Category: Tax Preparers

2019 Tax Refunds Will Be 26% Higher, Morgan Stanley Says

Odds are you’re paying too high a tax bill today. The good news, though, is that means you could see a notably higher refund next year. A research note from Morgan Stanley estimates 2019 refunds will top this year’s by 26%, working out to an extra $62 billion given back by the Internal Revenue Service. Payroll taxes …

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10 tips for tax pros to avoid phishing scams

10 tips for tax pros to avoid phishing scams By Jeff Stimpson Published September 17 2017, 5∶09pm EDT The inbox seems to have become tax preparers’ worst enemy in this age of phishing e-mails designed to trick preparers into volunteering critical information. Crooks convert stolen data into phony refunds faster than ever, and it’s easy …

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First Time Abate

First Time Abate: The ‘Get Out of Tax Penalties Free’ Card JULY 13, 2016 BY PAUL L. MANCINONE AND ALISON WALSH Most tax practitioners occasionally find themselves in the position of having to deal with clients who have received penalties for late filing of tax returns or late payment of income taxes. Click here to …

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IRS Tax Updates

2016 Changes to EITC, Child Tax and Education Credits, and 2017 Filing Season Refund Delays for Returns with EITC   As the main part of the 2016 filing season comes to a close, it is time to emphasize the coming important changes to the preparer due diligence requirements, refundable credits, and refunds for the 2017 …

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Recent Funding Update

IRS Funding & Taxpayer Identity Verification February 11, 2016 – An Update on IRS Funding Patterns As of this morning, the IRS has paid approximately 70% of refunds related to taxpayers who filed within the first weeks of the season. That leaves approximately 30% of these taxpayer refunds yet to be paid by the IRS. …

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IRS Resumes Processing Tax Returns

WASHINGTON, D.C. (FEBRUARY 5, 2016) BY MICHAEL COHN The Internal Revenue Service said it resumed processing individual and business tax returns at approximately 5 p.m. Thursday following resolution of its system outage. Many of the tools and applications came up earlier on Thursday morning, including “Where’s My Refund” on The systems had been down …

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Unusual Refund Patterns at IRS

As of 7am Eastern this morning, the IRS has still only released a small trickle of refunds so far this year. Never in the history of e-file have most early filers waited this long to receive their refund. By the end of today, the IRS is scheduled to release approximately 10% of refunds under $1000 …

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e-filing will open on Tuesday Jan 19th

  Tax Time is Approaching! Are you ready? The IRS announced that e-filing will open on Tuesday Jan 19th. Tell your clients and get ready for another great tax season with Zip Refund.  

PATH of 2015

Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) – 12-18-2015   Here is a list of key provisions. Made permanent: Enhanced Child Tax Credit Enhanced American Opportunity Tax Credit Enhanced Earned Income Tax Credit IRA-to-charity — California automatically conforms R&D credit IRC §179 — enhanced Above-the-line educator deduction Sales tax deduction Built-in …

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IRS Lowers Amount for PTIN Number

irs lowers ptin cost

The IRS recently announced that it will be charging less for PTIN (Preparer tax identification number) registration and renewals. The PTIN is required to be a paid tax preparer so this is good news for all tax preparers. Instead of the usual $63 it will now only cost $50 for the upcoming 2016 tax season. …

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