Starting and maintaining a successful partnership can be tricky business. Entrepreneur.com writer Toddi Gutner explores what makes some partnerships work while others flounder. Whittling down to the most common characteristics, Gutner asked members of one partnership what made them successful: the CEO and the executive vice president of the Campbell Soup Company. Here’s what they said has enabled them to maintain a thriving partnership against the odds:
1. Trust
Executive vice president Denise Morrison describes the importance of trust as followings: “Trust implies that both parties participate in the relationship [where] both ‘gives’ and ‘gets.’ The attitude of giving a full commitment to the partnership will usually result in getting the same commitment in return.”
2. Mutual Respect
It’s important that partners bring complementary strengths to the table. When that happens, it becomes easier to respect each individual’s contribution to the practice. Recognizing that all contributions are not necessarily equal, it becomes easier to focus on how you’re building the business together rather than keep score on what each of you is contributing.
3. Shared Vision and Values
All partners must have a clear understanding of where they want their practice to go, including the type of clientele they’re trying to establish and the service suite they wish to offer. Assistant professor at NYU’s School of Continuing and Professional Students, Lee H. Igel, PhD explains, “What cripples famous partnerships to a point of failure is when, after achieving success, the partners have the interest and opportunity to take on new projects. New project can require new missions and objectives that take partners in different directions, and so the elements of the relationship that made them successful ends up frittering away.”
4. Honest and Open Communication
Unless you’re able to discuss pertinent issues openly and honestly, your partnership will fail. Doug Conant, CEO of Campbell Soup Company explains, “It’s extremely important that you let people know where you stand—what motivates you, how you operate, what your expectations are, et cetera. I make it a practice to meet with everyone on my team very early on and tell them everything they need to know about me. At the end of the meeting, I encourage them to tell me what I need to know about them. It makes for a more productive partnership.”
Whether you’re interested in launching a business with a partner or adding a partner to your current business, it’s good to establish some standards for operation, including those ground rules that will best ensure your success. Hopefully, this list has given you something to consider.
Universal’s Training Will Help You Build a Solid Tax Practice
Tax professionals charge 100 + an hour providing planning and preparation services to clients. In the course of one tax season, many tax preparers earn what others take an entire year to bring in. Universal’s income tax training, the Professional Tax Preparer (PTP) Program, will enable you to help your clients save enough money in taxes to more than cover your fees. And what you earn in one tax season will more than cover the registration fee for this course.
Become a Professional Tax Preparer (PTP) before next tax season. Universal’s online tax course will not only give you hands-on training in completing full individual (1040) and business returns, but it will also enable you to be in compliance with new IRS regulations. Invest in training that will enable you to increase your knowledge and skills while building your home-based tax business. Call 1-877-833-7909 and enroll in the Professional Tax Preparer program now!
Resource
Gutner, Toddi. “Building a Business Partnership That Lasts.” 16 August 2011 Entrepreneur.com
Whether you’re older or younger than prospective clients, you have a prospective problem, but it doesn’t have to stay that way. Recognizing the potential gap is half the battle; closing it is the other half.
In a recent Entrepreneur.com article entitled “How Young Entrepreneurs Can Bridge the Generation Gap,” author Matthew Toren suggests three remedies to this problem, especially for those who may appear young and inexperienced to a more ‘mature’ clientele:
1. Know what you’re talking about.
The truth is, if you’re a true industry professional, your knowledge about tax preparation is all you need to demonstrate your expertise. When you try to wing it, you’re perceived at a flippant upstart, and that won’t get you anywhere. If you need training, get it. If you lack knowledge, acquire it. Once you do, it becomes much easier to talk the talk and walk the walk.
2. Admit that you don’t know everything.
Only God is omniscient. No one else can be expected to know everything. Once you admit that to yourself, it becomes easier to admit it to your clients. Toren explains, “Most young entrepreneurs try to overcompensate for inexperience by talking as though they’ve got it all figured out. The only thing worse than not knowing all you should know is not knowing, and then acting like you do.” He suggests finding a mentor to help walk you through those trouble spots you encounter; that way, instead of telling clients you don’t know something, you can instead say, with confidence, “I can find the answer to that for you.”
