Blog

IRS Reminds Preparers and Providers of New Continuing Education Requirements

July 31, 2020 7:35 AM

WASHINGTON — The Internal Revenue Service today reminded certain tax return preparers that they must complete 15 hours of continuing education (CE) annually beginning in 2012 and the programs must be taken from IRS-approved providers. Preparers can now find a list of IRS-approved providers on the agency’s web...

Everything You Need to Know about the Annual Filing Season Program

July 31, 2020 6:00 AM

Everything You Need to Know About The Annual Filing Season Program (AFSP) The U.S. Tax Code can be seriously complicated. Because of this, many taxpayers don’t feel confident preparing their own federal income tax returns, even with tax software. But using a Certified Public Accountant (CPA), an Enrolled Agent...

Tax Season Is Done Now What?

July 31, 2020 4:45 AM

Many tax professionals find themselves virtually strapped to their desks between Christmas and Easter, preparing returns for corporate and individual clients by the April 15 tax deadline. Now that this frenzied pace has slowed down a bit, it can be tough to regroup—but reflecting on what went wrong (and right)...

2020 IRS Tax Payments Extended by 90 Days: No Interest or Penalty

March 19, 2020 2:15 PM

By: Mark Kohler Taxpayers and business owners received a much needed lifeline yesterday from the Treasury and IRS in response to the Coronavirus outbreak. Individual taxpayers will get a three-month (90 day) extension to pay income taxes they owe for 2019, typically due on April 15th, but will now have until July...

Educating Clients on Optimizing Their Income Bracket

March 3, 2020 4:48 AM

This year, millions of U.S. taxpayers will learn just how much of an impact the Tax Cuts and Jobs Act (TCJA) had on their income tax liability. But the change in tax brackets has highlighted a misunderstanding many taxpayers hold—that their highest tax bracket controls how all their income is taxed. Knowing how...