Aug 05

Tax filing problems could jeopardize health law aid for 1.8M

FINANCE

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JULY 06, 2016

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Conservative Party starts choosing leader as pound sinks
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Call for Australian leader’s resignation amid election chaos
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noImage-1JULY 03, 2016
Kuwait posts $18B deficit as lower oil prices slash revenue
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Australia could soon elect 5th prime minister in 3 years
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Claims for unemployment aid rise but remain at low level
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In rain-soaked West Virginia, flood victim planning funerals
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High court rejects appeal over wages for home care workers
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Turkey uses tear gas to break up gay pride gathering
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House Republicans offer proposals for health care changes
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Zambia: Government shuts largest independent newspaper
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Angola: No revenue from state oil company since January
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Trustees: Tiny rise in Social Security benefits next year
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French unions win right to protest despite fears of violence
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House Republicans offering proposals for health care changes
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White House clears small, commercial drones for takeoff
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Cash-strapped Zimbabwe government delays military salaries
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India’s central bank governor says he won’t seek 2nd term
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Justices rule against VA in disabled vets contract dispute
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Mail-com

Feb 21

800,000 Taxpayers Received Wrong Tax Info from Health Insurance Marketplace

800,000 Taxpayers Received Wrong Tax Info from Health Insurance Marketplace

454 WASHINGTON, D.C. (FEBRUARY 20, 2015)
BY MICHAEL COHN
Approximately 800,000 taxpayers who received health care coverage through the federal insurance marketplace Healthcare.gov were sent the wrong information on their Form 1095-A and are being urged to wait to file their taxes until the first week of March when they receive the correct information from the federal government.

Diane Black

Diane Black

 

 

 

 

 

 

 

 


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Jan 19

IRS Cuts Back Help Desk Hours for Tax Pros

IRS Cuts Back Help Desk Hours for Tax Pros

77 WASHINGTON, D.C. (JANUARY 16, 2015)
BY MICHAEL COHN
The Internal Revenue Service is eliminating the extended weekday hours, Saturday and President’s Day availability of its e-help desk service due to budget cuts.

John Koskinen

John Koskinen

 


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Dec 18

Tax Extenders Bill Should Keep Tax Season Opening On Track

The President is expected to sign the tax extenders bill which will extend the tax breaks until the end of 2014, but will force Congress to have to take up the issue again in 2015. Maybe they will do it sooner than the end of the year next year…

This should keep the tax season opener at regular time at the end of January. The date the IRS will start accepting e-files has not officially been announced yet, so stay posted. Hopefully the Tax Extenders passage will allow for them to make a decision soon.

In the meantime- see below what was affected in this decision.

 

Passage of Tax Extenders Contains Key Tax Breaks

WASHINGTON, D.C. (DECEMBER 17, 2014)
BY MICHAEL COHN
Congress’s long-awaited passage of tax extenders legislation provides a short-term extension through only the end of this year of dozens of familiar tax breaks for businesses and individuals, along with a new savings program for the disabled.

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Dec 14

Zip Refund Teams Up With RefundSafe for Third Year

Zip Refund had teamed up with RefundSafe to allow their nationwide tax preparers to offer this valuable add on service to their clients for the third year in a row. With acknowledgement the problem of irs identity theft continues to get worse for their preparers and clients, it was one of the first companies to do anything about it with the partnership with RefundSafe back to 2012..

irs identity theft

Zip Refund has a business model that is lucrative for all tax preparers, especially those that have regular tax clients and are only getting paid by the hour to service them. Such places like HR Block, Jackson Hewitt, Liberty Tax, Instant Tax and other large franchises currently pay by the hour even though the tax preparer has a built in clientele. Zip Refund does not have franchise fees and no upfront costs to get started allowing employees of the named franchises to go out on their own without the high start up costs that franchises charge.

RefundSafe is a low cost protection plan to ensure that if a tax client is a victim or IRS fraud, the tax client will rightfully receive their refund and the tax preparer will be rightfully be paid for their services. It also allows for the tax preparer to gain extra revenue with built in bonuses and rebates available to the tax preparer.

