Free Circular 230 Ethics Course, September 30, 2021

posted Sep 14, 9:01 am (44 days ago), permalink

Free CPE Announcement: Presented by the IRS Stakeholder Liaison

The IRS Stakeholder is offering a free 2 hour Circular 230 course. This course satisfies the annual ethics requirement for enrolled agents. We HIGHLY recommend signing up as soon as possible, because these free ethics courses will usually fill up. Feel free to share newsletter with other tax practitioners who may be interested.

SIGN UP LINK: https://www.webcaster4.com/Webcast/Page/1148/42768

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The Basics of Form 8027 for Restaurants

posted Sep 1, 8:02 am (57 days ago), permalink

The Basics of Form 8027 for Large Food and Beverage Establishments

This free 100-minute webinar is open to all.

This webinar will cover:

  • Defining Large Food and Beverage Operations
  • General Filing and Preparation Requirements Reporting Requirements
  • Unique to Employers Under Tip Agreement
  • Common Errors Points to Consider When Preparing
  • Plus a live Q & A

All participants who qualify will receive a Certificate of Completion.

Tax Professionals: Earn up to 2 CE Credits.

Category: Federal Tax. Closed Captioning will be offered.

Registration: To register for the event, visit the Internal Revenue Service Webinar Registration website.

Questions? Email us at: cl.sl.web.conference.team@irs.gov

Sponsored By: IRS Stakeholder Liaison

Date: September 14, 2021

Time: 2:00 p.m. (ET), 1:00 p.m. (CT), 11:00 a.m. (Arizona), 11:00 a.m. (PT), 8:00 a.m. (Hawaii)

Location: Webinar

SIGN UP LINK: www.webcaster4.com/Webcast/Page/1148/42707

Free 2 Hour CPE Course

posted Jun 2, 7:33 am (148 days ago), permalink

Free 2 Hour CE course from the IRS Stakeholder on how to use the IRS' Online Preparer Services. Learn how to navigate the IRS' preparer offerings and Preview the new IRS Tax Pro Account. https://www.webcaster4.com/Webcast/Page/1148/41424.

Stakeholder Online Services CE Course

 

New EA Exam Procedure Announcement

posted May 7, 10:15 am (174 days ago), permalink

Attention EA exam candidates! The IRS has announced that exam-takers who take their EA exams now will NOT receive their test scores immediately upon completion of the examination. They will get their test scores e-mailed to them later,  (the IRS is using exam results to "analyze" candidate responses).

However, this is only temporary--beginning August 2, 2021, exam-takers will receive their exam scores immediately after completing their exams. See official details on the Prometric website: https://www.prometric.com/test-takers/search/irs

 

The Official EA Renewal Cycle for Enrolled Agent Licensing

posted Apr 29, 12:41 pm (181 days ago), permalink

 

1. How many continuing education hours must enrolled agents obtain?

Enrolled agents must obtain 72 hours of continuing education every three years. A minimum of 16 hours must be earned per year, two of which must be on ethics. Enrolled agents must use an IRS approved CE provider.

2. I applied during an enrollment cycle, how many continuing education credits must I complete?

If your initial enrollment occurs during an enrollment cycle, you are required to complete 2 hours of qualifying continued education credits per month AND 2 hours of ethics or professional conduct credits per year. When your new enrollment cycle begins, you will be required to satisfy the full 72-hour continuing education credit requirement.

3. I was unable to complete the minimum continuing education credits required during an enrollment cycle, due to extenuating circumstances.

Refer to Section 10.6(j) of Treasury Department Circular 230 to determine if you meet the qualifications to request a waiver of continuing education requirements.

