Direct Deposit Limits
In an effort to combat fraud and identity theft, new IRS procedures effective January 2015 will limit the number of refunds electronically deposited into a single financial account or pre-paid debit card to three. The fourth and subsequent refunds automatically will convert to a paper refund
check and be mailed to the taxpayer. READ MORE »
IRS Unveils New Filing Season Program for Tax Return Preparers
This new program aims to recognize the efforts of non-credentialed return preparers who aspire to a higher level of professionalism. Meet the requirements by obtaining 18 hours of continuing education, including a six hour federal tax law refresher course with test, and you will receive an Annual Filing Season Program – Record of Completion from the IRS.
AFSP participants will also be included in a public database of return preparers scheduled to launch on the IRS website by January 2015. The Directory of Federal Tax Return Preparers with Credentials and Select Qualifications will include the name, city, state, zip code, and credentials of all attorneys, CPAs, enrolled agents, enrolled retirement plan agents and enrolled actuaries with a valid PTIN, as well as all AFSP – Record of Completion holders.
Review the general requirements for the AFSP – Record of Completion
IRS Drops Further Appeals of Court Decision Invalidating Tax Preparer Regulation
The Internal Revenue Service has declined to file a petition with the Supreme Court to appeal a series of rulings invalidating its effort to require mandatory testing and continuing education of tax preparers. READ MORE »