Closing your Tax Office for the Year?

If you are planning to close your tax office for the year, here are some reminders:

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Tax Preparers: Register for 2019 IRS Nationwide Tax Forums

The IRS reminds tax professionals to sign up for this summer’s 2019 IRS Nationwide Tax Forums. Tax professionals attending can earn up to 19 continuing education credits.

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Some taxpayers may need to amend their tax return

Taxpayers who discover an error after filing may need to amend their tax return. Taxpayers should file an amended return if there’s a change in filing status, income, deductions or credits.

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IRS expands retirement plan Determination Letter Program and Self- Correction Program

WASHINGTON — The Internal Revenue Service today announced the expansion of areas for issuing determination letters for certain retirement plans. Revenue Procedure 2019-20 details the addition of two areas for which retirement plan sponsors may now request determination letters.

In addition, through recently issued guidance, the IRS is also making it easier for plan administrators to correct plan errors.

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Six things taxpayers should know about the sharing economy and their taxes

From renting spare rooms and vacation homes to car rides or using a bike…name a service and it’s probably available through the sharing economy. Taxpayers who participate in the sharing economy can find helpful resources in the IRS Sharing Economy Tax Center on IRS.gov. It  helps taxpayers understand how this activity affects their taxes. It also gives these taxpayers information to help them meet their tax obligations.

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Don’t fall for myth-leading information about tax refunds

Now that the April tax-filing deadline has come and gone, many taxpayers are eager to get details about their tax refunds. When it comes to refunds, there are several common myths going around social media.

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ID theft: Here’s what to look for and what to do when it happens

Tax-related identity theft occurs when a thief uses someone’s stolen Social Security number to file a tax return and claim a fraudulent refund. The victim may be unaware that this has happened until they e-file their return. Even before the victim files their return, the IRS may send the taxpayer a letter saying the agency identified a suspicious return using the stolen SSN.

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Extension filers should avoid these errors when filing their tax return

Just like taxpayers who file their taxes by the April deadline, those who filed an extension should also do everything to make sure their tax return is complete and accurate. Errors on a tax return can mean it will take longer for the IRS to process the return, which in turn, could delay a refund.

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Updated pub helps taxpayers understand an offer in compromise

The IRS just issued an updated publication with information for individual taxpayers and business owners unable to pay their taxes. This electronic pub, Offer in Compromise Booklet, helps people understand how an offer in compromise works.

An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax debt for less than the full amount owed. An offer in compromise is an option when a taxpayer can’t pay their full tax liability. It is also an option when paying the entire tax bill would cause the taxpayer a financial hardship. The ultimate goal is a compromise that suits the best interest of both the taxpayer and the agency.

When reviewing applications, the IRS considers the taxpayer’s unique set of facts and any special circumstances affecting the taxpayer’s ability to pay as well as the taxpayer’s:

  • Income
  • Expenses
  • Asset equity

The booklet covers everything a taxpayer will need to know about submitting an offer in compromise, including:

  • Who is eligible to submit an offer
  • How much it costs to apply
  • How the application process works

The booklet also includes the forms that taxpayers will complete as part of the offer in compromise process.

More information:

 

 

*This message was distributed from IRS Tax Tips. For more information on federal taxes please visit IRS.gov.

5 Tips To Close The Tax Season

1. Back-Up and Protect Your Data
As the tax preparer, backing up and protecting your data should be a primary concern. Making regular backups to an external storage device at a minimum of once per week is important. Imagine next week your hard drive fails. The returns you’ve done, acknowledgement reports, PDF copies, and scanned documents are gone. Without a backup, your only hope is to take your computer to a technician who is going to charge hundreds of dollars to attempt to recover data and there is no guarantee they succeed. If they can’t recover the data, hopefully you had paper copies, but it could take hundreds of man hours reinputting data. If you don’t have paper copies, well, we hope you are lucky enough to never get audited. If you have a backup, you would only need to spend a couple hours bringing your data over and you’d be ready to go. Taxware does NOT store a copy of your data. Seek competent technical advice to keep your computers and data protected.

2. Don’t Forget to Pull in Acknowledgements
As a security measure we purge acknowledgement records every 30 days. This means after 30 days we will only be able to tell if the return was accepted or rejected, however we will not be able to read the reason why the return was rejected. If you have returns that are awaiting acknowledgement for longer than 5 days, call technical support and a technician will investigate why your acknowledgements have not come through.

3. Have Last Minute Rejects?
Don’t stress, if you get a rejected return on April 15th the IRS gives you a 3 day grace period to fix it!

4. Start your Free Trial with Textellent.com
Do you want to grow your business for the 2019 Tax year?  Now is the time to evaluate and start your free trial with Textellent, the text marketing and appointment scheduling platform that is fully integrated within your Wintax program.  Just one short on-boarding appointment and you will be up and running.  Doing this in the off-season should help you have the time to really delve into the many benefits and options this additional program could provide you and your business.

5. Celebrate!
Last but not least, plan and go on vacation! You deserve it! TripAdvisor is one of our favorites.