IRS to Refund RTRP Test Fees

The IRS is refunding test fees to those who took the Registered Tax Return Preparer test. The agency plans to mail “RTRP Refund Notification” letters to people who are due a refund before the end of May. Refund checks will be mailed separately, starting approximately June 2, 2015. The IRS cited the recent federal Appeals…

Past Preparers’ Biggest Goofs This Season

No doubt a good portion of your overwhelming workload over the past tax season involved correcting goofs from clients’ previous tax preparers. Mistakes seem to run the gamut from typos to tangibles, from basics to basis. “Depreciation: It’s crazy how many mistakes I see,” said Enrolled Agent Jeffrey Schneider in Port St. Lucie, Fla. “I’ve…

AICPA Prods Congress to Improve IRS Taxpayer Service

The American Institute of CPAs kicked off its Spring Meeting of Council in Washington, D.C., on Sunday with a packed agenda of meetings with lawmakers to press for priorities, including improvements in taxpayer service by the Internal Revenue Service. The AICPA Council members passed a resolution calling on policy makers to “create an objective, bipartisan…

Making Citizenship-Based Taxation Reform Easy

Making Citizenship-Based Tax Reform “Easy” Heitor David Pinto wants to “make it easy” for Congress to move from citizenship-based taxation (CBT) to residence-based taxation (RBT). Pinto thinks CBT is “absurd.” And he aims to help Congress change it. Because of CBT’s complexity and because it’s a low priority for Congress, Pinto was concerned Congress might…

Tax Penalty For No Insurance Ratchets Up In 2015

• Flat dollar amount penalty • Percentage of income penalty • Household income • Modified adjusted gross income • Tax filing threshold The penalty for not having minimum essential health insurance for yourself and other members of your tax family takes a substantial jump in 2015. For 2014, the penalty was the greater of the…

NFL Will End Its Tax-Exempt Status

The National Football League’s central office will become a taxable entity, ending its tax-exempt status in a move with minimal financial effect and significant symbolic value. “Every dollar of income generated through television rights fees, licensing agreements, sponsorships, ticket sales, and other means is earned by the 32 clubs and is taxable there,” Goodell wrote.…