3. Clean up.
Regardless of what you think is trendy, the truth is that current and prospective clients will judge you, and possibly your professionalism, by the way you present yourself. While this may not be fair, it’s expected. So if you want to be taken seriously, you’re going to have to dress the part.
You may think the age gap won’t impact your ability to perform well for clients, and you would be right. But their perception that it will is where your problem resides. Following these three simple tips will help you eliminate those concerns.
Universal Accounting Will Help You Walk the Talk
If you find your skills and knowledge lacking, Universal’s tax training will help you acquire the expertise you need. UA’s Professional Tax Preparer (PTP) program will also enable you to hone your skills and comply with the new IRS tax preparer regulations while establishing your home-based tax business. Not only could you earn a professional designation, but you could also learn everything you need to know to pass the IRS Competency Exam and receive up to 60 CPE credits, depending on the number of modules you complete. The four models include the following:
1. Establishing the Tax Foundation. Learn the entire process for determining income and adjustments to income, which will factor into the Adjusted Gross Income. In fact, you’ll cover all the information necessary to prepare Page One of Form 1040.
2. Becoming the 1040 Expert. This module deals with background information and forms that go into the 1040, Page 2. We also discuss all the adjustments that can be made to gross income, including credits that are allowed and different types of deductions and exemptions that can be taken against that adjust gross income number.
3. Profitable Business Returns. Here we introduce you to the world of business organizations and their tax concerns. This module is a practical companion to Module 2, as it give you experience in completing each of the schedules and forms common to business organizations.
4. Building Your Successful Tax Practice. Get a head start in creating and running your own tax preparation service. You will find yourself light years ahead of the competition as you put these strategies into play.
UAC’s income tax training will not only give you hands-on training in completing full individual (1040) and business returns (1065, 1120, 1120S), but it will also provide you with step-by-step instruction in becoming a sole practitioner, one year of follow-up support from expert tax preparers and our iron-clad, risk-free guarantee.
Hone your skills, earn a designation, and comply with IRS regulations. Three birds, one stone. Call Universal Accounting at 1-877-833-7909 to enroll today.
We want to know what you think! Please post feedback.
Resource
Toren, Matthew. “How Young Entrepreneurs Can Bridge the Generation Gap.” 5 August 2011 Entrepreneur.com
Form 8939
On August 5th, the IRS released guidelines for treating estates of taxpayers who died in 2010. The information is designed to help executors opt out of estate tax in order to apply carryover rules. These individuals are to use Form 8939 which is due on November 15, 2010.
The recent press release declares that executors must file Form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, in order to avoid the estate tax so that the new carryover basis rules apply. Form 8939 and all corresponding instructions will be released early this fall.
According to the IRS press release, “Under the Economic Growth and Tax Relief Reconciliation Act of 2001, the estate tax was repealed for persons who died in 2010. However, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 reinstated the estate tax for persons who died in 2010. This recent law allows executors of the estates of decedents who died in 2010 to opt out of the estate tax, and instead elect to be governed by the repealed carry-over basis provisions of the 2001 Act. This choice is to be made by filing Form 8939.”
Offshore Account Reporting
The 2011 Offshore Voluntary Disclosure Initiative (OVDI), designed to help taxpayers hiding income in offshore accounts make their taxes current with the IRS, will expire on August 31, 2011. Taxpayers coming forward voluntarily will experience a less stringent penalty than those who wait for the IRS to discover their undisclosed accounts and income. With new reporting requirements being initiated over the next few years, taxpayers will find it increasingly more difficult to hide income in offshore accounts.
IRS Commissioner Doug Shulman explained, “The time has come to get back into compliance with the U.S. tax system, because the risks of hiding money offshore keeps going up. Our goal is to get people back into the system. The second voluntary initiative gives people a fair way to resolve their tax problems.”
Originally announced on February 8th, the 2011 OVDI Offshore Disclosure Program (OVDP) is similar to the one initiated in 2009, offering benefits that encourage taxpayers to disclose their offshore accounts and incomes rather than face higher penalties and possible criminal charges. In the 2011 initiative, taxpayers will have to pay a 25% penalty on the amount hidden in foreign accounts in the year with “the highest aggregate account balance covering the 2003 to 2010 time period.” Penalties may be lower for eligible taxpayers.
Those who choose to comply must also pay back-taxes and interest for up to eight years and well as other possible penalties. In order to be eligible for OVDI, original and amended returns must be filed by August 31, 2011.
For more information, refer to a previous post on this site, or visit IRS.gov.
Universal Accounting’s Tax Training
If you would like to become eligible to prepare taxes under the new regulations established by the IRS, consider enrolling in Universal’s online tax training. Not only could you earn the Professional Tax Preparer Designation, but you could also learn everything you need to know to pass the IRS Competency Exam and receive up to 60 CPE credits, depending on the number of modules you complete.
Be prepared for recent changes that are impacting all paid tax preparers. Call UAC at 1-877-833-7909 to enroll our online tax training today and improve your competitive advantage and secure your professional standing in the tax industry while building a strong home-based tax business.
We welcome your feedback and comments. Please post!
On July 12th, the IRS announced a recent discovery that approximately 100,000 tax preparers submitted returns in 2011 while failing to comply with new requirements. The oversight program, designed to regulate preparer conduct and monitor the tax return preparation industry, is sending letters to all noncompliant tax preparers.
Last year the IRS instituted new regulations requiring paid tax preparers to obtain Preparer Tax Identification Numbers (PTIN) which were to be included, along with their signatures, on each return they prepared.
IRS Commissioner Doug Shulman explains, “The vast majority of federal tax return preparers complied with the rules. Obviously, some preparers did not get the word, so these letters provide additional information so they can register as soon as possible. We owe it to the compliant tax preparers to make sure that everyone is on a level playing field.”
The IRS asks taxpayers to ensure that their tax preparers are in compliance and can complete returns with a valid PTIN. The IRS suspects that some “ghost preparers” are assisting taxpayers with their returns while refusing to sign the forms and provide PTINs. Later this year the IRS will be sending letters to those taxpayers as well, suggesting they file complaints on noncompliant paid tax preparers.
The IRS reports that since instituting the new requirements, approximately 712, 000 preparers have registered and obtained their PTINs. Preparers who are not CPAs (Certified Public Accountants) or EAs (Enrolled Agents), must also pass a competency exam and suitability check and complete 15 hours of continuing education credits each year.
In a recent press release, the IRS explains, “Compliance is a central part of the new tax return preparer initiative and the letters are one step in an ongoing compliance effort to ensure tax return preparers are following the new regulations. The IRS also is working to identify tax return preparers who make repeated errors and IRS personnel have had face-to-face meetings with thousands of these tax return preparers over the past two years.”
We welcome your comments on new IRS regulations and what that means to the tax preparer industry.
Increase Your Options and Your Earning Potential
If you haven’t yet secured your PTIN in compliance with new IRS regulations on paid tax preparers, now is the time. Also consider Universal your source in preparing for mandatory testing and continued tax education these regulations also require.
Our online income tax training, the Professional Tax Preparer program, is designed to help and includes the following:
- Informative video instruction
- Full 1040 training
- Full business return (1065, 1120, 1120S) training
- 6 months of follow-up support from expert tax preparers
Many programs will lecture you on tax law and preparation practices, but Universal’s program is much more effective because it provides you with the hands-on practice that will perfect your skills. Theory is taught as guiding principles, but the focus is on actually doing taxes to gain proficiency.
Ensure that you’re in compliance with the new IRS tax preparer regulations. Improve your competitive advantage and secure your professional standing in the tax industry while building a solid home-based tax business. Call Universal at 1-877-833-7909 today and enroll in the Professional Tax Preparer Program.
It’s that time of year again when the National Taxpayer Advocate’s mid-year report is submitted to Congress. This year Nina Olson, current United States Taxpayer Advocate and head of the National Taxpayer Advocate Office (TAS), addressed her concerns regarding IRS lien filing practices as well as the affect of IRS budget cuts on taxpayer service and compliance.
IRS Collection Practices
A concern noted in previous reports, Olson reiterates a need to address problems in the IRS’s lien filing practices. While recently announcing changes in their collection policy, particularly making lien withdrawals available to a wider range of taxpayers, Olson still finds the IRS’s practice of automatically filing tax liens based on a dollar threshold concerning. She suggests such decisions only be made following an analysis of these taxpayers’ financial situations. She explains that this approach “should balance the need to protect the government’s interest in the taxpayer’s assets with a corresponding concern for the financial harm the lien will create for that taxpayer.”
Impact of Budget Cuts on Taxpayer Service and Compliance
Recent changes in tax benefits, including the Economic Stimulus Payments, First-Time Homebuyer Credit, and Making Work Pay, have proven more difficult to claim than anticipated, generating a host of taxpayer inquiries that often go unanswered. The IRS’s ability to satisfactorily respond to these questions has significantly declined. Compared to fiscal year 2004, the percentage of unanswered correspondence increased by 135 percent in 2010.
Olson expressed apprehension over budget cuts that will negatively impact an already straining taxpayer service. She explains, “In recent years, the IRS has been given more and more tasks, but it is not receiving the resources it needs to fulfill these tasks without cutting corners. And when the IRS cuts corners, taxpayers can be harmed and revenue collection may suffer.”
As in the past, the National Taxpayer Advocate suggests the Internal Revenue Service be exempt from budget caps or reductions, noting that the IRS has, on average, been able to collect $194 dollars for each dollar it spends.
The report states, “Despite differing views about the appropriate level of taxation, there is widespread agreement that taxes that are due and owing under the law should be collected. Spending cuts mean the IRS will not have the resources to ensure that all taxpayers pay their fair share, thereby effectively forcing compliant taxpayers to pay more to subsidize noncompliance by others. Moreover, the IRS will not have the ability to meet the service needs of the taxpayers who are paying our nation’s bills.”
Other Areas of Concern
- Taxpayer Impact of Possible Government Shutdown. Currently, in the event of a government shutdown, the IRS’s contingency plan does not make any allowance for the protection of taxpayers’ lives or property, an oversight the Taxpayer Advocate suggest amending.
- Tax Reform and Tax Complexity. The National Taxpayer Advocate is still requesting feedback from the public regarding tax simplification. To participate in this conversation, submit your comments to their electronic suggestion box found at the TAS website.
Universal Accounting Helps Tax Preparers Succeed
At Universal believe it’s important to prepare for the future, and we’re interested in seeing your future success as a tax preparer. Our Professional Tax Preparer Program is designed to help professionals like you master tax preparation, becoming efficient in the completion of individual and business returns. If you would like to learn more, visit Universal for a free video today!
We welcome your feedback on this article! Please post your comments below.
Resource
–. “National Taxpayer Advocate Submits Mid-Year Report to Congress; Identifies Priority Challenges and Issues for Upcoming Year.” 29 June 2011 IRS.gov
Spring 2011 SOI Bulletin Released
On June 14th the IRS announced that the spring 2011 edition of the Statistics of Income Bulletin is currently available. The Statistics of Income (SOI) Division publishes the bulletin on a quarterly basis and includes data gathered from tax returns filed most recently.
The spring issue includes information on tax returns filed in 2008 by individuals earning high incomes. Taxpayers with adjusted gross incomes of $200,000 or more filed over 4 million returns, representing only 3% of the total returns filed that same year. The IRS noted that articles on the following topics can also be found in this edition:
- Individual income tax data, by age of taxpayer. For tax year 2007, individual income taxpayers filed approximately 143 million returns. Of those, 27.1 million were filed by taxpayers who were ages 35 to 44, the most returns filed by any age group in that year.
- Individual income tax data, by state. Individual income taxpayers from Connecticut reported the highest average adjusted gross income (AGI) in the United States for tax year 2007. Connecticut was the only state for which average AGI exceeded $90,000.
- Foreign recipients of U.S. income. For tax year 2008, U.S. source income payments to foreign persons totaled $659.7 billion. Eight countries, including the United Kingdom, Cayman Islands, Germany, Japan, Switzerland, Canada, France and the Netherlands, accounted for almost 67 percent of all income paid to foreign persons.
- International boycott reports. For tax year 2008, 138 U.S. entities received about 3,700 requests to participate in boycotts unsanctioned by the United States.
- Gift tax returns. Individuals filed almost 235,000 federal gift tax returns to report $40.2 billion in assets transferred during 2008.
You can access your own copy of the SOI Bulletin at the IRS website. For more information on accessing a hardcopy for your files, refer to the corresponding press release.
