Recently the IRS sent warning letters to approximately 100,000 paid tax preparers who submitted returns without complying with new regulations requiring them to obtain PTINs. The letters informed preparers how to register for a PTIN, renew an old PTIN and where to go for further assistance.
IRS Commissioner Doug Shulman explains, “The vast majority of federal tax return preparers complied with the rules. Obviously, some preparers did not get the word, so these letters provide additional information so they can register as soon as possible. We owe it to the compliant tax preparers to make sure that everyone is on a level playing field.”
While over 700,000 tax preparers did register and secure PTINs, the IRS is serious about the new oversight program which is designed to better regulate the tax industry, specifically paid tax preparers.
The IRS also expressed concern over those preparers who are acting as consultants or “ghost preparers,” completing the tax forms but refusing to sign them. The IRS will be sending letters to taxpayers they suspect may have retained the services of such tax preparers, urging them to file official complaints with the IRS regarding these noncompliant tax preparers.
While this may seem daunting to preparers who have not yet meet IRS regulations, this presents a unique opportunity to contract accountants and bookkeepers who may be interested in growing their practices by adding tax preparation services to their offerings.
The Professional Tax Preparer Program
Tax professionals charge 100 + an hour providing planning and preparation services to clients. And once you add tax services to your menu, you increase the value of your business by become a one-stop financial shop! Many of the clients who find your accounting services valuable will also come to you for their tax needs. And those who are attracted by your tax services may enlist your help with their accounting.
Our online tax training, the Professional Tax Preparer Program, will enable you to help your clients save enough money in taxes to more than cover your fees. The modules in this course include:
1. Establishing the Tax Foundation. Learn the entire process for determining income and adjustments to income, which will factor into the Adjusted Gross Income.
2. Becoming the 1040 Expert. Learn more about the necessary background information and forms that are required for Form 1040, Page 2. Also learn about the adjustments that can be made to gross income, including credits that are allowed and different types of deductions and exemptions that can be taken against that adjust gross income number.
3. Profitable Business Returns. You will be introduced to the world of business organizations and their tax concerns.
4. Building Your Successful Tax Practice. Get a head start in creating and running your own tax preparation service. You will find yourself light years ahead of the competition as you put these strategies into play.
When you enroll in the Professional Tax Preparer Program you will be prepared to meet these new IRS regulations and gain a competitive advantage over all those individuals who are currently struggling with compliance. Build your home-based tax practice by calling Universal at 877-833-7909 to learn more.