4. What are the recordkeeping requirements for EAs?

Tax Preparers must retain the following records for four years:

    1. The name of the CE Provider organization;
    2. The location of the program;
    3. The title of the program, approval number received for the program, and copy of the program content; Written outlines, course syllabi, textbook, and/or electronic materials provided or required for the program;
    4. The date(s) attended;
    5. The credit hours claimed; The name(s) of the instructor(s), discussion leader(s), or speaker(s), if appropriate; and
    6. The certificate of completion and/or signed statement of the hours of attendance obtained from the continuing education provider

The IRS Extends Filing Deadline to June 15, 2021 for Texas, Oklahoma, and Louisiana

posted Apr 20, 9:59 am (191 days ago), permalink

Victims of winter storms in Texas, Oklahoma and Louisiana will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced. Links to the official extension and IRS disaster declarations for all three states are listed below:

Texas disaster declaration: TX-2021-02

Louisiana disaster declaration: LA-2021-02

Oklahoma disaster declaration: OK-2021-01

Affected individuals and businesses will have until June 15, 2021, to file returns and pay any taxes that were originally due during this period. This includes 2020 individual and business returns normally due on April 15, as well as various 2020 business returns due on March 15. Among other things, this also means that affected taxpayers will have until June 15 to make 2020 IRA contributions. The June 15 deadline also applies to quarterly estimated income tax payments due on April 15 and the quarterly payroll and excise tax returns normally due on April 30. It also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17. Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to the entire state of Texas. But taxpayers in other states impacted by these winter storms that receive similar FEMA disaster declarations will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

TWO FREE IRS CPE WEBINARS IN FEB 2021

posted Feb 1, 1:16 pm (268 days ago), permalink

Highlights of Tax Changes from a Tax Forms Perspective

This free 100-minute webinar is open to All.

This webinar will cover the following:

  • Knowledge of major income tax changes for tax year 2020
  • Knowledge of major tax form changes from 2019 to 2020
  • Knowledge of new tax forms for tax year 2020
  • Plus, Q & A

Continuing Education: All participants who qualify will receive a Certificate of Completion. Tax Professionals: Earn up to 2 CE Credits. Category: Federal Tax.

Closed captioning will be offered.

Registration: To register, please visit https://www.webcaster4.com/Webcast/Page/1148/39741.https://www.webcaster4.com/Webcast/Page/1148/39741

Sponsored By: IRS Stakeholder Liaison

Date: February 2, 2021

Time: 2 p.m. (ET), 1 p.m. (CT), 12 p.m. (MT), 11 a.m. (PT), 8 a.m. (Hawaii)


Keys to Mastering Due Diligence Requirements and Audits

This free 100-minute webinar is open to All.

This webinar will cover the following:

  • Review paid preparer due diligence requirements
  • Discuss due diligence documentation requirements
  • Describe IRS due diligence contact methods
  • Explain the due diligence audit process
  • Provide paid preparers online educational resources
  • Plus, Q & A

Continuing Education: All participants who qualify will receive a Certificate of Completion. Tax Professionals: Earn up to 2 CE Credits. Category: Federal Tax.

Closed captioning will be offered.

Registration: To register, please visit https://www.webcaster4.com/Webcast/Page/1148/39505

Sponsored By: IRS Stakeholder Liaison

Date: February 4, 2021

Time: 2 p.m. (ET), 1 p.m. (CT), 12 p.m. (MT), 11 a.m. (PT), 8 a.m. (Hawaii)

 


 

Prometric Test Specs Updated for the 2021 EA Exam Testing Cycle!

posted Jan 29, 11:05 am (271 days ago), permalink

 

Prometric has updated the IRS EA exam specs for the new testing cycle:

TEST SPECS: For examinations delivered between May 1, 2021 and February 28, 2022

Track change versions (to see changes from the previous year)

See comparison chart for the new domain weightings for each part of the 2021-2022 exam.

2021 tax filing season begins Feb. 12, 2021

posted Jan 15, 10:38 am (285 days ago), permalink

Issue Number: IR-2021-16

2021 tax filing season begins Feb. 12, 2021

WASHINGTON ― The Internal Revenue Service announced that the nation's tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.

This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.

To speed refunds during the pandemic, the IRS urges taxpayers to file electronically with direct deposit as soon as they have the information they need. People can begin filing their tax returns immediately with tax software companies, including IRS Free File partners. These groups are starting to accept tax returns now, and the returns will be transmitted to the IRS starting Feb. 12.

