Tax season

Helping your firm escape the tax season crush

H&R Block and Liberty Tax have been expanding from traditional tax preparation services into other areas such as bookkeeping as they reach out to service small business clients year-round, giving traditional accountants some extra competition.

For the 10th consecutive year, the IRS has chosen Wolters Kluwer, CCH, to deliver sales tax rate and taxability tables to help millions across the country prepare their tax returns.

One of the things separating national franchise tax systems from independent offices is the fact that they have a system, which provides a proven, reliable way to run the business.

H&R Block has created a new program to draw CPAs and other accountants who are interested in selling their practices or becoming H&R Block franchises, with the new service spearheaded by accounting industry consultant Jennifer Katrulya.

For tax preparers who aren’t interested in extending their tax business beyond the end of April, but who would like to keep themselves and their staff employed in some meaningful activity, accountant Craig Comer has a suggestion: go into another seasonal business.

The New York State Department of Taxation and Finance said it has helped 42,415 taxpayers who called its Taxpayer Information Center with language assistance in 79 different languages.

The Internal Revenue Service plans to put in place new procedures starting next January to limit the number of refunds electronically deposited into a single financial account or pre-paid debit card to three, as part of an effort to combat fraud and identity theft, including fraud committed by unscrupulous tax preparers.

Sole proprietors and practitioners mainly generate their revenue during tax season from tax preparation clients, but there are other opportunities for them.

Now that school is out (unless you live in a part of the country still making up for lost “snow days”), it’s easy to get caught up in the general euphoria and take a vacation from thoughts of tax preparation for the summer. But now is precisely the time preparers need to keep communication lines open with their clients, according to Chuck McCabe, president of Peoples Income Tax and The Income Tax School.

The Internal Revenue Service is moving ahead with a voluntary tax preparer education program after legal challenges derailed an earlier mandatory testing and continuing education program.

A new study suggests that tax filing season could be the best time to sign up clients for health coverage under the Affordable Care Act rather than the current open enrollment period.

After-tax season review: An opportunity for improvement!

This tax season had fewer bumps than many expected

For tax preparers who were somewhat dismayed by the recent IRS statistics indicating a slight drop-off in the number of taxpayers who were using a professional to prepare their taxes as opposed to do-it-yourself tax software, take heart.

Congratulations! You have made it through another beast of a busy season. You have cajoled clients and staff, put in long hours, and are beginning to forget what your family and friends look like.

CCH has published a new tax briefing examining recent federal tax developments and strategies for this past tax season, and how they may affect taxpayers in future tax seasons.

The Internal Revenue Service anticipates that nearly 5 million taxpayers will amend their returns by filing Form 1040X this year.

As a tax preparation business owner for more than 30 years, Chuck McCabe considers his success due in part to being proactive in structuring his business policies and procedures.

Ah, tax season. We look forward to it all year! Or expect it all year, or dread it…let’s just say we are all aware of this annual event.