Congressional passage of the Inflation Reduction Act took everyone by surprise, and tax professionals all over the U.S. are fielding calls from clients and employers anxious to know what it means for them. After all, the bill’s passage marked a dramatic reversal…
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What is an Enrolled Agent?
Becoming an enrolled agent can transform your tax prep career The world of federal taxes is complex. When individual and business taxpayers need to navigate this rocky turf, it helps to have someone on their side who knows the territory. Enter the…
The Income Tax School is Proud to Announce We Are Now Part of Surgent
We also have a new name, Surgent Income Tax School! Surgent is a leading provider of exam preparation and continuing education solutions serving accounting, tax, and finance professionals. The Income Tax School (ITS) has partnered with Surgent for several years to offer…
Looking Back on 2020
This last year has been an interesting one to say the least! As we close out this extremely challenging year, I thought I’d reflect on some of the biggest news 2020 has given us. In the news On March 11, 2020, the…
Tax News Recap: Living in a Remote World
Who would have thought at the beginning of the year we would still be stuck at home doing everything from working to starting the school year online. This month we saw more from the IRS concerning cybersecurity, economic impact payments, the Payment…
Tax Resources for Military Ahead of the July 15 Deadline
The IRS’ Publication 3 is an Armed Forces Tax Guide filled with tips and information to help service members and their families take advantage of all tax benefits available to them. Some key benefits detailed in this guide are partial or tax-free…
Tax Laws and Updates to Know Before the 2020 Filing Season
Tax season is almost upon us! Have you read up on the new laws and changes that will affect clients? Here are some things to know going into the season. Further Consolidated Appropriations Act In order to avoid a government shutdown, the…
IRS Tax News Recap: Changes, changes, and more changes
September and October have been busy months for tax news! As Halloween approaches, don’t be spooked by these tax industry updates. We’ve got the tax news recap to get you up to speed. IRS provides guidance on virtual currency The IRS just…
Tax News Recap: New Forms, Cybersecurity, and Career Opportunities
It may not be tax season, but it sure does feel like it with all the tax news and updated information from the IRS! Have you been paying attention? Don’t sleep on these important tax news headlines. New forms This month the…
IRS To Virtual Currency Owners: Pay Up
Time to open up your [virtual] coin purses and pay up! The IRS is done with the warnings and is ready to collect. They’ve been collecting information and doing research since 2018. Back in March of 2018, they convinced Coinbase, one of…
Advocating for the EITC and a Tax ‘Subway Map’ in Latest IRS News Release
In a straightforward, plain-talking news release (which is refreshing from the IRS), the Taxpayer Advocate Service (TAS), an independent organization within the IRS that helps taxpayers and protects taxpayer rights, released two important items: A special report on how better to administer…
Tax News Recap: CPA Wins, Changes in California, E-File Fraud and More
Wind in your hair and sand between your toes, that’s how most people would describe their Summer vacation. But a Tax Pro’s job is never done! Here’s what’s been happening in the tax world this July. IRS Tax Forums Underway The IRS…