QBI

  • Microsoft: Windows 7 Support Ending

      At the height of tax season, Microsoft retired Windows XP and announced the debut of Windows 8.1.  Now the company is warning of other major software changes coming in the next six months.  

  • New 1023-EZ Form Makes Applying for 501(c)(3) Tax-Exempt Status Easier; Most Charities Qualify

    The Internal Revenue Service today introduced a new, shorter application form to help small charities apply for 501(c)(3) tax-exempt status more easily. “This is a common-sense approach that will help reduce lengthy processing delays for small tax-exempt groups and ultimately larger organizations as well,” said IRS Commissioner John Koskinen. “The change cuts paperwork for these…

  • Unused ITINS to Expire After Five Years; New Uniform Policy Eases Burden on Taxpayers, Protects ITIN Integrity

     Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years, the Internal Revenue Service announced today. To give all interested parties time to adjust and allow the IRS to reprogram its systems, the IRS will not begin deactivating ITINs until 2016.  The new, more uniform…

  • Payday Loans and Tax Preparers

     Each year, 12 million borrowers spend approximately $7.4 billion on payday loans.  But the payday lenders have come under growing scrutiny in recent years, as regulators and think tanks such as the Pew Charitable Trust consider the impact of such loans on low-income families.  Pew has released a series of research reports on payday loans, focusing…

  • IRS Adopts “Taxpayer Bill of Rights;” 10 Provisions to be Highlighted on IRS.gov, in Publication 1

    Español IR-2014-72, June 10, 2014 WASHINGTON ― The Internal Revenue Service today announced the adoption of a “Taxpayer Bill of Rights” that will become a cornerstone document to provide the nation’s taxpayers with a better understanding of their rights.

  • The IRS Office of Appeals

    People sometimes disagree on tax matters, and the decision of a tax examiner may not always be the final word.  For this reason, the Internal Revenue Service created an independent appeal system that seeks to settle differences without going to court.  Every year, this Office of Appeals helps over 100,000 taxpayers resolve their tax disputes. …

  • 10 Rules for Filing an Amended Tax Return

    As of the 18th of April, the IRS had received more than 131 million returns, of which 88 percent were e-filed.  The agency projects that almost five million taxpayers, however, will need to file an amended return during 2014.  The reasons for an amended return can vary widely – an error in the original return,…

  • If the Customer Can’t Pay The Tax VI If You Receive an IRS Notice, Here’s What to Do

    Each year the IRS sends millions of letters and notices to taxpayers. Although some people may feel anxious when they receive one, many are easy to resolve. Here’s what to do if you receive a letter or notice from the IRS: Don’t panic. Follow the instructions in the letter. There are many reasons the IRS…

  • Profile of Christine Reynolds

    Director of Education Drake Software  Christine Reynolds didn’t start out to be an educator.  Born and raised in south and central Florida, her family moved to NC after she graduated high school, where she started her studies in communications at Western Carolina University.  A few years later, she met her husband-to-be, moved back to Florida…

  • If the Customer Can’t Pay the Taxes III-The Collection Process

    If you do not pay in full when you file your tax return, you will receive written notice of the amount you owe, a bill. This bill starts the IRS collection process, which continues until your account is satisfied or until the IRS may no longer legally collect the tax; for example, when the time…