The IRS announced that the 2014 tax season opens on January 31st and ends on April 15th. This start day comes one day later than the opening day last year, partly to give the IRS more time to program and test a new tax processing system.
IRS Acting Commissioner Danny Werfel explained, “Our teams have been working hard throughout the fall to prepare for the upcoming tax season. The late January opening gives us enough time to get things right with our programming, testing and systems validation. It’s a complex process, and our bottom-line goal is to provide a smooth filing and refund process for the nation’s taxpayers.”
In anticipation of the upcoming tax season, the IRS made two additional announcements:
1. Paid tax preparers must renew their PTINs for 2014. Current PTINs expired on December 31, 2013, so tax preparers intending to complete and file returns for clients must renew their PTINs for a $63 fee. Those obtaining PTINs for the first time must create an online account, and their total cost is $64.25.
2. The IRS published a new guide to help taxpayers with their 2013 taxes. According to the IRS website, “Publication 17, Your Federal Income Tax, features details on taking advantage of a wide range of tax-saving opportunities, such as the American Opportunity Tax Credit for parents and college students, and the Child Tax Credit and Earned Income Tax Credit for low- and moderate-income workers. It also features a rundown on tax changes for 2013 including information on revised tax rates and new limits on various tax benefits for some taxpayers.” Publication 17 has been published every year since 1940.
Ensure Your Creditability as a Tax Professional
Tax preparation is a viable and lucrative career path. Universal’s tax training will help you acquire the expertise you need. UA’s Professional Tax Preparer (PTP) program will not only help you earn a professional designation, but you could receive up to 60 CPE credits, depending on the number of modules you complete.
The four models include the following:
1. Establishing the Tax Foundation. Learn the entire process for determining income and adjustments to income, which will factor into the Adjusted Gross Income. In fact, you’ll cover all the information necessary to prepare Page One of Form 1040.
2. Becoming the 1040 Expert. This module deals with background information and forms that go into the 1040, Page 2. We also discuss all 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. Here we introduce you to the world of business organizations and their tax concerns. This module is a practical companion to Module 2, as it give you experience in completing each of the schedules and forms common to business organizations.
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.
Hone your skills and earn a designation as a Professional Tax Preparer. Call Universal Accounting at 1-877-833-7909 to enroll today.