by Rupinder | Jan 22, 2015 | Uncategorized
A proposed new “EZ” application form for 501(c)(3) tax-exempt status would reduce the effort needed to complete and speed processing time, according to the IRS. The newly released Draft Form 1023-EZ (Streamlined Application for Recognition of Exemption Under Section...
by Rupinder | Jan 22, 2015 | Uncategorized
IRS Commissioner John Koskinen has asked the Senate Finance Committee to quickly enact a proposal in the president’s fiscal year 2015 budget giving the IRS authority to regulate tax preparers. Koskinen, speaking at an April 8 hearing before the Committee, said...
by Rupinder | Jan 22, 2015 | Uncategorized
As a tax preparer, sometimes you have to break the news to tax clients that they owe a large amount on their tax returns. Sometimes, they have no idea that this was coming and have not prepared for a large tax bill. NSA members weigh in on how to break the news...
by Rupinder | Jan 22, 2015 | Uncategorized
When you sell a ’capital asset,’ the sale usually results in a capital gain or loss. A ‘capital asset’ includes most property you own and use for personal or investment purposes. Here are 10 facts from the IRS on capital gains and losses: Capital assets include...
by Rupinder | Jan 22, 2015 | Uncategorized
Beginning today, January 21, the IRS is sending expiration notices to PTIN holders who have not yet renewed their PTIN for 2015. Read a copy here. Anyone receiving a notice can still renew their PTIN online at any time, but their status has been changed to “expired”...
by Rupinder | Jan 22, 2015 | Uncategorized
The IRS has begun issuing Records of Completion to tax return preparers who have met the requirements of a new voluntary program designed to help taxpayers determine return preparer qualifications in 2015. Practitioners who want to receive a Record of Completion for...
by Rupinder | Jan 21, 2015 | Uncategorized
What’s worse than Congress passing more than 4,400 changes to the federal tax law over the space of just a few years? Cutting the Internal Revenue Service (IRS) budget so much that it is exceedingly difficult even to get a person on the phone to help you and...
by Rupinder | Jan 21, 2015 | Uncategorized
The IRS announced that tax filings in 2014 have outpaced filings for the same time last year. As of Feb. 7, the IRS received 27.3 million returns, up 2.5 percent compared to the same time last year. Electronically filed returns account for almost 96 percent of those...
by Rupinder | Jan 21, 2015 | Uncategorized
As NSAlert readers are aware, three tax return preparers filed suit in 2012 challenging the IRS regulations that would have required them to become “Registered Tax Return Preparers.” Specifically, they argued that the IRS did not have statutory authority to (1) ...
by Rupinder | Jan 21, 2015 | Uncategorized
We know time is precious during tax season, so take a few moments to make sure you’re not missing out on these tax resources from NSA and around the web: Tax Research & Information NSA Tax Help Desk. Active & Associate members get 5 federal tax questions...
