Typical scenario:
In 2020 the Taxpayer took a distribution of 60,000 from a Non IRA retirement account and he also took a 30,000 distribution from an IRA. For 2020 form 8915-E was filed and 1/3 of these distributions were included in the 2020 tax return.
WASHINGTON – The Internal Revenue Service today kicked off the 2022 tax filing season with an urgent reminder to taxpayers to take extra precautions this year to file an accurate tax return electronically to help speed refunds.
WASHINGTON — The Internal Revenue Service announced today that it will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of January. Using this information when preparing a tax return can reduce errors and delays in processing.
WASHINGTON — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Read more
Below you will find all the recordings, additional information as well as a list of the prize winners for each session. This page will be updated with additional recordings and information over the week of the seminar.
Tax professionals are prime targets for criminals. These criminals not only want to steal client data, but also the professionals’ data, such as their electronic filing identification numbers.
A thief who breaches the data of just one tax return preparer can get their hands on lots of other data. In fact, they can get personal info on hundreds or even thousands of people.
Cybercrime is a constant concern in the online world which means everyone must be mindful of risks when they share devices, shop online and interact on social media. While this may seem overwhelming, it doesn’t have to be. A few small security measures can lower the risk of exposure to online safety threats.
WASHINGTON – The Internal Revenue Service, state tax agencies and the nation’s tax industry urged businesses to be alert to cyberattacks aimed at gaining access to business data and customer information and be aware of steps to help them on tax-related issues related to identity theft.
Did you know?
Advance Child Tax Credits that were part of 2021 tax returns contain details that can easily be noted in the Wintax Due Diligence feature. Why not maximize our Due Diligence option to be sure you are maintaining information most important for your records? This feature not only allows you to craft your own sets of questions, but also saves any data you input about your clients for use in next year’s returns. You can store up to 9 additional “yes/no” Due Diligence questions. Plus, there is space for more notes! These questions and answers are not transmitted to the IRS during E-File. They are for your reference in case of an audit or other line of inquiry.
WASHINGTON — The Internal Revenue Service reminds the more than 759,000 federal tax return preparers they must renew their Preparer Tax Identification Numbers (PTINs) now for 2022. All current PTINs will expire Dec. 31, 2021.
