There are two federal tax credits available to help you offset the costs of higher education for yourself or your dependents. These are the American Opportunity Credit and the Lifetime Learning Credit. Visit our Blog to learn more..
If you file a joint return for your client and all or part of their refund is applied against their spouses’ past-due federal tax, state income tax, child or spousal support or federal nontax debt, such as a student loan, your client may be entitled to injured spouse relief. There are seven facts the IRS wants you to know about claiming injured spouse relief. Visit our Blog to learn more.
Six Tips for Paying Estimated Taxes
Estimated tax is a method used to pay tax on income that is not subject to withholding. You may need to pay estimated taxes during the year depending on what you do for a living and what type of income you receive. There are six tips from the IRS that will provide you with a quick look at estimated taxes and how to pay them. Visit our Blog to learn more.
10 things the Internal Revenue Service wants your client to know about setting aside retirement money in an IRA.
The first one is your client may be able to deduct some or all of their contributions to their IRA. Your client may also be eligible for the Savers Credit formally known as the Retirement Savings Contributions Credit. Visit our Blog to learn more.
Eight Tips for Deducting Charitable Contributions
Charitable contributions made to qualified organizations may help lower your client's tax bill. The IRS has put together the following eight tips to help ensure their contributions pay off on their tax return. Visit our Blog to learn more.
Ten Things to Know about Farm Income and Deductions
If your client has a farming business, there are several tax issues to consider before filing their federal tax return. The IRS has compiled a list of 10 things that you may want to know. Visit our Blog to learn more.
Employee Business Expenses
If you itemize deductions for your client and they are an employee, they may be able to deduct certain work-related expenses. The IRS has put together the following facts to help you determine which expenses may be deducted as an employee business expense. Expenses that qualify for an itemized deduction include... Visit our Blog to learn more.
Work From Home? Consider the Home Office Deduction
Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office deduction. There are six things the IRS wants you to know about the Home Office deduction. Visit our Blog to learn more.
What Parents Should Know about Their Child’s Investment Income
Parents need to be aware of the tax rules that affect their children’s investment income. There are four facts from the IRS that will help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate... Visit our Blog to learn more.
Get Credit for Making Your Home Energy Efficient or Buying Energy-Efficient Products
Taxpayers who made some energy efficient improvements to their home or purchased energy-efficient products last year may qualify for a tax credit this year. The IRS wants you to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009. Visit our Blog to learn more.
Nine Facts on filing an Amended Return
An amended tax return generally allows your client to file again to correct their filing status, their income or to add deductions or credits your client may have missed. There are nine points the IRS wants you to know about amending your federal income tax return. Visit our Blog to learn more.
Tax Refund Withholdings and Offsets
If your client owes money because of certain delinquent debts, the IRS or the Department of Treasury's Financial Management Service (FMS), which issues IRS tax refunds, can offset or reduce their federal tax refund or withhold the entire amount to satisfy the debt. There are seven important facts the IRS wants you to know about tax refund offsets. Visit our Blog to learn more.
Eight Facts on Penalties
When it comes to filing a tax return – or not filing one - the IRS can assess a penalty if your client fails to file, fails to pay or both. There are eight important points the IRS wants you to know about the two different penalties your client may face if they do not file or pay timely.Visit our Blog to learn more.
Earned Income Tax Credit
The Earned Income Tax Credit is a financial boost for workers earning $46,227 ($51,567 married filing jointly) or less a year. Four of five eligible taxpayers filed for and received their EITC last year. There are 10 things the IRS wants you to know about this valuable credit. Visit our Blog to learn more.
Medical and Dental Expenses
If you itemize deductions for your client on Form 1040, Schedule A, There are six things the IRS wants you to know about medical and dental expenses and other benefits. Visit our Blog to learn more.
The Social Security benefits your client receives in 2012 may be taxable. They should receive a Form SSA1099 which will show the total amount of the benefits. The information provided on this statement along with the following seven facts from the IRS will help you determine whether or not the benefits are taxable. Visit our Blog to learn more.