Tax Deadline Nears for Tax Breaks and Filing Deferrals
In other tax news, the June 30th deadline is quickly approaching for completing some important time-sensitive tasks. As noted by the NACPB, these tasks include “amending cafeteria plans to conform with the Patient Protection and Affordable Care Act (PPACA) requirements; filing Forms TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), by individuals with signature authority over but no financial interest in the accounts for 2010 and earlier years; and claiming the first-time homebuyer credit for certain service members. Additionally, June 30th is the date on which the 0.2% FUTA surtax is scheduled to expire.”
For more information on each of these, visit the NACPB website.
Universal’s Tax Training Will Prepare You for the 2011 Tax Year
Tax professionals charge 100 + an hour providing planning and preparation services to clients. In the course of one tax season, many tax preparers earn what others take an entire year to bring in. Universal’s Professional Tax Preparer (PTP) Program will enable you to help your clients save enough money in taxes to more than cover your fees. And what you earn in one tax season will more than cover the registration fee for this course.
Become a Professional Tax Preparer (PTP) before next tax season. Universal’s PTP program will not only give you hands-on training in completing full individual (1040) and business returns, but it will also enable you to be in compliance with new IRS regulations. Use your summer vacation to increase your knowledge, skills and income. Call 1-877-833-7909 and enroll in the Professional Tax Preparer program now!
What tax news do you want access to? Post your feedback in our comments section.
On June 1st, the IRS announced the opening of the 2012 Low Income Taxpayer Clinic (LITC) grant application process. The LITC program awards matching grants of up to $100,000 each year to qualifying organizations looking to launch, grow or maintain a low income taxpayer clinic; interested tax preparers should act now!
The grant cycle begins in January 1, 2012 and runs through December 31, 2012. You must submit your application—either electronic or hardcopy—to the LITC Program Office in Washington, DC by July 15, 2012. The grants are awarded to organizations that provide education and outreach to non-native English speakers and service to low-income taxpayers with IRS grievances; applicants may apply for either program type or both. The IRS lists examples of qualifying organizations as follows:
- Clinical programs at accredited law, business or accounting schools whose students represent low income taxpayers in tax disputes with the IRS; and
- Organizations exempt from tax under Internal Revenue Code Section 501(a) that represent low income taxpayers in tax disputes with the IRS or refer those taxpayers to qualified representatives.
Organizations interested in applying will have a greater success rate if they 1) are receiving a grant for the 2011 cycle or 2) plan to fill one of the following 2012 needs:
- New clinic applications in Montana, Nebraska, Nevada and Wyoming
- ESL clinic applications in Connecticut, Kentucky, Montana, New Mexico and South Dakota
- New clinic applications in the metropolitan areas of Los Angeles and Sacramento, CA, specifically in the Los Angeles, Kern, Riverside, Ventura, El Dorado, Placer, Sacramento, San Joaquin, and Stanislaus counties.
- New clinic applications in the metropolitan areas of Philadelphia, PA, specifically in the Berks, Delaware, and Philadelphia counties.
- New clinic applications in the metropolitan areas of St. Louis, MI, specifically in the Cape Girardeau, Jefferson, St. Francois, and St. Louis counties.
The IRS notes, “We encourage existing clinics to consider expanding their services to cover these areas, where possible. Notwithstanding the criteria detailed above, all applications for clinics from all areas are welcomed and will receive full consideration.”
To learn more, visit the IRS website at http://www.irs.gov/pub/irs-pdf/p3319.pdf.
Universal Accounting’s Tax Training
If you would like to become eligible to prepare taxes under the new regulations established by the IRS, consider training with Universal Accounting. Not only could you earn the Professional Tax Preparer Designation, but you could also learn everything you need to know to pass the IRS Competency Exam and receive up to 60 CPE credits, depending on the number of modules you complete.
Be prepared for the changes that are impacting all paid tax preparers. Call UAC at 1-877-833-7909 to enroll in the Professional Tax Preparer Program today and improve your competitive advantage while securing your professional standing in the tax industry.
We welcome your feedback and comments. Please post!
