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Beware of "Charitable LLCs" Tax Schemes
As a tax preparer, staying vigilant against fraudulent tax schemes is essential—not only for protecting your clients but also for maintaining your professional reputation. Recently, the IRS warned about abusive tax schemes marketed as "Charitable LLCs." These fraudulent arrangements often target high-income...
Tax Tips for Family Businesses: Hiring Family Members
When it comes to operating a family business, hiring family members can be a smart and rewarding decision. However, the tax rules for employing family members can differ significantly from those for non-family employees. As a tax preparer, understanding these nuances is essential to provide accurate guidance to your...
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...
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