- Written by: Johnny McEntyre - NTS
- Category: Latest News
IR-2023-17, January 31, 2023
WASHINGTON — To help taxpayers navigate the beginning of the tax filing season, the Internal Revenue Service today offered a checklist of reminders for people as they prepare to file their 2022 tax returns.
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Read more: Key points to keep in mind when filing 2022 tax returns
- Written by: Johnny McEntyre - NTS
- Category: Latest News
IR-2023-12, January 24, 2023
WASHINGTON — The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question and report all digital asset-related income when they file their 2022 federal income tax return, as they did for fiscal year 2021. The term "digital assets" has replaced "virtual currencies," a term used in previous years.
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- Written by: Johnny McEntyre - NTS
- Category: Latest News
IR-2023-11, January 23, 2023
WASHINGTON — The Internal Revenue Service kicked off the 2023 tax filing season with a focus on improving service and a reminder to taxpayers to file electronically with direct deposit to speed refunds and avoid delays.
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Read more: IRS kicks off 2023 tax filing season with returns due April 18
- Written by: Johnny McEntyre - NTS
- Category: Latest News
IR-2023-16, January 27, 2023
WASHINGTON – The Internal Revenue Service and partners nationwide today kicked off their Earned Income Tax Credit Awareness Day outreach campaign to help millions of Americans who earned $59,187 or less last year take advantage of the Earned Income Tax Credit (EITC).
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- Written by: Johnny McEntyre - NTS
- Category: Latest News
R-2023-13, January 24, 2023
WASHINGTON —The Internal Revenue Service today reminded taxpayers to choose a tax return preparer with care. Even though most tax return preparers provide honest, quality service, some may cause harm through fraud, identity theft and other scams.
When hiring an individual or firm to prepare a tax return, filers need to understand who they're choosing and what important questions to ask.
A taxpayer's needs will determine which kind of preparer is best for them. Whether taxpayers regularly use a tax professional to help them file a tax return or have decided to work with one for the first time, choosing a tax professional carefully is important. Taxpayers are ultimately responsible for all the information on their income tax return, regardless of who prepares the return.
When choosing a tax professional, the IRS urges taxpayers to visit IRS.gov. TheChoosing a Tax Professionalpage has information about tax return preparercredentials and qualifications. TheIRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications can help identify many preparers by type of credential or qualification.
Tips for selecting a tax return preparer
Here are a few tips to consider when choosing a tax return preparer:
- Look for a preparer who's available year-round. If questions come up about a tax return, taxpayers may need to contact the preparer after the filing season is over.
- Review the preparer's history. Check the Better Business Bureau website for information about the preparer. Look for disciplinary actions and the license status for credentialed preparers. For CPAs, check the State Board of Accountancy's website, and for attorneys check with the State Bar Association. For enrolled agents go to Verify the Status of an Enrolled Agent or check the IRS Directory of Federal Tax Return Preparers.
- Ask about service fees. Taxpayers should avoid tax return preparers who base their fees on a percentage of the refund or who offer to deposit all or part of the refund into their own financial accounts. Be wary of tax return preparers who claim they can get larger refunds than their competitors.
- Ensure their preparer offers IRS e-file. The IRS issues most refunds in fewer than 21 days for taxpayers who file electronically and choose direct deposit.
- Provide records and receipts. Good preparers ask to see these documents. They'll also ask questions to determine the client's total income, deductions, tax credits and other items. Do not hire a preparer who e-files a tax return using a pay stub instead of a Form W-2. This is against IRS e-file rules.
- Understand the preparer's credentials and qualifications. Attorneys, CPAs and enrolled agents can represent any client before the IRS in any situation. Annual Filing Season Program participants may represent taxpayers in limited situations if they prepared and signed the tax return.
- Never sign a blank or incomplete return. Taxpayers are responsible for filing a complete and correct tax return.
- Review the tax return before signing it. Be sure to ask questions if something is not clear or appears inaccurate. Any refund should go directly to the taxpayer – not into the preparer's bank account. Review the routing and bank account number on the completed return and make sure it's accurate.
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