Although RefundSafe is available to all tax preparers and tax offices that sign up to provide this one of a kind tax service, Zip Refund has carefully designed the Agreement between the companies to be extra beneficial to those tax preparers that work for them directly.

Identity theft has become the number one problem of fraud for the IRS with over 3 million tax payers being affected by this problem last year. It expected to cost the IRS billions of dollars by the year 2016 and there is no end in site. Zip Refund has a strict policy on any kind of fraud and believes in doing everything possible to help those that are affected, thus the reason the company has teamed up with RefundSafe for the third year in a row.

For more information regarding offering IRS tax fraud insurance protection to your clients please review this site: http://refundsafe.com or contact us to join our team.

Dec 08

Start Your Tax Business Now In Time for the Upcoming Tax Season

The tax season starts in January, so it’s almost here and more than half of the 300 million Americans will be looking for someone to prepare their tax returns. If you have been thinking of starting a tax preparation business, now is the time to do it. There is a market of about 150 million US citizens, who will be willing to have their taxes prepared for a fee.  start-tax-business

Tax business will always be in demand, because the US population continues to swell. There is also no indication that the Tax Code will get simplified or the existing taxes will be reduced. People who are always scared and confused of filing their returns on their own will be asking for your services every tax season. With the introduction of the Affordable Care Act and the complications that come with it, many people that thought they would be able to do their taxes on their own, will be reaching out for help.

Of course, you can’t expect to become successful in your tax business overnight. You will need to work hard before you can get profit; but the important thing is that you start now. Preparing other people’s taxes is a life long job. You may or may not work full time. This means that you may opt to work only during the tax season, which is from January to April or work year long, as businesses are required to file their returns quarterly.

Things That You Need To Start A Tax Business

 

  1. First thing first, you need to have yourself educated and trained in tax preparation. You may choose to learn on campus or enroll at an online course with instructor support.
  2. Get the documents required by the IRS, such as the:

 

(a)  PTIN (Preparer Tax Identification Number) and

(b)  EFIN (Electronic Filing Identification Number) – Zip Refund will provide you an EFIN to work under

 

These ID numbers are issued by the IRS and give you authority to prepare taxes and file them electronically at the agency’s e-services.

 

  • Choose tax preparation software depending on the type of tax returns that you will be working on, from a simple to a basic software package. This should help you prepare taxes in a manner that is both fast and effective.

 

  • You will also need space for an office. People’s personal and business taxes are important documents, so you should have a place to work on those and have a meeting with your clients. A home office is ideal for starting your business; and as you gain more clients, you may want to expand to a real brick and mortar office.

As in any other businesses, it will be challenging to start a tax preparer’s business. The result, however, is very rewarding and offers many advantages. The start up cost is very inexpensive.  Acquire a computer, software and some office supplies and you’re ready to go. Your client base will be small, at first, so start offering your services to family and friends and connecting to your locality.  These people will become your repeat customers because they will be coming back year after year.  Make your tax preparer’s business known to as many people as possible in your state, so you can find and add new customers to your current client base.

Let Zip Refund do the majority of this for you. We offer free software, an EFIN to work under, marketing material, the bank products, and so much more so learn more about qualifying with us today.

Nov 14

Certain Characteristics Every Good Tax Franchise Owner Should Possess

Due to its confusing nature, filing of tax returns is a dreadful thing for many Americans. Due to this, they choose to pay for the services of tax preparers’ rather than make the computations and file the returns themselves.  tax franchise

The great number of people, who require the assistance of professional tax preparers has caused the tax franchise business to bloom. So, if you have tax experience of some type , and like working with numbers and people, you may be interested in starting your own tax business. There are benefits to gain from this venture, such as being able to set your own working hours and earning from home. You become your own boss, as this is your own business that you will operate.

However, once you start out as a tax franchise owner, you should show these 3 characteristics in order to be successful in your business. Here they are:

Good Learner

The job does not require any skill sets or educational requirement, but you must display a willingness to learn. In a tax franchise, especially when you are just in the starting phase, there will always be some aspects that require training and continuing knowledge regarding the same. You may be trained by online or off, but it will be up to you to get the required knowledge from either other people or your franchiser when opening a tax business. You need to understand the ins and outs of the business, so be willing to take advice at all times.

