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President's Letter
The summer heat is cranking up and so is the TaxSlayer Pro staff as we work to
get the 2010-2011 Tax Program ready for the upcoming tax season. We appreciate
everyone that replied to the TaxSlayer Pro Survey this past spring. As you know,
we use the survey results as a means of determining enhancements for the
upcoming tax software. Sincerely,
Jimmy Rhodes
Ahhhh, the lazy days of summer! But don't spend ALL your time on leisure
activities- use TaxSlayer Books to stay on top of your bookkeeping duties and
reap the benefits now and later!
Note to TaxSlayer Books 2010 users-Get your FREE update
with revised 941 and provisions of the recently enacted HIRE Act! Just open your
TaxSlayer Books program and before opening any company file, go to File and Get
Update. After connecting to the internet, the latest version of the 2010 program
will be downloaded and you'll be up to date in no time! And be on the lookout
for exciting news about our NEW ONLINE 2011 program currently in development- to
be released in the Fall! More to come soon.
Bank Products Face Uncertainty
Wow! What is happening in the bank products industry? Over
the last year, both the OCC and FDIC have been putting pressure on the banking
industry with regards to tax-related products. This has led to tougher scrutiny
on banks and their relationships with ERO's. Productos de Banco enfrentan a la incertidumbre Wow. ¿Que está ocurriendo en la industria de productos bancaria? Durante el último año tanto la OCC y la FDIC ha estado poniendo presión sobre el sector bancario en lo que respecta al sobre productos relacionados con impuesto. Esto ha llevado a más duro control sobre los bancos y sus relaciones con ERO. La aprobación de ERO se enfrentan nuevas y más estrictas directrices que la temporada pasada. También la temporada pasada, miles de ERO se limita a ofrecer productos bancarios sin la posibilidad de ofrecer préstamos de reembolso anticipado. Entonces, como si las cosas no estuvieran lo suficientemente malo, el 28 de abril, JP Morgan Chase & Co anunció su salida del la industria de productos sobre impuesto. Su partida ha dejado a miles de ERO, sin un banco y ha ejercido una presión definitiva sobre los demás bancos para manejar la capacidad.¿Qué sigue? La industria de impuestos espera con impaciencia un anuncio programado julio de Mark Ernst, Comisionado Adjunto del IRS. El Sr. Ernst va a informar sobre las decisiones tomadas por un grupo de trabajo interno del gobierno sobre productos bancarios. Esperamos una valiosa guía que provendrá de este anuncio para la industria de productos bancarios para avanzar con más claridad. Con toda la incertidumbre en la industria de productos bancarios, una pieza de seguridad prevalece: Los días de espera hasta diciembre para comprar software y solicitar la aprobación del banco se han ido. Ahora es más importante que nunca para comprar software y obtener la aprobación del banco tan pronto como sea posible. The 2009 tax season was the first of a three year phase for the IRS 1040 modernized e-file platform. TaxSlayer Pro spent a lot of our development hours in making sure that we were able to support the new IRS platform from the first day that it became available. We were successful in that effort and were one of only four developers to initially participate. There are twelve states that have developed their modernized processing systems that participated during the 2009 tax season. This summer, we have continued to lead the industry in developing the additional states that are ready to participate in the modernized platform. While modernized e-file has taken a significant amount of our efforts, we have also focused on making changes to the software that will make you and your office even more efficient for 2010. We have added an area in the ‘File’ menu that lists your most recently accessed ten returns so you can quickly get back into a return. We have also streamlined the RAL check printing process to make reprinting checks easier and more efficient. There is a new look and feel to the Message Center to help keep you up-to-date of all important news and information. A configuration "Jump to" menu has also been added for easier access to the most widely used configuration settings. We have also added the 990PF to the Business package as well as the Philadelphia BPT and NPT returns. If you have purchased the Premium product, you will find it easier to scan documents into PaperCut prior to starting the client’s tax return. This year, the Premium product also allows you to print your client organizers to pdf for emailing purposes. Another great new feature for the Premium product is the addition of support for digital signature pads. Now you and your clients can electronically sign the bank applications as well as the 8879. We look forward to releasing the 2010 TaxSlayer Pro software in early December and are confident you will appreciate all of this years enhancements.
