Registering tax return preparers

IRS for the first time will require the registration of paid tax return preparers.  About 1,000,000 individuals are paid to prepare tax returns.  Enrolled agents, CPAs and Attorneys have been registered all along.  About 700,000 paid preparers are not registered.  Yes, Kathy and Larry are both registered and have been for years.  Starting on January 1, 2011 the IRS will no longer be required to accept tax returns from unregistered preparers.  If you are not using KatTax to prepare your tax retun make sure the preparer has registered.  If they have their PTIN will be listed after their sighnature line on page 2 of the 1040 form.

Tax Laws

Lots of rumors but little action by congress.  As you may or may not be aware many of the existing tax laws are due to expire as of December 31, 2010.  The last comprehensive tax cut bill was passed when George W. Bush was in office.  When the bill was passed, most of the provisions were set to expire on December 31, 2010 and the tax rates starting in 2011 would return to the rates in effect in 2000.  Across the board the tax rates will increase unless action is taken in the Congress.  More to follow.

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