Six Facts the IRS Wants You to Know about the Alternative Minimum Tax
The Alternative Minimum Tax attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. The AMT provides an alternative set of rules for calculating your income tax. In general, these rules should determine the minimum amount of tax that someone with your income should be required to pay. If your regular tax falls below this minimum, you have to make up the difference by paying alternative minimum tax. Visit our Blog to learn more about the facts.
Ten Things to Know About the Child and Dependent Care Credit
If your client paid someone to care for their child, spouse, or dependent last year, they may be able to claim the Child and Dependent Care Credit on their federal income tax return. There are 10 things the IRS wants you to know about claiming a credit for child and dependent care expenses. Visit our Blog to learn more about the facts.
Seven Tips About Rental Income and Expenses
Does your client rent property to others? If so, you’ll want to read the following seven tips from the IRS about rental income and expenses. You generally must include in your client's gross income all amounts your client receives as rent. Rental income is any payment you receive for the use of or occupation of property. Expenses of renting property can be deducted from your gross rental income. You generally deduct your rental expenses in the year you pay them. Publication 527, Residential Rental Property, includes information on the expenses you can deduct if you rent property. Visit our Blog to learn more about the seven tips.
Ten Facts for Mortgage Debt Forgiveness
If your client's mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, they may be able to claim special tax relief and exclude the debt forgiven from your income. There are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness. Visit our Blog to learn more.
Four Credits That Can Pay at Tax Time
Your client might be eligible for a valuable tax credit. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are even refundable, which means you might receive a refund rather than owe any taxes at all. There are four popular tax credits you should consider before filing your client's 2012 Federal Income Tax Return. Visit our Blog to learn more.
Many Tax Return Preparers Must Use IRS e-file Beginning in 2011
A new law requires many paid tax return preparers to electronically file federal income tax returns prepared and filed for individuals, trusts, and estates starting Jan. 1, 2011. The e-file requirement will be phased in over two years. As a result of the new rules, preparers will be required to start using IRS e-file beginning:
January 1, 2011— for preparers who anticipate filing 100 or more Forms 1040, 1040A, 1040EZ and 1041 during the year; or
January 1, 2012— for preparers who anticipate filing 11 or more 1040, 1040A, 1040EZ and 1041 during the year.
Did your Client Take an Early Distribution from Their Retirement Plan?
Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund. There are ten facts about early distributions. Visit our Blog to learn more.
Get Credit for Your Client's Retirement Savings Contributions
Your client may be eligible for a tax credit if you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement. There are six things the IRS wants you to know about the Savers Credit. Visit our Blog to learn more.
Important Tax Law Changes for 2012
Tax Preparers should make sure they are aware of many important changes to the tax law before they complete their client's 2011 federal income tax return. There are several important changes that the IRS wants you to keep in mind when you file your 2012 federal income tax return in 2013. Visit our Blog to learn more.
Six Facts about Choosing the Standard or Itemized Deductions
When filing your client's federal income tax return, taxpayers can choose to either take the standard deduction or to itemize their deductions. The IRS has put together the following six facts to help you choose the method that gives you the lowest tax. Visit our Blog to learn the facts.
Tax Benefits for Disabled Taxpayers
Taxpayers with disabilities and parents of children with disabilities may qualify for a number of IRS tax credits and benefits. There are seven tax credits and other benefits. Visit our Blog to learn more.
Taxable or Non-Taxable Income?
Generally, most income you receive is considered taxable but there are situations when certain types of income are partially taxed or not taxed at all. Visit our Blog to learn more.
Four Tax Tips about Tip Income
If you work in an occupation where tips are part of your total compensation, you need to be aware of several facts relating to your federal income taxes. Here are four things the IRS wants you to know about tip income. Visit our Blog to learn more.
Some tax rules affect every person who may have to file a federal income tax return – these rules include dependents and exemptions. Here are six important facts the IRS wants you to know about dependents and exemptions that will help you file your 2012 tax return. Visit our Blog to learn more.
