RETURN PREPARER OVERSIGHT NEWS
February 7, 2011 at 8:00 am | ntc financial | 1 comment
IRS Sends Notice to Tax Preparers Still Waiting for Renewed PTIN This week, NAEA joined a conference call with David Williams, head of the IRS Tax Return Preparer Office, who explained the progress of the new PTIN renewal process. He reiterated statements in a Tax Notes Today article, which we included in last week’s E@lert. You may recall he mentioned in the article that IRS would be offering relief to those tax preparers who had made a good faith effort to obtain a renewed PTIN, yet we are still waiting on definitive word on this from the IRS. The IRS [...]
LEGISLATIVE NEWS
January 31, 2011 at 8:00 am | ntc financial | No comment
House Waysand Means Committee Holds Hearing on Tax Reform Thursday, January 20, House Ways and Means Chairman Dave Camp (R-MI) held a hearing, the first of a series on comprehensive tax reform. Witnesses invited to testify included Nina Olson, National Taxpayer Advocate; Robert McDonald, CEO of Procter & Gamble, representing the Business Roundtable (a group of large business CEOs); Warren Hudak, President of Hudak & Company; Kevin Hassett, Senior Fellow at American Enterprise Institute; and Martin Sullivan, Contributing Editor for Tax Analysts. The hearing begins, once again, a conversation on possible tax reform, something enrolled agents know is long overdue. [...]
New Guidance Issued—EAs Treated Equal to Other Legacy Circular 230 Practitioners
January 24, 2011 at 9:00 am | ntc financial | No comment
In a notice (Notice 2011-6) issued December 30, IRS provides guidance regarding the PTIN requirement under section 1.6109-2 and identifies the forms that qualify as tax returns or claims for refund for purposes of these regulations. Further, the notice provides interim rules applicable to certain PTIN holders during the implementation phase of the new preparer regulations. Several items are of great interest to enrolled agents, notably Section 1.02 (a), Tax Return Preparers Supervised by Attorneys, Certified Public Accountants, Enrolled Agents, Enrolled Retirement Plan Agents, and Enrolled Actuaries. This section states that an individual who prepares or assists in the preparation [...]
LEGISLATIVE NEWS
January 17, 2011 at 2:33 pm | ntc financial | No comment
President Signs Red Flag Clarification Act into Law President Obama has signed S. 3987, the Red Flag Clarification Act, into law. Cutting to the chase, the bill exempts “creditors”— including enrolled agents — who provide services and bill after the fact from the complicated requirement of the Red Flag rules. The legislation brings a bit of sanity to regulations by the Federal Trade Commission on the so-called Red Flag rules. These rules were originally intended to require creditors and financial institutions to adopt policies to protect consumers from identity fraud. The FTC had issued regulations interpreting a “creditor” broadly to [...]
Years of Experience…On your side
January 10, 2011 at 4:00 am | ntc financial | No comment
At NTC Financial, you will find a standard of excellence upheld by a team of seasoned tax professionals and well-trained support staff. We are dedicated to providing our clients with the best service and care possible. Whether you are an individual taxpayer, a small business owner, a corporation, or any business entity, we will work diligently with you and the IRS in order to provide you with the highest level of service possible. We provide the appropriate personalized service for each of our clients. Additionally, we work to maintain good relationships and cooperation with the IRS.  At NTC Financial, we [...]
