Category: Tax Preparation

You have probably heard the daunting news before: roughly 50% of new businesses fail within the first five years of operation.  If you’ve ever considered launching your own practice, that statistic has probably given you pause.  However, there are tangible things you can do to avoid the most common mistakes made by entrepreneurs. In a […]

6 Steps for Turning Prospective Clients into Current Clients You’ve made a good first impression and now you want to deliver your sales pitch and seal the deal. That may be easier said than done. But when you attend to the client’s needs and follow 6 simple steps, it can happen, and quite possibly, before […]

Grow Your Business with Gratitude  In a week we’ll be celebrating the holiday that focuses on gratitude.  And in these current times of economic turmoil it can be difficult to determine exactly what we have to be grateful for.  But as Buddha once said, “Let us rise up and be thankful, for if we didn’t […]

Increasing Traffic to Your Website A blog can be an effective marketing tool, especially when used in conjunction with your business website.  However, once you’ve established your blog it can be difficult to increase traffic.  Here we suggest 3 tips to build your brand and your readership by guest blogging: 1. Build relationships with fellow […]

The Information Reporting Program Advisory Committee (IRPAC) is a federal advisory committee that, using public forums, gathers information regarding IRS reporting issues.  Members of the committee come from a cross-section of individuals from the professional community, including tax professionals, financial institutions, small and large businesses, universities and colleges, and securities and payroll firms. Once a […]

In attempts to better educate tax payers, the IRS has recently released a new video series on the IRS YouTube channel, featuring Commissioner John Koskinen discussing Affordable Care Act provisions that will impact 2014 tax returns: the premium tax credit and the individual shared responsibility provisions. In one of the videos, Koskinen details how the […]

On October 1st the IRS announced the availability of online seminars filmed at the 2014 IRS Nationwide Tax Forums.  Tax professionals can register for these self-study seminars and receive continuing professional education credits. These 14 seminars can be accessed at the IRS Nationwide Tax Forums Online (NTFO) and cover the following topics: Highlights of the […]

The IRS, in addition to being a somewhat ominous government agency which exacts compliance and accuracy, also provides taxpayers with resources designed to simplify the tax reporting process.  As a tax preparer, you should be aware of these resources and not only share them with clients but utilize them yourself.  Here are just a few […]

PTIN Renewal If you’re a paid tax preparer and haven’t already done so, now is the time to submit applications and renewals for your PTIN.  The IRS recently released information, including an audio troubleshooting video, designed to help tax professionals complete this important requirement with little time and energy. It can be accomplished by completing […]

On September 24th, the IRS issued a press release warning financial institutions of scams designed to steal FATCA-related account data.  Scam artists posing as the IRS have fraudulently requested Foreign Account Tax Compliance Act (FACTA) holder identity and financial account information.  The press release emphasizes that the IRS does not require institutions to provide such […]

Submitted by: Ankur Kholsa-Gandhi Small Business Specialist Paychex On June 25, 2015, the United States Supreme Court rendered a decision in the King v. Burwell case, stating that premium tax credits ARE allowed for eligible individuals who sign up for health insurance coverage through federal as well as state health insurance marketplaces. With the ruling, […]

Every year the National Taxpayer Advocate submits a report to Congress identifying the most significant issues encountered by taxpayers.  On January 14th, 2015, National Taxpayer Advocate Nina E. Olson released the 2015 annual report which expresses concern that taxpayers will experience the worst service since 2001 when the IRS implemented its current performance measures.  In […]