“Planning for the nation’s filing season process is a massive undertaking, and IRS teams have been working non-stop to prepare for this as well as delivering Economic Impact Payments in record time,” said IRS Commissioner Chuck Rettig. “Given the pandemic, this is one of the nation’s most important filing seasons ever. This start date will ensure that people get their needed tax refunds quickly while also making sure they receive any remaining stimulus payments they are eligible for as quickly as possible.”

Last year’s average tax refund was more than $2,500. More than 150 million tax returns are expected to be filed this year, with the vast majority before the Thursday, April 15 deadline.

Under the PATH Act, the IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law provides this additional time to help the IRS stop fraudulent refunds and claims from being issued, including to identity thieves.

The IRS anticipates a first week of March refund for many EITC and ACTC taxpayers if they file electronically with direct deposit and there are no issues with their tax returns. This would be the same experience for taxpayers if the filing season opened in late January. Taxpayers will need to check Where’s My Refund for their personalized refund date.

Overall, the IRS anticipates nine out of 10 taxpayers will receive their refund within 21 days of when they file electronically with direct deposit if there are no issues with their tax return. The IRS urges taxpayers and tax professionals to file electronically. To avoid delays in processing, people should avoid filing paper returns wherever possible.

Tips for taxpayers to make filing easier

To speed refunds and help with their tax filing, the IRS urges people to follow these simple steps:

  • File electronically and use direct deposit for the quickest refunds.
  • Check IRS.gov for the latest tax information, including the latest on Economic Impact Payments. There is no need to call.
  • For those who may be eligible for stimulus payments, they should carefully review the guidelines for the Recovery Rebate Credit. Most people received Economic Impact Payments automatically, and anyone who received the maximum amount does not need to include any information about their payments when they file. However, those who didn’t receive a payment or only received a partial payment may be eligible to claim the Recovery Rebate Credit when they file their 2020 tax return.  Tax preparation software, including IRS Free File, will help taxpayers figure the amount.
  • Remember, advance stimulus payments received separately are not taxable, and they do not reduce the taxpayer’s refund when they file in 2021.

Key filing season dates

There are several important dates taxpayers should keep in mind for this year’s filing season:

  • Jan. 15. IRS Free File opens. Taxpayers can begin filing returns through Free File partners; tax returns will be transmitted to the IRS starting Feb. 12. Tax software companies also are accepting tax filings in advance.
  • Jan. 29. Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.
  • Feb. 12. IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins.
  • Feb. 22. Projected date for the IRS.gov Where’s My Refund tool being updated for those claiming EITC and ACTC, also referred to as PATH Act returns.
  • First week of March. Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit and there are no issues with their tax returns.
  • April 15. Deadline for filing 2020 tax returns.
  • Oct. 15. Deadline to file for those requesting an extension on their 2020 tax returns

Filing season opening

The filing season open follows IRS work to update its programming and test its systems to factor in the second Economic Impact Payments and other tax law changes. These changes are complex and take time to help ensure proper processing of tax returns and refunds as well as coordination with tax software industry, resulting in the February 12 start date.

The IRS must ensure systems are prepared to properly process and check tax returns to verify the proper amount of EIP’s are credited on taxpayer accounts – and provide remaining funds to eligible taxpayers.

Although tax seasons frequently begin in late January, there have been five instances since 2007 when filing seasons did not start for some taxpayers until February due to tax law changes made just before the start of tax time.

A warning for all EROs, do not share your EFIN over the phone!

posted Dec 14, 2:56 pm (317 days ago), permalink

A warning for all EROs: the IRS announced today that scammers are contacting tax professionals and posing as IRS personnel, saying that they need to "verify" the EROs e-file acceptance letter. DO NOT PROVIDE YOUR EFIN or your acceptance letter to anyone over the phone! It's a SCAM!

Link to IRS announcement: 

https://content.govdelivery.com/accounts/USIRS/bulletins/2b110d7

EROs who receive contacts from individuals posing as the IRS should contact the Treasury Inspector General for Tax Administration at www.tigta.gov to file a complaint. EROs who received a contact and disclosed their acceptance letter should contact the e-Services help desk immediately.

 

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