Tax Help ‘en Español’
Tax information can be tough to understand in any language, but it can be even more difficult if it is not in your first language. The IRS offers a wide range of free and easy-to-use products and services for Spanish speaking taxpayers. There are nine ways you can get help from the IRS if you need assistance with your federal taxes in Spanish. Visit our Blog to learn more.
Eight Facts About Filing Status
The first step to filing your federal income tax return is to determine which filing status to use. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and deductions, and your correct tax. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with Dependent Child. There are eight facts about the five filing status options the IRS wants you to know so that you can choose the best option for your situation. Visit our Blog to learn more.
Choosing the Simplest Tax Form for Your Client
If you file your return using IRS e-file, the system will automatically decide which form you need. There are some general rules to consider when deciding which paper tax form to file. Visit our Blog to learn more.
Do you know how to obtain IRS Forms and Publications?
The Internal Revenue Service has free tax forms and publications on a wide variety of topics. Due to the continued growth in electronic filing, the availability of free options to taxpayers and efforts to reduce costs; the IRS will no longer be automatically mailing paper tax packages. If you need IRS forms, there are four easy methods for getting the information you need. Visit our Blog to learn more.
Updates for IRA Accounts
For 2012, individual taxpayers can deposit up to a certain amount into a Traditional or Roth Individual Retirement Account (IRA). Visit our Blog to learn more.
Ten Tax Benefits for Parents
There are 10 tax benefits the IRS wants parents to consider when filing their tax returns this year. Visit our Blog to learn more.
IRS Launches the IRS2Go App for iPhone, Android
Taxpayers Can check refunds and get tax information.
Tax Help for Small Businesses and Self-Employed
The IRS Small Business and Self-Employed Tax Center at https://xxxwww.irs.gov/smallbiz offers extensive resources and online tools designed to help small businesses and self-employed persons.
Tax Tips for Self-employed Individuals
If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed and you would file IRS Schedule C, Profit or Loss From Business or Schedule C-EZ, Net Profit From Business with your Form 1040. There are six things the IRS wants you to know about self-employment. Visit our Blog for more information.
Ten Important Facts About Capital Gains and Losses
Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss.There are ten facts from the IRS about gains and losses and how they can affect your Federal income tax return. Visit our Blog for more information.
Four Facts About Bartering
In today’s economy, small business owners sometimes look to the oldest form of commerce – the exchange of goods and services, or bartering. The fair market value of property or services received through barter is taxable income. Visit our Blog to learn about the four facts.
Ten Facts about the Child Tax Credit
The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income. There are 10 important facts from the IRS about this credit and how it may benefit your family. Visit our Blog for more information.
The 2012 rates for mileage for business use of your car is 55.5 cents a mile. Medical and moving mileage are both 23 cents per mile and for miles driven in service of charitable organizations you can deduct 14 cents a mile. Visit our Blog to learn more.
This course is designed for non-exempt or unenrolled tax preparers looking to get a jump start on their continuing education requirements in order to obtain the IRS Annual Filing Season Program (AFSP) Record of Completion. This tax course fulfills 10 hours of continuing education CE credit for Tax Return Preparers that will count towards the annual CE requirement in order to obtain the AFSP Record of Completion. The required two hours of ethics and six hour Annual Federal Tax Refresher Course (AFTRC) that non-exempt or unenrolled tax preparers are required to complete is not included in this course. Platinum offers a course that fulfills the required two hours of ethics which can be found here. Platinum Professional Services also offers a separate Annual Federal Tax Refresher Course (AFTRC) that is available between June 1st and December 31st of each year (per IRS guidelines).
IRS General Tax Preparer Requirements
Course Prerequisites: High school diploma or high school diploma equivalent is recommended. The Internal Revenue Service (IRS) also require individuals to possess a valid Personal Tax Identification Number (PTIN).
