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Dear Tax Professionals:
There are some proposed changes coming for the next tax season that will affect many of you. Here at Ultimate Tax Service we strive to make sure that you are informed and have plenty of time to take the necessary steps to have a successful business. In June of 2009 the IRS did a review of tax return preparers and in December of 2009 published a report with their findings. In this report, it was recommended that all tax preparers will need to meet eligibility standards. These standards will include testing, continuing education and tax compliance checks. The new regulations will require that everyone will need to apply for and obtain a preparer tax identification number (PTIN). This number will need to be used on all tax returns that are signed by you. Even those who already have a PTIN will be required to register under the new system. The identification number will need to be included on returns filed electronically as well as paper. The number may need to be renewed every three years and could have a fee associated with getting your PTIN. This change will be possibly be effective on all tax returns filed after December 31, 2010. In the near future, preparers will be required to electronically file returns, unless they will be filing 10 or fewer returns. It is important that those who do not already have an electronic filling identification number (EFIN) to start the process soon. The main goal in these changes is to enable the IRS to be able to quickly and accurately identify tax preparers and monitor their tax preparer activities. The role of the tax preparer goes beyond just preparing a tax return. The preparer is responsible for explaining tax laws, advising the taxpayer and providing guidance to save the taxpayer costly mistakes in the future. The IRS must make sure that all tax preparers are competent and able to interpret the laws. Ultimate Tax Service will be watching this proposal very closely, and will make sure all of you have up to date information as soon as it is available. Please make sure that you are watching our website and looking for emails from Ultimate Tax Service as we keep you informed. We want to make sure that you have everything you need when the 2010 tax season begins. If you have any questions give us a call.
Click here to return to ultimatetaxservice.com
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