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How to Consent to Circular 230 and Access Your Annual Filing Season Program Record of Completion
For tax professionals, staying compliant with the IRS and meeting annual requirements like consenting to Circular 230 is essential. Here’s a step-by-step guide from My Tax Courses Online to help you navigate this process seamlessly. Step 1: Log into Your PTIN Account To start, log in to your IRS PTIN...
2025 Tax Year Changes and What They Mean
The IRS recently released its annual inflation adjustments for the 2025 tax year, which will impact tax returns filed in 2026. Here’s a summary of the key changes that tax preparers should be aware of when advising their clients. 1. Standard Deductions Rise For tax year 2025, the standard deduction...
What You Need to Know About The Second Employee Retention Credit Voluntary Disclosure Program
If your client made a mistake regarding the Employee Retention Credit rules, they may be able to apply for the second ERC Voluntary Disclosure Program and get a discount on repaying their improper credit, but hurry because this program ends November 22, 2024. The IRS has reopened the Employee Retention Credit...
2025 PTIN Renewal Made Simple
The IRS has officially opened the 2025 PTIN (Preparer Tax Identification Number) renewal window, making it easier and more affordable for tax professionals to stay compliant. With a continued reduction in PTIN renewal fees, renewing or applying for a PTIN is as simple as ever. Whether you're an experienced tax...
Navigating Federally Declared Disaster Area Casualty Loss Deduction (Including Loss Deduction for Non-Itemizers)
When natural disasters strike, they can cause significant property damage and financial loss. For tax preparers, it's essential to understand the tax relief options available to affected individuals, especially the Federally Declared Disaster Area Casualty Loss Deduction. This deduction offers critical relief to...
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