Careful planning is required to complete all the steps for establishing a tax practice. New regulations require compensated tax preparers to follow specific procedures. The new process applies to any
The Internal Revenue Service has issued revisions to Circular 230, which governs the practices and standards of tax professionals. One of the changes addresses how the regulations now cover a “regis
Employers cannot avoid their responsibility for deducting employment taxes from wages by simply declaring employees as contract labor. An employment contract cannot exempt employees from payroll tax d
Tax code references to “trust fund liabilities” are taxes withheld from employee paychecks by an employer. These taxes are assessed on employees but are collected and remitted by employers. Failur
The Internal Revenue Service issues a CP2000 notice when proposing changes to a tax return that result in an increase of tax owed. This is typically triggered by information reported to the IRS about
Individuals possessing the designation of Chartered Financial Consultant® (ChFC) signify their completion of a program focused on comprehensive financial planning. The ChFC program provides an organi
Each state has varying guidelines for continuing professional education (CPE) credit hours, which are administered by state boards of accountancy. It is important that a practitioner refer to the re
If you prepare substantial elements of tax returns or refund requests, be prepared to start paying annual fees for registration with the Internal Revenue Service and attending required continuing educ
Enrolled Agents with the Internal Revenue Service are required to meet continuing professional education requirements that are reported annually. In order to maintain the EA certification, enrolled
The registration of tax preparers by the California Tax Education Council includes a requirement for CTEC continuing education. The CTEC intends to conform its requirement for 20 hours of annual CTEC
