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The most obvious steps in tax preparer duties are usually the most important. For example, gathering the income reporting records of a taxpayer is a critical procedure. Experienced tax practitioners learn to ask taxpayers about all their income-producing activities for the year. An important objective of the registered tax return preparer program is establishing consistency in applying tax rules to various income sources....

If you're self-employed and new to the world of taxes, there are numerous tax forms you may be required to file. Here's an overview of the most common tax forms needed by the typical sole proprietor.

Income Taxes. A sole proprietor does not file a separate business income tax return. Instead, you will file Schedule C or Schedule C-EZ as part of your federal personal income tax return (Form 1040). The "bottom line" from either of these forms flows to Form 1040, page 1. The entire Form 1040, including Schedule C or C-EZ, is due on April 15....

As everyone with a tax preparer career starts business promotion for next tax season, the IRS has emphasized some important guidelines. Firstly, anyone preparing tax returns for a fee is required to obtain a Preparer Tax Identification Number (PTIN).

The IRS issues a PTIN to all paid tax preparers who are licensed as enrolled agents, attorneys, or certified public accountants. Unlicensed professionals are issued a provisional PTIN. The latter tax practitioners must eventually meet the requirements of registered tax return preparer certification....

Did you file an extension for your 2010 personal income tax return back in April? If so, here's some good news for you - you have a few extra days to procrastinate! Read on for details.

Normally, by filing Form 4868 by April 15, you get an automatic six-month extension of time to file your federal individual income tax return. But when any federal tax due date falls on a Saturday, Sunday or federal holiday, the deadline is extended to the next non-weekend, non-holiday business day.......

With the end of October a few short weeks away, HMRC have issued a warning to all those intending to complete paper tax returns in respect of the 2010/2011 tax year. Essentially the warning can be broken down into three parts:

1. The deadline for receipt of paper tax returns is midnight on Monday 31 October and any late returns will result in a fine of £100 with further fines after 3, 6 and 12 months.
2. The fine applies even if there is no tax to pay or if you pay any due tax on time.
3. If you send in a paper return late and then follow it up by filing a further copy online, the fine will still be applied.

If you own an S Corporation, you must file Form 1120S every year to report income and expenses to the IRS. Part of Form 1120S is a balance sheet. Read on to find out whether you have to complete this report in order for the tax return to be complete.

First, let's review the purpose of a balance sheet - it is a financial report that lists the asset, liability and shareholder's equity accounts. It is found on page 4 of Form 1120S and is known as Schedule L.