A year ago the IRS put into place a program to regulate through testing the practice of fee based tax preparation. This program known as Registered Tax Return Preparer (RTRP) was blocked by court injunction this year after three unregulated, unlicensed tax preparers brought suit. CPAs and Attorneys can practice before the IRS and Enrolled Agents are also entitled though they must pass an extensive 3-part exam and pay a fee for that privilege. In California there is CTEC which is a council set up to regulate California Tax Preparers. However, in most states there are no such regulations and anyone can prepare taxes for fee. The IRS is pursuing via an appeals court to have the RTRP reinstated. Do you think that all Tax Preparers should be brought under this set of regulations, or is it buyer beware when having your taxes done? LB
Many of you may have seen the latest release of QuickBooks 2013 and have been saying to yourself, “Do I really need the newest version? How different can it possibly be?” The answer is definitely yes! There have been several notable upgrades to the new release, including customer interaction to streamline correspondences with clients and the editing features to aid in the correcting of several transactions at one time. If you have previously upgraded to 2013, visually, you may not notice a difference. However, if you have QuickBooks 2012 or older, hold on to your seat! You cannot help but to be impressed with the upgrades. To learn about more features or to receive assistance in deciding if the upgrade is best for you, be sure to speak with a qualified QuickBooks ProAdvisor. - LR
The new IRS Revenue Procedure 2013-34 streamlines the determinations for granting equitable relief to an "innocent" spouse where there is an understatement or an underpayment of income tax reported on a joint return, or the operation of community property law. Section 4.03 provides a list of factors for consideration in determining whether relief should be granted. For more information call our office at (916) 259-2828. -LW
Welcome to theLATESTBUZZ, a BakerWallen Tax Services, Income Tax, Bookkeeping & Payroll BLOG!
We will be posting current items of interest that may impact your income taxes, your business and how you can optimize your tax liabilities while staying in compliance with current tax and business obligations. Your insights and comments into these postings are graciously welcomed!
Larry Baker, Enrolled Agent