Recently Congress approved a federal e-file mandate for tax
return preparers, based on recommendations from the IRS, the Treasury Inspector
General for Tax Administration and the Electronic Tax Administration Advisory
Council. The new Federal E-file Mandate will be phased in over a two year
period. The new mandate states:
• As of January 1, 2011, anyone who anticipates preparing 100 or more federal individual or trust tax returns during the year must e-file. • As of January 1, 2012, anyone who anticipates preparing 11 or more federal individual or trust tax returns during the year must e-file. In order to e-file, you must have an active EFIN. Per the IRS, the authorization process may take 45 days or more, so please apply early. For more information on how to apply for an EFIN, contact your TaxSlayer Sales representative at 888-420-1040. Back to Top of Page Proposed New Requirements for Tax Preparers According to IRS figures, for the tax years 2007 and 2008, “more than 80 percent of all federal individual income tax returns were prepared by paid tax return preparers or by taxpayers using consumer tax preparation software.”Because so many of us rely on the expertise and competence of tax return preparers, the IRS has issued the following changes that will soon affect the tax preparation industry: • There will be a mandatory Tax Return Preparer Registration process… • There will be a Competency Examination Requirement… • …and finally, there will be a Continuing Professional Education requirement. These requirements will affect “all individuals who are compensated for preparing, or assisting in the preparation of all (or substantially all) of a federal tax return.” Also, those who “sign, or are required to sign, a federal tax return as a paid tax return preparer” will fall under these regulations. At this time, registration and PTIN requirements will not apply to volunteer or other uncompensated preparers. The Tax Return Preparer Registration is set to begin on September 1, 2010 with the implementation of an IRS registration website. David R. Williams, the IRS’ Director of Electronic Tax Administration, has stated that he is focused on having approximately one million preparers registered between September 1st and December 31st, 2010. The IRS plans to make the use of Preparer Tax Identification Numbers (PTINs) mandatory instead of optional. According to Mr. Williams, the online Preparer Tax Identification Number registration will be a 10-minute personal data entry process, along with the submission of a registration fee. At the time of this article, the fee has not been established, but Mr. Williams estimated that the range will be between $25 and $100 annually. The IRS plans to issue PTINs to preparers who currently do not have one as part of the online registration process. The IRS also intends for the registration process to apply to those paid preparers who already have a PTIN. These individuals will be reissued their current PTIN when they register. Two questions will be asked during the online registration process: 1. Tax Compliance – Are you current on your personal income tax obligations? 2. Have you had any felony convictions in the last 10 years? Answering “No” to the first, and/or “Yes” to the second question could preclude your ability to prepare tax returns for a fee. However, it is possible that you could be issued a temporary PTIN while investigations or appeals are ongoing. The Competency Examination requirement will involve passing an exam that will be made available by the IRS in late May or early June of 2011. Once the exam has been made available, preparers will have to pass the exam in order to obtain a PTIN. To avoid business interruption for existing preparers and clients, a transition rule will give existing preparers approximately three years to meet the competency testing requirement. There will be two levels of competency examinations: 1. Form 1040 (with Earned Income Tax Credit) up to Schedule C-EZ. 2. Wage and Small Business Form 1040 Series. It will be to your advantage to take the test that best conforms to your tax preparation business. It’s also recommended to apply for, and obtain your PTIN before the exam is made available. The IRS plans to allow preparers who test during the initial three-year implementation period be permitted to sit for the examination as often as the examination is offered until they pass the exam, provided the applicable testing fee is paid for each attempt. The Continuing Professional Education requirement will involve 15 hours of continuing education each year. The 15 hours must include three hours on federal tax law updates, two hours on preparer ethics, and ten hours on federal tax law topics. Tax return preparers will be required to self-certify the completion of continuing professional education at the time of registration renewal. The IRS will perform random checks to verify compliance. “But I’ve been preparing tax returns for years!” The IRS does not intend to “grandfather” any tax return preparer from the testing requirement based on return preparation experience. Other than members of the exempted groups (attorneys, certified public accountants, and enrolled agents) no other preparers will be exempt from the testing requirement, no matter how much prior return preparation experience they have. Why is this happening? Again, “the IRS and the Treasury Department believe that the implementation of the Return Preparer Review Report’s recommendations…will increase tax compliance and allow taxpayers to be confident that the tax return preparers to whom they turn for assistance are knowledgeable, skilled, and ethical.” Propuesto nuevos requisitos para los preparadores de impuestos
Según las cifras del IRS, para los años 2007 y 2008, "más
del 80 por ciento de las declaraciones de todos los impuestos federales
individuales fueron preparadas por los preparadores de impuestos o utilizando un
software de preparación de impuesto sobre."