Universal Accounting (UA), the nation’s largest training organization for accounting, bookkeeping and tax preparation, announced its approval as a sponsor of Quality Assurance Service (QAS) self-study courses. The National Association of State Boards of Accountancy (NASBA) established QAS to identify the highest quality providers of self-study courses that offer Continuing Professional Educational (CPE) credits.
In regards to sponsor approval, Allen Bostrom, President and CEO of Universal Accounting Center said, “The QAS Program has high standards that ensure the student’s experience will be a valuable one. We’re proud that our Professional Tax Preparer Program measures up to the scrutiny of NASBA.”
UA’s Professional Tax Preparer course enables students to become proficient in the completion of individual and business returns. Its four modules include 1) Establishing the Tax Foundation, 2) Becoming the 1040 Expert, 3) Profitable Business Returns and 4) Building Your Successful Tax Practice. In addition, this program helps students adhere to new IRS regulations which include passing the IRS competency exams and earning required CPE credits.
The prestigious QAS designation demonstrates that Universal Accounting Center’s Professional Tax Preparer (PTP) Program adheres to 11 rigorous criterions. Some of those requirements include the following:
- Develop a program that falls within one, or more, of the CPE subject areas.
- Use activities, materials, and other delivery systems that are current, technically accurate, and effectively designed.
- Create learning activities that are based on relevant learning objectives that clearly articulate the knowledge, skills and abilities to be achieved by course participants.
- Engage authors who are qualified with respect to both program content and instructional methods used.
- Elicit participant responses to test for understanding of material, offer evaluative feedback for incorrect responses, and provide reinforcement feedback to correct responses.
- Provide evidence of satisfactory completion of each program.
QAS approval enables the Professional Tax Preparer Program to be listed with NASBA as a quality CPE program sponsor. UAC will also be able to use the QAS logo and approved sponsor language on all PTP promotional materials.
If you would like to learn how the Professional Tax Program can enhance your career, call Universal Accounting at 1-877-833-7909.
We welcome all your comments on this and any of our other posts!
Small Business Week may have ended on May 20th, but in celebration, the IRS gave a gift that keeps on giving: free resources and information. Faris Fink, IRS Commissioner for the Small Business and Self-Employed Division explained, “When you’re running a business, you don’t need to be a tax expert, too. But you do need some basics to stay tax compliant so your business can thrive. There are many tax credits and deductions currently available. So now is a good time to learn about the tools and services the IRS offers.”
The IRS reminded small business owners and their tax preparers of the Small Business Tax Center. The center provides links to useful IRS tools like their Video Portal which archives copies of all webinars intended for small business and tax professionals (the one that ran last week entitled “Small Business Advantage” will be posted two weeks after it originally aired). There you can also find a downloadable tax calendar, common forms, instructions on securing an Employer Identification Number (EIN), information on starting, operating, or closing a business, and more.
The IRS also used the opportunity to remind business owners about important tax credits they can claim, including the small business healthcare credit which encourages small businesses and tax-exempt organizations to offer their employees affordable health care. Tax relief can also be found in Depreciation and Amortization: Form 4562, through which small businesses can deduct most of their costly purchases in new property and equipment. Small business owners can take advantage of these benefits when filing their 2011 returns.
Universal Accounting is Also a Valuable Resource
Now that tax season has ended, you might have some extra time to invest in yourself and your tax practice. UA’s Professional Tax Preparer (PTP) program will enable you to hone your skills and comply with the new IRS tax preparer regulations. Not only could you earn a professional designation, but you could also learn everything you need to know to pass the IRS Competency Exam and receive up to 60 CPE credits, depending on the number of modules you complete. The four models include the following:
1. Establishing the Tax Foundation. Learn the entire process for determining income and adjustments to income, which will factor into the Adjusted Gross Income. In fact, you’ll cover all the information necessary to prepare Page One of Form 1040.
2. Becoming the 1040 Expert. This module deals with background information and forms that go into the 1040, Page 2. We also discuss all the adjustments that can be made to gross income, including credits that are allowed and different types of deductions and exemptions that can be taken against that adjust gross income number.
3. Profitable Business Returns. Here we introduce you to the world of business organizations and their tax concerns. This module is a practical companion to Module 2, as it give you experience in completing each of the schedules and forms common to business organizations.
