase a tax preparer course from an IRS continuing education provider you can visit www.NewYorkTaxPreparers.com.