Bank finance articles and tips

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....

IRS tax problems are not pleasant and only get worse as time progresses. You want to settle your tax debts quickly. In order to do so make sure and hire a certified, licensed tax professional who knows what he is doing. The last thing you want when trying to resolve your tax problems is someone to rip you off and not provide you with any solutions to your tax problems. In this article we will discuss what to look for in a tax relief professional....

Individuals with income from wages and retirement plans can meet their tax obligations by the withholding amounts on these payments. But enrolled agent study covers other taxable situations that trigger the need for additional payments to the IRS. Unfortunately, many taxpayers are surprised to learn that payment of any extra tax is expected four times per year - not just by April 15.

It's a win-win situation - you cut your tax bill, and a charity gets the money they need to help people in your community. The Federal Tax Code changes yearly, but the IRS continues to allow you to write off contributions to charity...as long as you make them to an IRS approved organization, and you itemize your deductions when you file. Here are 8 important tips to be sure your donation is deductible, whether you donate money or tangible property like an automobile, truck, boat or even a golf cart....

The tax gap is the difference between tax the IRS believes it should collect and what is actually paid. Tax preparers who are not familiar with the tax gap soon will learn about it as a result of their registered tax return preparer CPE.

To see what the IRS means by the tax gap only requires considering two workers conducting identical jobs. One is an employee who receives a W-2 each year reporting wages earned. The other is an independent contractor who is paid by each customer. They both are paid the same amounts.

However, all of the employee's paycheck income appears on the W-2. But, the self-employed independent contractor's income isn't reported anywhere. If some payments are in cash, they don't even appear as bank deposits....

A rumor has circulated that the IRS might provide tax preparation services in the future. The idea may appear far-fetched for now, but the government is under pressure to develop novel ways of increasing tax revenue. IRS tax preparation has already become more highly regulated in 2011. Perhaps paying the IRS a fee for preparing a tax return is a potential future measure.

The idea has been floated at least as far back as 2006. This is when Senator Max Baucus, chairman of the finance committee, proposed a solution to "get rid of the middle man" in tax preparation. In the same year, Austan Goolsbee, former chairman of President Obama's Council of Economic Advisers suggested that the IRS send a pre-filled tax form each year....