News & Analysis as of

Tax Preparers Internal Revenue Service

IRS On The Hunt for Bitcoin Gains

by Charles (Chuck) Rubin on

While bitcoin seems like money, for federal income tax purposes, it is not. Like any asset, when it is sold or used to purchase goods or services, gain results if the value of the bitcoin is greater than the taxpayer’s basis...more

Tax Return Preparer Sentenced to 27 Months for Tax Evasion

by Moskowitz LLP on

Tax evasion carries severe penalties, even in cases in which no one else has been defrauded. The facts - From 2005 through 2011, Semere Tsehaye owned more than 20 Instant Tax Service (ITS) franchises in Illinois, Kansas...more

Treasury Has No Authority to Collect PTIN Fees

by Charles (Chuck) Rubin on

Since 2010, federal tax return preparers have been required to obtain a Preparer Tax Identification Number (PTIN), which they include when signing a federal tax return. A fee has been charged, both to obtain an initial PTIN...more

Not a Trade Secret

by Pessin Katz Law, P.A. on

In U.S. v Jennifer Salgado & Jenny’s Tax Service, (No. 1:16-CV-03186-SMJ, Mar. 24, 2017) the U.S. District Court for the Eastern District of Washington (the “Court”) held that a taxpayer’s client list and client identifying...more

Is your Tax Preparer qualified to do your Return? Beware of Tax Preparers without a Preparer Tax Identification Number (PTIN) or...

by Foodman CPAs & Advisors on

Do you think that you have hired the right Tax Preparer to prepare your Taxes? Tax Season is here and many Tax Preparers portray themselves as “Qualified”. Tax Preparers have different levels of skills, education and...more

The Importance of Defensive Tax Planning and Defensive Tax Return Preparation

Executive Summary: The Importance of Defensive Tax Planning - Tax reform is in the news again. But until we achieve significant tax reform it is essential that individuals, trusts and estates, and businesses with incomes...more

Tax Preparation is NOT a Commodity

by Foodman CPAs & Advisors on

As we approach this year’s tax filing deadline of April 18th, do you think that you have your Tax Return under control? Before you answer yes, take the time to examine and evaluate who is preparing your taxes. Do they have...more

Let's Go Phishing!

by Fisher Phillips on

Emails, lots and lots of emails, filling our inboxes. Even with the best security and filters, it seems that hackers are simply building better mousetraps. The bigger problem, however, is the trusting nature of individuals...more

IRS Warns Tax Professionals to Be Alert About New Email Scam As 2016 Filing Season Begins

by Dickinson Wright on

The Internal Revenue Service has warned tax professionals, as the 2016 filing season begins, to be alert to a new email scam by cybercriminals posing as clients soliciting their services. The scam is a variation of a...more

Privacy Tip #51 – Check Up on Your Tax Preparer’s Data Security Measures

We have written before about the ability of hackers to file false tax returns to get fraudulent refunds by using the IRS website, and how hundreds of thousands of Americans have become victims of tax fraud. The IRS...more

IRS approved tax preparers fail to protect consumers’ privacy and IRS increases the number of individuals affected by filing of...

In a report of an audit of 13 IRS approved tax filing firms, Online Trust Alliance found that six of the 13 firms do not provide adequate security against cyberintrusions. The firms, all members of the IRS’s Free File...more

IRS Begins Campaign to Encourage Taxpayers to Protect Personal Information

by McGuireWoods LLP on

As we recently reported, on October 20, the IRS announced the implementation of new measures developed in collaboration with state taxing authorities and tax industry leaders to prevent identity theft in refund fraud. On...more

Power of Attorney Holder Cannot Sign for Another

by Charles (Chuck) Rubin on

Tax practitioners are familiar with Form 2848. With that form, a taxpayer authorizes an attorney, accountant, or other authorized representative to act as attorney-in-fact for the taxpayer as to the specified tax matter in...more

Choosing the “Right” Income Tax Return Preparer

The IRS audits about one taxpayer in ten who reports more than $1 million in income. Many of these taxpayers are at the height of their careers and cannot endure even a whiff of scandal. They need peace of mind so they can...more

IRS Regulation Of Tax Return Preparers Is Dead (For Now)

by Charles (Chuck) Rubin on

In 2011, the IRS sought to regulate tax return preparers, and issued regulations that required “registered tax return preparers” to pass a competency test, a tax compliance check, and a suitability check. They would also have...more

Updated E-Filing Requirements for Tax Preparers

by Davis Brown Law Firm on

In the IRS's point of view, preventing fraud and abuse of the electronic filing system is the shared responsibility of both the IRS and authorized e-file providers. In an effort to stop the fraud, abuse, and resulting...more

Recent Sentences for Federal Tax Crimes in 2014 – Part 2

by Blank Rome LLP on

On Friday, we posted a review here of sentences imposed on defendants in 2014 for Foreign Bank Account, Tax Evasion, and Employment Tax crimes. In this post, we review sentences imposed on defendants in cases involving False...more

DC Circuit Upholds Ruling That IRS Cannot Regulate Tax-return Preparers

The US Court of Appeals for the District of Columbia Circuit recently held that the Internal Revenue Service did not have the statutory authority to regulate tax-return preparers....more

Corporate and Financial Weekly Digest - Volume IX, Issue 8

In this issue: - OTC Markets Proposes Amendments to OTCQX Rules and New Rules for US Banks - SEC Approves Changes to FINRA BrokerCheck Disclosure Rule 8312 - SEC to Examine Never-Before Examined...more

IRS Lacks Authority to Issue and Enforce Tax Return Preparer Regulations

by McDermott Will & Emery on

On February 11, 2014, the U.S. Court of Appeals for the District of Columbia upheld the decision of the District Court for the District of Columbia, affirming that the Internal Revenue Service (IRS) lacked the authority to...more

"Extensive Wait Times" Ahead with the IRS

by Davis Brown Law Firm on

Yesterday the IRS released a YouTube video from John Koskinen, the new commissioner, assuring taxpayers the IRS is dedicated to assisting taxpayers this filing season, and advising taxpayers the best methods to seek tax...more

A Trap for the Unwary Advertiser

by Wilson Elser on

For more than 30 years, Subchapter F, § 301.7216-3, of the Treasury Regulations has provided a safeguard for taxpayers over their personal information submitted to tax preparers. On January 14, 2013, the IRS issued Revenue...more

District Court Holds IRS Lacks Authority to Issue and Enforce Tax Return Preparer Regulations

by McDermott Will & Emery on

On January 18, 2013, the District Court for the District of Columbia held that the Internal Revenue Service lacked the authority to issue and enforce the tax return preparer regulations that it issued in 2011 and permanently...more

Court Strikes Down IRS Tax Return Preparer Regulations

by Fenwick & West LLP on

In Loving v. IRS, Civ. A. No. 12-385 (D.D.C. 2013), the District Court for the District of Columbia struck down the IRS's 2011 tax return preparer regulations (T.D. 9527, 2011-2 C.B. 1 (Jun. 3, 2011)). The regulations require...more

Mom & Pop Tax Preparers Rescued By D.C. District Court

by Charles (Chuck) Rubin on

In 2011, the IRS began regulating non-attorney, non-CPA tax-return preparers. New regulations require them to pass an exam, pay an annual fee, and take fifteen hours of continuing-education courses each year. The new rules...more

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