Hey Peachtree City & AR....welcome to 2010! Sounds kinda funny saying 2010 but anyway there are some major changes already on the horizon and I thought I'd continue to feature them on my blog. Some of these changes have been the result of a downturn in our economy and their direct correlation to its impact
on the real estate market. This tax year will be pivital in efforts to jump-start the economy with various initiative that were put in place for taxpayers like the 1st time home-buyers program or more sophisticated ones like the Workers, Homeownership, and Business Assistance Act of 2009.
Okay, so right now many folks are starting to receive their W-2s and soon the tax season will be in full swing. Yes....we'll all be pulling out all those shoe boxes filled with receipts from 2009. So now that you have those W-2s and all your receipts together.....its time to give our friendly tax preparer a call. Well some of you are detailed or astute enough....or your taxes are just simple enough (take the standard deduction ) to file them yourself. Then there are folks that have Certified Public Accountants (CPAs), Attorneys or other agents to handle the brunt of this tedious and mundane yearly task. But there is a group of folks that year after year take their taxes to be prepared by their relative, friend or the neighborhood tax preparer.
Now this is by no means a knock on these professionals or para-professionals....but for the longest time the art and service of tax preparation has literally been an unregulated industry. Well...at least until now.
The IRS will begin the regulation of all tax preparers starting in 2011. Tax preparers will be required to attend continuing educations courses, take and pass competency tests, register with the government, and even adhere to ethical standards.
So why all the government intervention now you say? Well the hope is that these new requirements will reduce the inaccuracies (that cost you money) fraud, and require tax preparers to keep up with the constant and often complex changes to tax rules. Now I don't want you to think it is just your Uncle Joe preparing your taxes that will be required to comply with the new regulations. Employees of large tax preparation firms like H and R Block and Jackson Hewitt will also be subject to the new regulations.
But guess what? The IRS also went one step further. They mailed out 10,000 letter to tax preparers that had a high rate of errors. Some of those guys will probably get visits from agents posing as customers.
Think taxes are getting even more complicated. Well they are! So much so that even the Commissioner of the IRS, Doug Shulman, pays a preparer! So remember it is you that are on the hook for any mistakes made on your taxes. By the way, if your tax preparer refuses to sign your return.....run!
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