Tax season

The Internal Revenue Service has published a revised tax guide to help taxpayers get the most out of various tax breaks.

The American Institute of CPAs has introduced a set of Interactive Tax Checklists to help practitioners prepare clients’ returns.

The Internal Revenue Service saved about $14.19 million by not mailing out tax form packages this year, but the elimination of the mailings increased the burden on approximately 6 million taxpayers who needed to obtain the forms themselves, according to a new government report.

The Internal Revenue Service reminded tax preparers to renew their Preparer Tax Identification Numbers before they expire at the end of the year.

The Internal Revenue Service plans to release a new information reporting form that taxpayers will need to use next tax season to report on certain types of foreign financial assets for tax year 2011.

The National Society of Accountants has found that the cost of preparing an itemized tax return averaged $233 across the country, but there was still variation in different parts of the country.

Return preparers will have much to discuss with their clients about their 2011 returns, both before and after the year's end.

The Internal Revenue Service sent the majority of claims for the adoption tax credit to auditors this year because they lacked the necessary documentation. However, the agency had options that could have enabled it to reduce the number of costly correspondence audits and issue refunds to parents faster while still maintaining a robust enforcement strategy, according to a new report.

CCH provided advice on year-end tax strategies that, if implemented before a taxpayer’s liability is finalized, could make a significant difference in what they owe as tax year 2011 draws to a close.

Check out the digital edition of the November 2011 issue of Accounting Today.

The Internal Revenue Service increased the number of fraudulent tax refund claims it detected and stopped during the 2011 tax-filing season by 171 percent over the previous year.

CCH Small Firm Services is partnering with Versicom Communications on communication services that tax professionals can offer to their clients.

The Internal Revenue Service said Thursday that tax preparers can start renewing their Preparer Tax Identification Numbers for the 2012 tax-filing season.

The Internal Revenue Service mistakenly sent notices to approximately 80,000 taxpayers telling them they needed to repay the First-Time Homebuyer Tax Credit.

The American Institute of CPAs is asking the Internal Revenue Service to reconsider some of the fees it plans to charge for competency exams and fingerprinting as part of its tax preparer oversight program.

The Internal Revenue Service issued proposed regulations Thursday that would require tax preparers to file a due diligence checklist with any federal tax return claiming the Earned Income Tax Credit, starting next year.

A new government report recommends that Congress amend the Tax Code to allow the Internal Revenue Service to assess penalties against tax preparers who fail to comply with the electronic filing mandate.

Practitioners tend to view tax season with mixed feelings. On the downside, there's getting clients to send you the data you need to construct their return, and determining how much of what they give you is actually germane to the return.

Recently, a former colleague whom I had worked with during an overlong apprenticeship at a local daily newspaper announced that he was taking on a second career after nearly a quarter century of toiling in some form of media or another. After whining for years how much he was paying his accountant to prepare his taxes and pointing out how his journalist's compensation package didn't exactly rival Rupert Murdoch's, he somehow envisioned a second act as a paid tax preparer moonlighting for a large franchise which shall remain anonymous. Sort of like the occupational version of a mid-life crisis, sans the Harley or the super-charged Camaro.

H&R Block said Monday that it plans to add another 100 franchise locations to its 11,000-office network.