4. Building Your Successful Tax Practice. Get a head start in creating and running your own tax preparation service. You will find yourself light years ahead of the competition as you put these strategies into play.
UAC’s PTP program will not only give you hands-on training in completing full individual (1040) and business returns (1065, 1120, 1120S), but it will also provide you with step-by-step instruction in becoming a sole practitioner,one year of follow-up support from expert tax preparers and our iron-clad, risk-free guarantee.
Hone your skills, earn a designation, and comply with IRS regulations. Three birds, one stone. Call Universal Accounting at 1-877-833-7909 begin_of_the_skype_highlighting 1-877-833-7909 end_of_the_skype_highlighting to enroll today.
We welcome your feedback and comments. Please post!
Resources
–. “IRS Marks Small Business Week by Showcasing Tools, Resources; Spotlights Tax Benefits Available in 2011.” IRS.gov
IRS Small Business Tax Center– http://www.irs.gov/businesses/small/index.html
IRS Video Portal—http://www.irsvideos.gov/SmallBusinessTaxpayer
Work with the IRS
If you’re a tax preparer, you might consider working with the IRS to enhance your credentials while participating in valuable community service. On May 2nd the IRS requested the submission of applications for the Internal Revenue Service Advisory (IRSAC), an organization that enables IRS officials and representatives to discuss significant tax issues as they relate to the federal tax administration.
Comprised of up to 35 individuals, members of the Internal Revenue Service Advisory fulfill a three-year appointment. Each fall the IRSAC submits an annual report to the commissioner at a public meeting.
IRS Commissioner Doug Shulman says, “The feedback and recommendations from IRSAC members have and will continue to assist the IRS with a wide range of strategic initiatives.”
Applications are being accepted for approximately 12 positions that begin in January of 2012; to be considered, submit your application before June 17th.
Individuals and organizations can nominate qualified professionals for the IRSAC which is comprised of people with diverse backgrounds and professional expertise. Professionals with tax experience are encouraged to apply, including tax attorneys, certified public accountants, enrolled agents, appraisers, and the business community.
In addition to IRSAC applicants, the Treasury Department and the IRS are also seeking public comment “on issues relating to the shared responsibility provisions included in the Affordable Care Act that will apply to certain employers starting in 2014.”
The Affordable Care Act requires employers to report the cost of insurance coverage they provide their employees; the information is to be noted on each employee’s annual W-2 Form and will apply to various employers beginning in 2014. This act may also require employers with 50 or more full-time employees that do not offer affordable health coverage to submit a shared responsibility payment.
The IRS is currently requesting feedback on several issues related to this act, specifically regarding how employers can comply with the shared responsibility provisions and determine which employees qualify as full-time.
Visit the IRS website for more information on submitting comments and applications.
Universal’s Tax Training Will Prepare You for the 2011 Tax Year
Tax professionals charge 100 + an hour providing planning and preparation services to clients. In the course of one tax season, many tax preparers earn what others take an entire year to bring in. Universal’s Professional Tax Preparer (PTP) Program will enable you to help your clients save enough money in taxes to more than cover your fees. And what you earn in one tax season will more than cover the registration fee for this course.
Become a Professional Tax Preparer (PTP) before next tax season. Universal’s PTP program will not only give you hands-on training in completing full individual (1040) and business returns, but it will also enable you to be in compliance with new IRS regulations. Celebrate the end of tax season by investing in training that will enable you to increase your knowledge and skills. Call 1-877-833-7909 begin_of_the_skype_highlighting 1-877-833-7909 end_of_the_skype_highlighting and enroll in the Professional Tax Preparer program now!
Resources
–. “IRS Seeks Applications for the Internal Revenue Service Advisory.” 2 May 2011 IRS.gov
–. “Treasury, IRS Seek Public Input on Certain Employer Provisions of the Affordable Care Act.” 3 May 2011 IRS.gov
Starting and maintaining a successful partnership can be tricky business. Entrepreneur.com writer Toddi Gutner explores what makes some partnerships work while others flounder. Whittling down to the most common characteristics, Gutner asked members of one partnership what made them successful: the CEO and the executive vice president of the Campbell Soup Company. Here’s what they said has enabled them to maintain a thriving partnership against the odds:
