Universal has been updating our readers on the IRS’s fight against the February RTRP court ruling that could potentially prevent the IRS from testing and regulating paid tax preparers. The Department of Justice, in behalf of the IRS, filed a Stay Pending Appeal on February 26th, 2013 which, if approved, would reinstate the regulations throughout the appeals process. The following events have since transpired:
March 28, 2013. Three circuit judges denied the IRS’s request to revoke the injunction stating, “Appellants have not satisfied the stringent requirements for a stay pending appeal.” Until another ruling is made, tax preparers are not required to test or obtain continuing education.
March 29, 2013. The IRS filed a Brief for the Appellants arguing that the District Court incorrectly interpreted the law which should allow for tax preparer regulations. They explained, “The District Court erred as a matter of law in holding that 31 U.S.C. § 330(a)(1) unambiguously foreclosed the Secretary of the Treasury from regulating the practice of tax-return preparers, and, accordingly, erred in declaring the tax-return preparer regulations invalid and enjoining their enforcement.”
April 1, 2013. The Government filed a Motion to Set Briefing Schedule and to Expedite Appeal. In the appeal they requested a May 17th deadline for appellee’s response brief and May 31, 2013 as the deadline for the Government’s reply brief. They also requested the earliest available date for oral argument.
April 5, 2013. Two Amici Cuiae, by interested parties outside the litigation, were filed. The first Amici Cuiae was filed by five former IRS Commissioners and attests that the Treasury should be empowered to regulate paid tax preparers. The brief explains, “Far from being a mere bookkeeper, a tax return preparer who advises and assists in preparing a tax return may be solely responsible for ‘presenting the case’ for the taxpayer’s eligibility for the benefits provided by crucial government programs administered through the tax system” as intended by Congress.
The second Amici Cuiae was filed by the National Consumer Law Center and National Community Tax Coalition which act as advocates for low-come citizens and taxpayers. They claim that these individuals have continually been victimized by incompetent tax preparers. Their brief included over 20 pages of violations by such preparers in attempts to demonstrate a clear need for testing and regulation.
For more information, please visit the official website of the National Association of Tax Professionals.
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Marketing on Steroids
For over 30 years Universal Accounting Center has trained financial professionals like. In all our years working with accountants, bookkeepers and tax preparers, we’ve come to understand that most don’t know how to promote their services to this niche market of small businesses.
We do! And not only do we know how to market those services, but we know which strategies and approaches will grow your business to the point where you will become so busy you may just have to start turning clients away – that or consider increasing your staff in order to increase your capacity (and your bottom line!).
To share this priceless information we developed the Universal Practice Builder Program, otherwise known as Marketing on Steroids. Here’s just a sampling of what you will gain from enrolling in this phenomenal program:
- A guarantee of $30,000 in new annualized billings in only 12 months
- The skills to become a Profit Expert for each of your clients
- 12 marketing strategies that you can implement immediately
- A process which can produce 15 to 25 qualified leads per month
- 3 months of coaching via telephone and Internet
- Training on a computerized database tracking program
- A presentation DVD to show potential clients
- Access to a plan proven to help retain clients
Sign up now for the Universal Practice Builder Program and grow a stronger, more lucrative business. Call us at 1-877-833-7909 to enroll now!
Recently the IRS released its annual list of “Dirty Dozen” tax scams in attempts to warn taxpayers of fraudulent activity that could cost them considerably if they are caught unaware.
IRS Acting Commissioner Steven T. Miller says, “This tax season, the IRS has stepped up its efforts to protect taxpayers from a wide range of schemes, including moving aggressively to combat identity theft and refund fraud.”
You should alert your clients to the 2013 list of Dirty Dozen tax scams which include the following six:
- Identity theft. These scams involve thieves looking to use a legitimate taxpayer’s personal information to file a fraudulent return and receive a refund. The IRS has an intense screening process that attempts to filter out fraudulent returns, and in 2012 they were able to prevent $20 billion in taxpayer refunds from going to identity thieves. For more information visit www.IRS.gov/identitytheft.
