4 Things Tax Professionals Can Be Thankful For

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Thanksgiving is tomorrow.

Do you have a list of things you’re thankful for to share with friends and family around the dinner table?

We’ve got one too. Aside from the usual things to be thankful for: family, friends, gainful employment… we’ve got some industry related things to be thankful for as well.

 

1. Thanks to the IRS’s decrease in taxpayer support this season we may see an increase in traffic through our doors.

Earlier this month, IRS Commissioner John Koskinen warned that close to half the people trying to reach the IRS by phone might not get through during the upcoming 2015 tax-filing season. This lead Taxpayer Advocate Nina Olsen to remark:

“The filing season is going to be the worst filing season since I’ve been the National Taxpayer Advocate {in 2001}; I’d love to be proved wrong, but I think it will rival the 1985 filing season when returns disappeared.”

 

Will 2015 Be the Year of the Tax Professional?

 

2. Thanks to the IRS for providing draft forms and instructions related to the Affordable Care Act so that we can plan, in advance, how much longer we need to allow for each client interview and for preparation time.

That information can be found on the IRS Website.

 

3. Thanks to the Affordable Care Act for sharpening our form filling skills by increasing the number of forms we have to complete.

There’s form 1095-A for clients who purchased health insurance on any of the exchanges. This form lists everyone in the household who has coverage and what the government paid for each person in subsidies.

Form 8962 is the Premium Tax Credit (PTC) Form. This form is to be used to claim the Premium Tax Credit or reconcile any PTC amounts received in advance during the year to cover health care premiums.

Form 8965 is the Health Coverage Exemption Form. This form is used to report exemptions from insurance requirements.

Plus, form 1040A will have some additional fields to fill out.

 

Affordable Care Act Updates Tax Preparers Should Know About

 

4. Thanks to the IRS for allowing us a means to show credentials this season and set us apart from unqualified preparers.

The new designation means that your name will be on a national list in the IRS’s database showing that you’ve passed the Annual Federal Tax Refresher Course. This list will be marketed to taxpayers as a way to help taxpayers determine return preparer qualifications.

 

How to Set Yourself Apart from Unqualified Tax Preparers

 

Want to know what’s covered in the Annual Tax Refresher Course? Click the button below.

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What are you thankful for? Leave a comment.

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2 thoughts on “4 Things Tax Professionals Can Be Thankful For

  1. Tax advisers use their knowledge of tax legislation to provide advisory and consultancy services to clients, ensuring that they pay their taxes in the most efficient way and benefit from any tax advantages and exemptions. They keep up to date with changing tax laws and explain complicated legislation and its implications to their clients in simple terms.

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