All posts by The Income Tax School

IRS Continues Efforts to Ensure Accurate Return Preparation; Reminds Tax Preparers to Sign Up for PTINs

The following is a press release from the IRS: WASHINGTON — The Internal Revenue Service has started sending out more than 10,000 letters to tax return preparers nationwide to remind them of their obligation to prepare accurate tax returns on behalf of their clients. Also, during the 2011 filing season, IRS representatives will visit approximately […]

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5 Myths Every Business Must Avoid to Survive the Economic Recovery

By Vivian Hairston Blade At a recent stockholders meeting, the vice president of sales for a global manufacturer reported, “The economy has been tough on our industry. Sales volumes significantly declined and have not nearly returned to pre-recession levels. The company has laid off employees, cut expenses and, unfortunately, has had to cut prices to […]

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IRS Announces New Member for the Electronic Tax Administration Advisory Committee

The following is a press release from the IRS: WASHINGTON — The Internal Revenue Service today announced the selection of seven new members and a chairman for the Electronic Tax Administration Advisory Committee (ETAAC). ETAAC provides an organized forum for discussion of electronic tax administration issues and supports the goal of increasing electronic interactions between […]

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IRS WAIVES PREPARER CONTINUING ED FOR 2011, NEW RETURN PREPARER OFFICE CREATED

The following is from www.nstp.org (National Society of Tax Professionals) IRS Commissioner Douglas Schulman and IRS Office of Professional Responsibility (OPR) Director Karen Hawkins have publicly announced that the IRS will delay implementing the new continuing education requirement for tax preparers until after 2011. Therefore, preparers will not have to take the 15 hours of […]

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A Special Alert from NATP Issued Today

NATP (National Association for Tax Professionals) learned today that the IRS is planning compliance visits with specific tax return preparers for the purpose of enforcing proper technique in due diligence and accurate return preparation. Beginning next month, the IRS will send out 10,000 letters to a variety of preparers alerting them to their preparation responsibilities […]

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New Online Registration System for Paid Tax Return Preparers is Now Available

The following is a news release from the IRS Media Relations Office IR-2010-99, Sept. 28, 2010      WASHINGTON — As part of an initiative to ensure that tax return preparers are competent and qualified, the Internal Revenue Service today issued final regulations requiring paid tax return preparers to register with the IRS to obtain a Preparer […]

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Classes at The Income Tax School featured for new tax preparer rules

The following is an article by John Reid Blackwell from the Richmond Times-Dispatch, Sept. 21, 2010. View the original here. Starting next year, professional tax-return preparers will have to meet new requirements to prepare federal income-tax returns. The requirements, announced by the Internal Revenue Service this year, include registering with the IRS, passing a competency […]

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Virginia Community College System to Provide Tax Preparer Training through The Income Tax School of Richmond, VA

Required IRS Tests and Annual Continuing Education Will Increase Demand for Tax Courses & Seminars On January 4, 2010 the IRS announced its decision to regulate tax preparers and require competency tests, plus annual Continuing Professional Education (CPE). According to the IRS, higher standards will boost service and protections for taxpayers, increase confidence in the system […]

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IRS Nationwide Tax Forums Report

I just returned from the last of the six IRS Nationwide Tax Forums in San Diego, which had about 2,000 attendees.  The previous Forum in Las Vegas had over 6,000 attendees.   The first two Forums in Atlanta and Chicago in late June and early July were uneventful.  Then the flood gates opened in Orlando and […]

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Lessons Learned – Lesson 6: Developed & Grew The Income Tax School

Here is Lesson Six in my video series in which I talk about diversifying your business in order to maintain success. Enjoy, and please share and comment – Lessons Learned: Every business has a finite life cycle and must be reinvented periodically to survive. An ideal diversification is a complementary business in terms of seasonality […]

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