Self Discipline

 Yes, you are your own boss; and yes, you are not reporting to anyone. This does not imply that you work, only when it is convenient for you. You must be capable of working hard.  This is important to make your franchise a success. Manage your time effectively; allot specific hours for your personal affairs and also for business. Being the boss of your own business also commands good communication skills with others and dealing with people. These traits will come in your favor and will play a big role in your success and progress.

Not Afraid to Ask For Help When Required

 When you are faced with a difficult issue to be resolved, you should never be afraid to ask for help or advice, either from your franchiser or other people.  When you ask for assistance from others in running your business, you can be relieved of the stress associated with your tax franchise. You can also make your business grow and become successful.

Being trustworthy is another trait that you must possess. Trust and loyalty are important characteristics when dealing with customers and staff and you must be able to maintain these.

Remember that every business carries a risk with it, although the tax franchise has less risk compared to others. Having good judgment is important; this will allow you to assess whether or not something is worth of a risk.

There are many other qualities required when you are starting a tax franchise business, however, as an owner; you should be exhibiting all these characteristics to guide you through success.

Zip Refund can help you as long as you have previous tax experience as it is important to know taxes when operating a tax franchise. Although not an actual franchise, Zip Refund provides you 99% of what franchises offer and a few things in addition. Why pay a large franchise fee when there is a better way.

Nov 11

Obtaining Your PTIN -Preparer Tax Identification Number

A preparer tax identification number must be obtained by a person who, for a fee, prepares or assists in the preparation of individuals’ or the tax returns of a ‘business’, refund claims or other forms of federal compensation. Enrolled agents are also required to have a PTIN. If you already have this number, you must have it renewed every year.   how to get a ptin

You can apply for or renew your PTIN, either online or by mail. There is a list of requirements that you should first make available before working on your application. The list includes the following:

• Your name, mailing address, date of birth and other personal information
• Your Social Security Number
• Your business’ name, mailing address, telephone number and other information
• Your tax return of the previous years
• Credit/Debit card for payment of application/renewal fee. It will be $63 for renewal and $64.50 for initial application (in some sources, it is $64.25)
• Your professional credentials
• Your explanation, if you were convicted of felony. This is necessary so that your identity can be authenticated and
• Your explanation if you have had issues with business tax obligations. This problem and your felony conviction may impact the issuance of your PTIN.

When you apply or renew your PTIN online, you just need to follow 4 steps.

(1) Go to the site www.irs.gov/ptin and understand the information provided therein.

(2) Follow the instructions given on the site. Create an account (for new application) or log into your account (for renewal), then provide all the required information, as listed above. Make sure that the application form is completely filled up.

(3) Pay the application/renewal fee. The system will direct you to an IRS partner bank where you should pay by debit/credit card.

(4) Get your PTIN after confirmation of your payment by the bank. It usually takes about 15 minutes to obtain a PTIN online.

If you prefer to apply or renew your PTIN by mail, then you need to complete the form w-12 application and renewal manually. Fill in the required spaces and send the form either by mail or delivery service. Enclose a money order or check as payment of the fees. The address to which you have send the form and the money are:

IRS Tax Pro (Preparer Tax Identification Number Processing Center)
104 Brooke-ridge Drive No. 5000
Waterloo, IA 50702.

Processing time for your PTIN can take four to six weeks. So if you want to pursue this profession, see that you abide by all these rules and regulations.

 

Nov 03

IRS Adjusts Tax Rate and Deduction Levels for 2015

IRS Adjusts Tax Rate and Deduction Levels for 2015

360 WASHINGTON. D.C. (OCTOBER 30, 2014)
BY MICHAEL COHN
The Internal Revenue Service announced the annual inflation adjustments for tax year 2015 for more than 40 tax provisions, including the tax rate schedules, and other tax changes.

 


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Oct 10

2014 Federal Refund delay FALSE!

Rumor has it! The payment of federal tax refunds for 2014 will be delayed

Rumor has it!
The payment of federal tax refunds for 2014 will be delayed

We have been contacted by many people asking if this article is true or false…..
it is FALSE!

Read more at http://www.snopes.com/media/notnews/taxdelay.asp#u0ArXeCYeloyXx6H.99