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Tax Preparer Regulation by IRS

 

How Bad is Tax Identity Theft?

By Tim Frye

Tax identity theft is truly an insidious and pervasive problem in our modern day environment.  In 2013 the IRS was able to stultify up to around $25 Billion worth of fraudulently filed tax returns.  The other side of that coin is that same year the government dolled out and exhorbitant $5.2 Billion to non deserving recipients.  With the advent of electronic filing coupled with IRS policy of passing out tax refunds as fast as possible, there are certainly not as many avenues to vet the tax return before the money is sent.  So althougth this is extremely convienient for the law abiding taxpayer, it backfires in that it also makes it much easier  for tax identity thefts to get a refund using somebody else's Social Security Number.  This article will take a look at the growing tax identity theft epidemic and discuss preventative measures that can be taken to halt fraudulent tax returns being filed. 

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The Earned income Credit

By Tim Frye

The Earned Income Tax Credit is one of the government's most potent tools that fight poverty and encourage people to work as well.  Essentially the program dolls out cash to low-income employees to supplement their wages and boos their quality of living.  It is issued at the end of the year in the form of a tax credit.  The credit can add up to as much as $6,000 a year to families with three plus children.  Another peripheral effect of the implementation of the EIC is that it offsets rising Social Security taxes and the erosion of minimum wage from inflation in previous years.  The EIC is a vital adjuvant to the overall tax benefits program.  Let's take a look at the EIC and it's pros and cons.

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IRS Sending Out "Warning" Letters to Tax Preparers

It is never a good feeling when you receive mail from the Internal Revenue Service (except, of course, when it's a refund check). Yesterday, one of our tax preparers here at Pronto arrived home to an IRS letter from the IRS essentially saying that this tax preparer needs to "watch out" when filing Schedule A, Itemized Deductions. Click "read more" to find out more about these IRS letters that are going out to "at-risk" tax preparers.

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