Tax News

irsNews

IR-2018-171, Aug. 22, 2018

WASHINGTON – Moving to better protect taxpayer data, the Internal Revenue Service today announced a new format for individual tax transcripts that will redact personally identifiable information from the Form 1040 series.

This new transcript replaces the previous format and will be the default format available via Get Transcript Online, Get Transcript by Mail or the Transcript Delivery System for tax professionals as of September 23. Financial entries will remain visible, which will give taxpayers and third-parties the data they need for tax preparation or income verification.

 

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Franklin, NC (July, 2018) Drake Software is proud to announce that Drake Tax is now the preferred tax-preparation software of the Latino Tax Professionals Association (LTPA) and it's 10,000 members. 

“Drake Software is our preferred software provider, because they’re forward thinking,” said LTPA Founder and Executive Director Carlos Lopez, EA. “Products like SecureFilePro and Drake Hosted address the need for improved security and flexibility in modern tax offices, and Drake is the industry standard for customer service. LTPA looks forward to working very closely with Drake in the months and years to come.”

Breaking-News

July 25th 2018 (Salinas, CA) MetaBank®, a wholly-owned subsidiary of Meta Financial Group, Inc.® (NASDAQ: CASH) ("Meta") and a leader in delivering innovative payment, community banking and financing solutions to partners throughout the country, announced that two of its tax divisions, EPS Financial (“EPS”) and Refund Advantage, were recently named as Preferred Bank Product Providers for the Latino Tax Professionals Association (“LTPA”) and it’s 10,000 members. Both divisions are now primary sponsors of the association as well as the preferred refund transfer bank partners for the association. EPS and Refund Advantage provide financial services such as interest-free refund advances and tax refund-transfer solutions.

w7

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.

salesTax

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.