- Phishing. In this scam, individuals receive unsolicited emails or are lured to fake websites in attempts to get them to disclose personal and financial information. The IRS warns, “If you receive an unsolicited email that appears to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), report it by sending it to phishing@irs.gov.”
- Return preparer fraud. While the majority of tax preparers are honest and submit accurate and legitimate returns, some will overcharge with promises of helping clients secure extreme refunds.
- Hiding income offshore. Some US residents try to evade taxes by hiding income in offshore accounts. In the last few years, the IRS has taken extreme measures to root-out and pursue these individuals who, if discovered, will be required to pay exorbitant fines and face possible criminal persecution.
- “Free Money” from the IRS & Tax Scams Involving Social Security. Many scammers prey on low-income taxpayers with promises of free money in submitting returns that include little or no documentation. They also lure the elderly with promises of nonexistent Social Security refunds or rebates.
- Impersonation of Charitable Organizations. While this one didn’t make last year’s list, it’s an age-old scam that often occurs following significant natural disasters. These cons impersonate charities in order to get personal information from well-intentioned taxpayers. Tell your clients to weary of charities contacting them via phone or email to solicit money or financial data.
For more information and details on the final 6 scams, visit the official press release at IRS.gov.
Universal’s Training Programs are All Online
If you’re looking to launch or expand a business, we suggest you consider obtaining training designed to help you offer accounting, tax preparation and QuickBooks services. And Universal’s online training make that more convenient than ever, enabling you to enroll today and begin changing your career tomorrow. We offer 5 programs designed to make your business more profitable. To sample our online courses for free, visit Universal today!
Recently we posted an article updating you on the RTRP Court Ruling as of February 1st, 2013. The IRS continues to battle the ruling, attempting to advance its case as follows:
The IRS took advantage of its right to file an appeal within 60 days from the ruling, and on February 21st, 2013, the Department of Justice filed an appeal on their behalf, safeguarding the IRS’s right to fight the recent ruling on Living v. IRS, which could prevent the IRS from testing and regulating paid tax preparers.
Deputy Director of the Return Preparer Office, Preston Benoit, said that as a result of the injunction the IRS is currently unable to recognize nor endorse the RTRP credential. However, he also said there is nothing preventing tax professionals from displaying certification, although the IRS is not commenting on RTRP credential usage or the ongoing litigation. Speaking for the IRS, Benoit said they are trying to quickly resolve the matter and are considering instituting voluntary testing for those interested.
On February 26th, 2013, the Department of Justice, acting in behalf of the IRS yet again, filed a Government’s Motion for a Stay Pending Appeal. This motion is intended to reinstate the IRS’s testing and registration program for tax preparers during the appeals process. According to the NATP website, “The motion argues that the stay is in the best interest of the IRS, tax preparers and most importantly, taxpayers.” The motion states that “the greatest harm from the injunction will come in 2014, when the regulations meant to guard taxpayers from incompetent and unethical tax-return preparers are scheduled to become fully operational. The IRS estimates that fraud, abuse, and errors cost the taxpaying public billions of dollars annually.”
For more information, please visit the official website of the National Association of Tax Professionals.
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From DC to Texas and Canada to California—Universal travels the country providing free 3-hour seminars teaching the secrets to establishing a successful accounting and bookkeeping service. There you’ll learn how to enhance your service offerings while increasing your bottom lime! Look at our schedule and register for one of our seminars in a city near you. As attendee Dennis Shumway explained, “I have been involved in financial service for 20 years and have attended seminars all over the country. The quality of this class has been head and shoulders above any class that I have ever taken.”
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For over a year now the IRS has focused their efforts on locating and punishing criminals of identity theft and refund fraud. On February 7th, they announced the results of a national search for identity thieves in 32 states and Puerto Rico, the results of which they took action against 389 suspects.
The IRS Criminal Investigation will increase its efforts in 2013, expanding its team to include 1,460 more investigators. IRS Acting Commissioner Steven T. Miller explains, “As tax season begins this year, we want to be clear that there is a heavy price to pay for perpetrators of refund fraud and identity theft. We have aggressively stepped up our efforts to pursue and prevent refund fraud and identity theft, and we will continue to intensely focus on this area. This is part of a much wider effort underway for the 2013 tax season to stop fraud.”
This new effort includes increased enforcement actions against those found guilty of identity theft and refund fraud: recently there have been 109 arrests, 189 indictments and the issuing of 47 search warrants.
In addition to increased investigative and enforcement efforts, the IRS is also conducting a special compliance effort intended to prevent businesses from assisting identify thieves and refund frauds when cashing checks. This compliance check included IRS visits to high-risk areas in New York, Philadelphia, Atlanta, Tampa, Miami, Chicago, Houston, Phoenix, Los Angeles, San Diego, El Paso, Tucson, Birmingham, Detroit, San Francisco, Oakland and San Jose.
The IRS has also increased the number and quality of screening filters designed to flag fraudulent returns before refunds are sent. “We are strengthening our processing systems to watch for identity theft and detect refund fraud before it occurs,” Miller said. “And we continue to put more resources on helping people who are victims of identity theft and resolve these complex cases as quickly as possible.”
Taxpayers receiving identity theft notices should follow the instructions included. Taxpayers concerned about identity theft threats should contact the IRS immediately so they can take the necessary action to secure their accounts.
For more information, visit the official IRS site and read their recent press release on the identity theft crackdown.
Fine-Tune Your Tax Preparation Skills
Regardless of how extensive your past training, every financial professional needs to fine-tune their skills in order to maintain a competitive advantage and currency in an ever-changing field. Universal Accounting Center has made that easy.
Our Professional Tax Preparer program includes the following:
- Informative video instruction
- Full 1040 training
- Full business return (1065, 1120, 1120S) training
- One Year Follow-up Support from expert tax preparers
Most tax preparation courses include books and some worksheets. Our training uses engaging and entertaining tax preparers who give practical advice on tax issues; they also provide real-world solutions that will give you the edge in productivity and profitability.
Because the IRS has imposed stricter regulations on paid tax preparers, they have opened the door to a narrower margin of individuals willing to fulfill requirements which include additional training and required testing. Universal is an IRS-approved Continuing Education Provider, and the Professional Tax Preparer program will enable you to become proficient in tax preparation while helping you comply with IRS regulations. Call Universal at 1-877-833-7909 to enroll today!
Like most tax preparers, you may be confused by recent happenings regarding IRS tax preparer regulations and the Federal District Court. Here we’ll try to update you on the current standing of an injunction filed by the Court and how it impacts professional tax preparers.
On January 18, 2013, the United States District Court for the District of Columbia granted permanent injunction relief to the plaintiffs in the Sabina Loving, et. al. v. Internal Revenue Service, et. al. case. This resulted in a ruling which prevented the IRS from enforcing the registration of tax preparers. As a result, the IRS temporarily pulled down their registration and testing sites until the matter was sorted out.
On January 24, 2013, the IRS entered a request to suspend the injunction which bars them from regulating tax return preparers, arguing that the IRS has a “reasonable likelihood” of winning its appeal and that the public will suffer “irreparable harm” if the injunction isn’t suspended. The filing said the injunction will cause a “substantial disruption to tax administration” and “massive confusion” for both tax preparers and the public.
On February 1st, the Court filed a Memorandum Opinion and Order in which the injunction was modified, clarifying that the IRS would not have to suspend the PTIN program or shut down its testing and continuing education centers. The memo states that, for now, the IRS will still require tax preparers to obtain a PTIN, however, tax preparers are not required to pass the RTRP exam before doing so. Also, unless and until the injunction is stayed or vacated, tax-return preparers will not be required to pay testing or continuing education fees.
For now, this means the following for professional tax preparers:
- You are still required to obtain a PTIN when preparing taxes for compensation. You must renew your PTIN and use it when filing returns.
- Currently, if you try to schedule an exam, the dates appear full. As a result of the injunction modification, exam testing will likely open soon, however, tax preparers are not required to take the RTRP exam.
- If you are already scheduled to take the RTRP exam, you may either request a refund or wait to see if the exam will be reinstated.
- If you have already taken the exam and been awarded certification, you can continue to use the RTRP designation.
- Unless you are an EA, CPA or attorney, or are required by other state requirements, Continuing Professional Education (CPE) is no longer required for tax professionals.
- The IRS plans to appeal the injunction within the next 30 days which may change the details outlined here.
For more information, please visit the official website of the National Association of Tax Professionals.
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If you found this article helpful, consider taking advantage of our other free resources; join our free accounting and tax forums, follow us on Twitter and like us on FaceBook. You’ll be surprised at how Universal’s virtual community will enable you to stay in-the-know.
Tax season is upon us and for many tax preparers that means a hectic work schedule with long days and countless client consults. Regardless of your practice’s size, tax season can overwhelm even the most time efficient and well prepared.
In order to ensure a smoother tax season, Edward Mendlowitz, Journal of Accountancy contributor and author of Managing Your Tax Season , suggests 12 procedures that will help you rise above the chaos. Here we share 5 of Mendlowitz’s suggestions:
1. Schedule workflow. It’s important that you anticipate the number and complexity of returns you will be getting and schedule your staff and work days accordingly. You should also anticipate return reviews—who will be performing them and how long will they take? Mendlowitze suggests, “For corporate clients, schedule and prepare returns on a first-in, first-out basis. Call clients and work out times for them to submit information. …A two-week return policy can reduce the number of client calls, work in process, and scheduling problems, and can help speed up cash flow.”
2. Resolve bottlenecks and don’t let returns sit unattended. One of the best ways to improve tax-season efficiency is to examine your current procedures and resolve bottlenecks in order to streamline your process. Now is a good time to consider where returns get “stuck” and what you can do to ensure they don’t sit unattended. Often returns get side-tracked when clients must be contacted for information or verification. Don’t put off resolving these issues in order to move forward.
3. Bill client when return is ready. Mendlowitz explains, “Unbilled tax returns are considered inventory in process. The longer you have them, the less they are worth.”
4. Prepare estimated taxes for the current year when preparing an extension for a client. While the amounts are likely to change, completing this step will save you time in the long run, eliminating the need to remind yourself about the client’s position when estimated taxes are due. And as Mendlowitze says, “It also helps the client plan cash flow.”
5. Ensure effective use of technology. Sometimes purchasing new equipment can help you better manage tax data. Do you need scanning software to help reduce paperwork and improve workflow? Also, tax and accounting software can ensure a more efficient use of time, as long as you and your staff have been properly trained.
Sometimes a little foresight is all you need to ensure a smoother tax season. Try implementing these tips to see if that helps you better manage what might otherwise be a chaotic time of year.
Universal Accounting Center’s QuickBooks Training Can Help
In learning to optimize QuickBooks software, you’ll not only be able to ensure accurate tax returns in a more timely manner, but you can add an additional income stream to your tax practice. You’ll find clients in need of QuickBooks training and help services. You can charge $65 to $95 for your QuickBooks set-up and consultation services. And once your help people get started, who do you think they’ll come to for help? That’s right – YOU! That means you’ll develop a QuickBooks client base that will be more likely to also retain your tax services.
UAC’s Guide to QuickBooks Pro will teach you how to do the basic transactions, how to reconcile accounts, what the program does with its data, and a basic understanding of fundamental accounting principles. We have also included about 18 hours of bookkeeping instruction and a complete detailed presentation of QuickBooks fundamentals. Call Universal at 1-877-833-7909 to begin streamlining your work flow this season!
Resource
Mendlowitz, Edward. “Maximizing Tax Season Efficiency.” January 2011 Journal of Accountancy Online
Taxpayers have reason to be weary. When they trust their financials to tax preparers, they are often left feeling completely vulnerable, agreeing to take full responsibility for the numbers someone else is crunching. So it’s no wonder they ask a lot of questions. And not only that, but the larger business world is encouraging them to be more scrupulous.
In a recent Entrepreneur.com article, author Jane Porter suggests “10 Questions to Ask before Hiring a Tax Accountant.” Here we share five:
1. What kinds of clients do you work with? Porter advises business owners to ensure their tax preparer is familiar with their business type. Having experience with multiple industries, businesses and clients is key.
2. How do you bill your services? Every client will want an idea of how much this is going to cost them. Do you bill at a flat rate or do you charge by the hour? Regardless of your approach, a good business owner will ask for an estimate before retaining your services.
3. What tax program do you use? As Porter explains, “You shouldn’t choose accountants based on the tax program they use, but it’s a good detail to ask about.” While she doesn’t suggest one program over any other, she does point out that QuickBooks is the most commonly used small-business software, and selecting a tax preparer who uses that software will make it easier to transfer information between accountants and/or tax preparers, should the need arise
4. How often will we communicate about tax issues? Some clients will want more contact while others will desire less. It’s important that you establish clear expectations about the frequency and method of communication you assume with individual prospects.
5. Are you available year-round? ‘Yes, yes, and yes’ is the best possible answer. Most tax preparers are looking for a way to ensure year-round income, and becoming a business’s tax professional is a great way to accomplish that. Many businesses are also interested in finding a tax preparer who can perform double-duty by managing their accounting as well.
One of the best ways to secure a client is to ensure that you’ve answered all their questions satisfactorily. Being able to anticipate those questions and answer them honestly is crucial in developing a trusting relationship with a new prospect.
Small Business Accounting
Small business accounting is a valuable niche market. In fact, over 90% of accounting opportunities can be found in the small business arena. Universal Accounting Center (UAC) has been training professionals like you in small business accounting for over 30 years because they recognize what many do not; most universities and trade programs are teaching students corporate accounting which isn’t preparing them for the typical, real-world accounting experiences they will encounter.
Becoming a small business accountant doesn’t require years of your valuable time. UAC’s Professional Bookkeeper (PB) Program is not only reputable, but it’s self-paced, enabling a busy professional like you to take your time or complete the program quickly, in less than 60 hours.
Through this program, you will gain the confidence and skill necessary to start and manage nearly every client’s books, and when you have a question, our follow-up program enables you to call and ask one of our seasoned professionals.
Call 1-877-833-7909 to become the premier financial service provider your area!
Resource
Porter, Jane. “10 Questions to Ask Before Hiring a Tax Accountant.” 14 January 2013 Entrepreneur.com
Every year the National Taxpayer Advocate submits a report to Congress identifying the most significant issues encountered by taxpayers. On December 31st, Nina E. Olson (current National Taxpayer Advocate) released the year-end report which focuses on three main concerns: the need for tax reform, budget increases to aid the IRS in better serving taxpayers and collecting taxes, and a more diligent effort to assist victims of tax-related identity theft and return-preparer fraud.
In regards to tax reform, Olson noted compliance burdens and the magnitude of “tax expenditures” as key concerns. She also claimed that “Tax policy decisions and revenue decisions should be made separately and then married up.” Recommendations to improve this issue include two items, as noted in the IRS press release:
- Lay the groundwork for tax reform by holding meetings with constituents to discuss the complexity of the existing tax code and the trade-offs between tax rates and tax breaks that tax reform will require.
- Apply a “zero-based budgeting” approach to comprehensive tax reform that starts out with the assumption that all tax benefits will be eliminated and then adds a benefit back only if Members conclude that, on balance, the public policy benefits of providing that benefit through the tax code outweigh the complexity it imposes on taxpayers.
Recommendations for budget increases and the assistance for victims of identity theft were also provided.
Other “serious problems,” as detailed by the year-end report, include the following:
- The IRS’s failure to provide tax refunds to victims of preparer fraud.
- The IRS’s extraordinarily high audit rate of taxpayers who claim the adoption tax credit.
- The IRS’s Offshore Voluntary Disclosure program and their failure to distinguish adequately between “bad actors” and “benign actors.”
A detailed summary of this report can be found on the official IRS website.
The National Taxpayer Advocate submits two annual reports to the House Committee on Ways and Means and the Senate Committee on Finance. The first report is due every year at the end of June and must detail the TAS’s objectives for the upcoming fiscal year. The second report is due on December 31st, and, in addition to other requirements, must identify 20 of the most serious problems encountered by taxpayers.
UAC’s Training Programs Will Help You Gain That Competitive Edge
Universal Accounting Center offers the best accounting, bookkeeping and tax training available. Consider growing your tax preparation business by offering additional services to potential clients, like accounting.
Most of your competitors don’t offer specialized small-business accounting services. But after completing the Professional Bookkeeper (PB) program, you can! Consider a training program that is catered to your needs and busy schedule—one that will enable you to earn a professional designation after just 60 hours of your valuable time.
When you enroll in the Professional Bookkeeper Program you receive to the following:
- Flexible training you complete on your own schedule
- Rich and engaging training DVDs you can view again and again
- Hands-on instruction and practice sets through which you gain much-needed experience
- Training in building and marketing your new practice
- 6 months of valuable follow-up support
- The opportunity to earn professional certification
- Our iron-clad risk-free guarantee
Expand your service offerings by enrolling in UAC’s valuable training programs. Call 1-877-833-7909 to enroll today!
Resource
–. “National Taxpayer Advocate Delivers Annual Report to Congress: Focuses on Tax Reform, IRS Funding, and Identity Theft.” 9 January 2013 IRS.gov
Complying with IRS Regulations
When you begin the search for employees, you must ensure that you complete all the necessary documentation in order to comply with IRS regulations. The following are three tasks you must complete before adding someone to your payroll:
1. Ensure Eligibility to Work in the US. To verify an employee’s ability to work in the United States, require him/her to fill out IRS Form I-9, Employment Eligibility Verification. This government form, provided by the office of US Citizenship and Immigration Services, enables employers to determine whether an individual is authorized to work in the states.
2. Secure Social Security Number. In order to complete the W-2 form, you must secure each employee’s name and social security number (SSN). You can make a copy of the card for your own records, although this documentation is not required. The IRS website offers the following clarification: “Do not accept an ITIN in place of an SSN for employee identification or for work. An ITIN is only available to resident and nonresident aliens who are not eligible for U.S. employment and need identification for other tax purposes. You can identify an ITIN because it is a 9-digit number, beginning with the number “9″ and is formatted like an SSN (NNN-NN-NNN).”
3. Determine Employee’s Withholding. Each employee must submit a W-4 form, Employee’s Withholding Allowance Certificate, which you must keep on file. This is where employees state their filing status and withholding allowances which determine the amount of income tax withholding from their paychecks. The submitted form remains on file until the employee replaces it with an updated W-4. As declared by the IRS, “If employees claim exemption from income tax withholding, they must give you a new Form W-4 each year.” The W-4 becomes effective with the first wage payment following form submission.
While you may be aware of these regulations, your clients may not be, and failure to comply can cost them in the long-run. Consider providing them with a tip sheet that notes these three tasks, or refer them to the IRS website for more information.
Universal’s IRS-Approved Tax Training Will Help Meet IRS Regulations
Universal Accounting recently announced its approval as an IRS Continuing Education Provider, enabling individuals desiring to become Registered Tax Return Preparers to fulfill their CE requirements through Universal’s self-study and online tax courses.
The IRS oversees the approval of all CE providers. Because Universal’s tax training was already recognized as a sponsor of Quality Assurance Service (QAS) self-study courses after meeting the National Association of State Boards of Accountancy’s (NASBA) rigorous standards, the Professional Tax Preparer program was easily adopted by the IRS. Universal is happy to join the ranks of IRS-approved Continuing Education Providers and is confident that their tax training will enable countless graduates to advance their careers in the finance industry.
If you would like to learn how the Professional Tax Program can enhance your career, call Universal Accounting at 1-877-833-7909.
Every year the National Taxpayer Advocate submits a report to Congress identifying significant tax issues the TAS (Tax Advocate Service) will focus on in the upcoming fiscal year. On June 27, Nina E. Olson (current National Taxpayer Advocate) released the mid-year report expressing particular concern about the “taxpayer impact of expired and expiring tax provisions, the rise in tax fraud and tax-related identity theft and attempts to limit the National Taxpayer Advocate’s input on issues that affect taxpayer rights and taxpayer burden via ‘Taxpayer Assistance Orders’ and ‘Taxpayer Advocate Directives’.”
A detailed summary of this report can be found on the official IRS website.
The National Taxpayer Advocate submits two annual reports to the House Committee on Ways and Means and the Senate Committee on Finance. The first report is due every year about this time and must detail the TAS’s objectives for the upcoming year. The second report is due on December 31st, in addition to other requirements, must identify 20 of the most serious problems encountered by taxpayers.
Other areas of focus, as detailed by the mid-year report, include the following:
- The IRS’s increasing use of automated examination and other tax adjustment procedures, which limit opportunities for taxpayers to interact directly with an IRS employee and often do not provide the taxpayer rights protections traditionally associated with audits.
- The impact of the IRS’s crackdown on persons with offshore accounts, which often subjects individuals who were not engaged in tax evasion to draconian penalties, and the related issue of modifying the terms of the Offshore Voluntary Disclosure Program so that individuals who made honest mistakes can correct them without fear of excessive penalties.
- Collaborating with the IRS to improve taxpayer service options for international taxpayers to help alleviate their compliance challenges.
- Examining the application and taxpayer impact of the IRS’s new “fresh start” initiative, which is designed to allow financially struggling taxpayers to remain in or come into compliance based on their ability to pay.
- Improving coordination with the IRS and other government agencies to protect taxpayer rights and minimize taxpayer burden. In recent years, the Taxpayer Advocate Service has been asked to assist taxpayers who had been clients of several tax-resolution or tax-preparation firms that were sued by government entities, including the Law Firm of Roni L. Deutch, Mo’ Money Taxes, and Taxmasters; taxpayers who received disaster-related assistance overpayments from the Federal Emergency Management Agency; and taxpayers who received payments from the U.S. Department of Agriculture in settlement of discrimination claims.
Universal’s IRS-Approved Tax Training Will Help Meet IRS Regulations
Universal Accounting recently announced its approval as an IRS Continuing Education Provider, enabling individuals desiring to become Registered Tax Return Preparers to fulfill their CE requirements through Universal’s self-study and online tax courses.
The IRS oversees the approval of all CE providers. Because Universal’s tax training was already recognized as a sponsor of Quality Assurance Service (QAS) self-study courses, after meeting the National Association of State Boards of Accountancy’s (NASBA) rigorous standards, the Professional Tax Preparer program was easily adopted by the IRS. Universal is happy to join the ranks of IRS-approved Continuing Education Providers and is confident that their tax training will enable countless graduates to advance their careers in the finance industry.
If you would like to learn how the Professional Tax Program can enhance your career, call Universal Accounting at 1-877-833-7909.
Universal has been updating our readers on the IRS’s fight against the February RTRP court ruling that could potentially prevent the IRS from testing and regulating paid tax preparers. The Department of Justice, in behalf of the IRS, filed a Stay Pending Appeal on February 26th, 2013 which, if approved, would reinstate the regulations throughout the appeals process. The following events have since transpired:
