TAX NEWS
Recent IRS News
View timely, IRS news stories below.New Tool Available on IRS Website to Help Taxpayers Who Have to Repay Their First-Time Homebuyer Credit
IRS Tax Tip 2012-22 - The IRS has a tool to help people who have to repay their First-Time Homebuyer Credit. Reminder letters will no longer be mailed to taxpayers who have to repay the credit but you can now use an online lookup tool on the IRS website to check your repayment obligation.
Access the First Time Homebuyer Credit Account Look-up Tool here.
EITC Due Diligence IRS Webinar
Avoid penalties and learn the new requirements for meeting your EITC Due Diligence. View the IRS webinar now available 24/7.
PTIN Renewal Open Season Now Available
Open season for PTIN renewals has begun. If you will be preparing tax returns for compensation in 2012, you need to renew your PTIN before next year. Before you begin the renewal process, be sure to review the checklist of information and documents you will need in order to complete your PTIN renewal.
EITC Due Diligence Penalty Increased
The EITC due diligence penalty is jumping from $100 to $500 on returns filed after Dec. 31, 2011. Learn how to meet the requirements and avoid penalties with the online EITC Due Diligence training module.
IRS Begins PTIN Renewals for 2012 Filing Season
IR-2011-105, Oct. 20, 2011 - WASHINGTON —The Internal Revenue Service today announced that the nation’s 738,000 tax return preparers who have Preparer Tax Identification Numbers (PTINs) can now renew their PTINs for the 2012 filing season.
IRS Urges Tax Professionals to Prepare Now for New e-File Rules
IR-2011-100, Oct. 12, 2011 — WASHINGTON — The Internal Revenue Service today advised tax professionals and tax firms that do not have Electronic Filing Identification Numbers (EFINs) to start the process to obtain EFINs now so they can meet new e-file requirements for 2012.
EITC Paid Preparer Compliance Program Expanded, More Proactive
EITC compliance has new tiers of outreach, education and compliance, covering a broader base of new and experienced preparers, for earlier error prevention.
IRS Releases Specifications for Registered Tax Return Preparer Test
IR-2011-89, Sept. 6, 2011 - WASHINGTON — The Internal Revenue Service today released the specifications for the competency test individuals must pass to become a Registered Tax Return Preparer.