Tax season

Bloomberg BNA has given tax practitioners and taxpayers a head start on their 2015 tax year planning, releasing a detailed projection of inflation-adjusted tax items for next year on Wednesday.

The IRS must be one of the most frequently sued agencies in the federal government, and now it’s facing a challenge over whether it has the right to charge tax preparers for the annual cost of a Preparer Tax Identification Number.

Internal Revenue Service commissioner John Koskinen told a congressional subcommittee about the IRS’s progress on the Affordable Care Act and the impact that tax subsidies will have next tax season.

H&R Block president and CEO Bill Cobb is expecting problems next tax season due to the Affordable Care Act, now that the Internal Revenue Service has released some of the draft forms that will be needed, and pointed out that many taxpayers will no longer be able to file a simple Form 1040EZ.

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.