Tax News

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All ITINs not used on a federal income tax return at least once in the last three consecutive tax years (2015, 2016, 2017) and ITINs with middle digits 73, 74, 75, 76, 77, 81 or 82 will expire at the end of this year.

IRS will begin mailing CP-48 NoticesYou must renew your ITIN to file your U.S. tax return, to affected taxpayers later this month.

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There's an urban myth in the restaurant business that goes something like this: “I collect sales tax, therefore it’s OK to use it from time to time to run my business.” However, this line of thinking, to be blunt, is very flawed. Merchants who use sales tax as working capital rarely take time to understand the true cost and potentially catastrophic legal pitfalls until it’s too late. Merchants may be wondering, why isn’t it OK to use sales tax to operate the business until it’s time to remit that money to the state?

corpnet-contributor

I’m honored to be a new contributing writer on the Latino Tax Pro blog! As an entrepreneur myself, I’m excited about the opportunity to connect with you as you strive to build your tax preparation business!

I relate to the thrills, challenges, fears, uncertainties, and fulfillment of starting and growing a business. Through my monthly posts here, I hope to provide valuable insight and information to you on your entrepreneurial journey.

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Desde el escritorio del Director Ejecutivo:

Queremos agradecer a todos nuestros miembros su continuo apoyo, ya que debido a este apoyo el IRS le pidió a Latino Tax Professionals Association, que participáramos en una discusión tipo mesa redonda con la Oficina de Implementación de la Reforma Tributaria (TRIO, por sus siglas en inglés) en Washington D.C. donde nos reunimos con TRIO para dar nuestra opinión, desde la perspectiva de los latinos. La reunión fue un éxito, compartiremos lo que aprendimos tan pronto se den las circunstancias precisas. También nos solicitaron que LTPA se uniera al Consejo de Desarrollo en Comunicación para Recaudaciones Electrónicas conocido como CERCA (por sus siglas en inglés). La misión de CERCA es proveer un fórum y un punto de enlace entre el IRS y la industria, así como otras partes interesadas.

Hay mucha información que tenemos que absorber, por lo tanto, presentaremos esta información en una serie de videos y blogs.

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From the desk of the Executive Director:

We want to thank all our members for their continued support; because of your support the IRS has asked Latino Tax Professionals Association to participate in a roundtable discussion with the Tax Reform Implementation Office (TRIO). We went to Washington D.C. to meet with TRIO to give our feedback from a Latino perspective. The meeting went extremely well, we will share what we learned as soon as developments occur.  LTPA was also asked to join the Council for Electronic Revenue Communication Advancement aka CERCA.  The mission of CERCA is to provide a forum and a liaison point between the IRS and industry as well as other key stakeholders.

There is a lot to absorb, so we will present this information in a series of videos and blogs. 

IRS News Release

WASHINGTON — In recognition of National Small Business Week, April 29 to May 5, the Internal Revenue Service is highlighting several resources to help small business owners and self-employed individuals understand and meet their tax obligations. The new tax law changes enacted in December 2017 make it especially important for these groups to know about new provisions affecting them.

During this week, the IRS will highlight various products including: