The whole tax return landscape is changing. Big things are happening to protect the average taxpayer from shoddy tax return preparers.
Until 2011, there was no regulation of unlicensed tax return preparers. Anybody could wake up in the morning and decide to do
taxes for money. At the same time the government subjected Certified Public Accountants, Attorneys, Enrolled Agents, Enrolled Actuaries, Enrolled Retirement Plan Agents, and Appraisers were to strict regulation via Circular 230; licensed tax preparers could face severe penalties and lose their licenses for if convicted of certain kinds of crimes, if they did not file their taxes, if they gave marginal tax returns or gave bad advice. That has changed. Now the IRS will regulate all tax return preparers.
Go for the real tax thing, use an EA.
July 23rd, 2011Using an FSA to pay for OTC drugs? Get a prescription
July 21st, 2011The Affordable Care Act changed the way FSAs, HRAs, MSAs & HSAs handle reimbursement for over-the-counter (OTC) drugs; after December 31, 2010 you can no longer use these accounts to pay for OTC drugs without a prescription. The IRS will only allow prescribed medicines or drugs (including prescribed OTC medicines and drugs) and insulin (even if purchased without a prescription) as qualifying medical expenses subject to preferred tax treatment. Read the rest of this entry »
Get The Receipt From The Charity In Writing Now
July 10th, 2011Do you remember when you could estimate the amount of a certain amount of giving to a charity without having a lot of documentation? “I estimate I dropped $20 to the Salvation Army kettle, and another $5 per week to the church collection, plus donated some clothes and other items valued at around $50… call it $330.” Those days are long gone. Read the rest of this entry »
E-Verify Overview: Which States? How To?
June 27th, 2011Are you hiring new employees? If you live in Arizona, Colorado, Georgia, Idaho, Minnesota, Missouri, Mississippi North Carolina, Nebraska, Oklahoma, Rhode Island, South Carolina, Tennessee, Utah or Virginia you are required to use e-verify as part of your hiring process. In addition Arkansas, Hawaii, Iowa, Illinois, Michigan, New Hampshire, Nevada, Pennsylvania, Texas, Washington and West Virginia have pending e-verify legislation. The US Supreme Court recently upheld Arizona’s law, which imposes harsh penalties on Arizona employers who knowingly hire undocumented workers [Chamber of Commerce v. Whiting No. 09–115], so there is no longer a question of whether or not you should if your state requires it. Read the rest of this entry »