Hershel Trawick I began my tax preparation career working for H & R Block in 1967 preparing tax returns and teaching two of their tax preparation courses. I started my own business in 1969 on a part-time basis while working as a Civil Service employee with FORSCOM Headquarters in Ft. McPherson, GA. I dedicated the business to the Lord and established three major objectives: 1) work only by appointment, 2) finalize the tax return during the scheduled appointment, and 3) charge a fair price for work performed. I have held to these objectives throughout the past 41 years. My business began to take off and I eventually had to take leave time during tax season. I do no formal advertising. All new clients are referrals from existing clients. I automated my practice in 1984 using CPAids software. I used this software until they were purchased by Best Software. A year later Intuit purchased Best and I used their ProSeries software for the next 15 years. For the last 3 years that I used ProSeries I would preview other tax software (Drake, ATX, Taxworks, TaxSlayer, etc. ) at the IRS tax forums. Even though ProSeries had a high price tag, I hesitated to change due to my relatively large client database. During an IRS tax forum in 2002, TaxSlayer stated they could convert my data base with an 85-90% conversion. This coupled with their free E-Filing, and a considerably cheaper price tag sold me. I have been using TaxSlayer for the past 8 years and have already renewed for the next tax season. I have never looked back. The software is extremely user friendly and handles every type of return I prepare. The support staff is truly a selling point for the company. If I call I get a live person on the other end. If I e-mail or FAX a question or problem (very seldom) I have an answer the same day. I retired from my government career in 1992 and now concentrate solely on tax preparation. My practice has grown to the point that I am maxed out. I do not offer write up, payroll or corporate tax preparation services. I prepare and e-file 850-875 individual returns every year. While I am available year round, 99% of my work is completed by 15 April each year. I could not do this without my two greatest assets: My wife, Margie (I prepare the taxes and she handles everything else) and TaxSlayer Pro tax preparation software. TaxSlayer is truly the number one tax software in my book and I don't hesitate to tell others every chance I get. To God be the glory, great things He hath done. TaxSlayer Pro Technical Support
Does your office equipment need an upgrade or a complete overhaul? Well now is
one of the best times to implement a new system and replace broken and outdated
office equipment. Besides tax software, the computer you use to prepare taxes is
the most important asset to your tax business. A question that we often get in
Support is "What should I be looking for in a computer"? If you will only be
using the computer for tax preparation and research, then there is no need to
dish out thousands of dollars on a new computer. Almost any new computer that
you see on Dell's website or within one of the big box retailers will do just
fine and they can be purchased for around $500.
Name: David Elijah July 27th - 29th Orlando IRS Show July 29th Web-based TaxSlayer Books Training Session August 2nd My Account opens for EROs to update data for upcoming season August 10th - 12th New York IRS Show August 24th - 26th Las Vegas IRS Show August 26th Web-based TaxSlayer Books Training Session August 31st - Sept. 2nd San Diego IRS Show September 6th TaxSlayer Pro Sales & Support closed September 24th TaxSlayer Pro New User Seminar September 30th Web-based TaxSlayer Books Training Session
October 22nd TaxSlayer Pro New User
Seminar
Please note new system requirements.
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