The IRS requires all paid tax preparers to sign up with the IRS, pay a registration fee and obtain a preparer tax identification number (PTIN). All tax preparers will need to renew an existing PTIN annually. Enrolled Agents have separate requirements, Click Here to learn more. Please note, residents of California, Oregon, New York and Maryland have separate state requirements. Click the link to learn more about each states specific requirement.
What are the benefits to becoming an IRS Annual Filing Season Program Record of Completion Holder?
Tax preparers who complete the Annual Filing Season Program will be issued a record of completion from the IRS and be listed in their public database detailing the tax preparer’s credentials. The IRS has also launched a public education campaign to encourage taxpayers to select credentialed tax preparers. Beginning January 1st, 2016, there will be changes to the representation rights of return preparers. AFSP participants will have limited representation rights and will be able to represent clients before revenue agents and similar IRS employees.
IRS Annual Filing Season Program Continuing Education Requirements
In order to participate in the IRS Annual Filing Season Program one must complete 18 credit hours of continuing education. The Annual Filing Season Program record of completion is available each year from June 1 - December 31st and each year thereafter. The 18 credit hours would need to include 6 hours of an Annual Federal Tax Refresher (AFTR) course with a knowledge based comprehension test, 10 hours of Federal tax law topics and 2 hours of Ethics. The program is directed to preparers who are not attorneys, CPAs or enrolled agents. Tax return preparers who have successfully completed one of the following national or state tests would be exempt from taking the Annual Federal Tax Refresher course with a comprehension test:
If a credentialed tax professional (CPA, attorney, enrolled agent, enrolled retirement plan agent, enrolled actuary) or the exempt group listed above wants to be a part of the Annual Filing Season Program, he/she must have 15 hours of continuing education from an IRS approved provider. The 15 credit hours will need to include 3 hours of Federal tax updates, 10 Hours of Federal tax law topics and 2 hours of Ethics. No CE credit will be given to Enrolled Agents for completing an AFTR course. The 18 credit hours must include 6 hours of an Annual Federal Tax Refresher (AFTR) course with a knowledge based comprehension test, 10 hours of Federal tax law topics and 2 hours of Ethics. The program is directed to preparers who are not attorneys, CPAs or enrolled agents.
Once you complete the IRS Annual Filing Season Program continuing education tax course, you will receive a Certificate of Completion. Platinum will then report your completion to the IRS electronically. Once the tax preparer has met all three requirements for the AFSP (renewed their PTIN, taken appropriate amount of continuing education, completed and passed the AFTR course/test if required), a record of completion will be available in the PTIN holder's online IRS account for printing. Any "unenrolled" preparer not already bound by Circular 230 will need to sign an agreement to follow sub-part b of Circular 230 before being able to print the certificate from the Internal Revenue Service. There will be no cost to the preparer for the AFSP record of completion. The IRS will then list AFSP tax preparers in their public database including the tax preparer's credentials.
About the IRS Annual Filing Season Program Continuing Education Tax Course - Personal Income Tax Law
Course Description: The IRS AFSP 10 Hour CE Personal Income Tax Law course is designed for tax preparers who are looking to complete a tax course that will meet the 10 hour IRS Continuing Professional Education annual income tax course requirement.
The IRS Annual Filing Season Program (AFSP) CE Tax Course includes ten hours of Federal Tax Law. The Internal Revenue Service requires an individual to possess a valid PTIN as well to complete 2 hours of ethics and a 6 hour Annual Federal Tax Refresher Course annually by December 31st using an IRS Approved Provider to maintain and receive the Annual Filing Season Record of Completion. Our IRS CE Tax course meets the IRS' requirement for the ten hours of federal tax law.
Course Organization: This course is presented in an online format. Students create a login I.D. and password to access the course. Once purchased, the course is available for six months. Reading assignments cover the topics in a step-by-step fashion. Each reading assignment is then followed by a one or two part quiz presented in a multiple choice format. The quiz questions will test knowledge of the completed reading assignment. Once answers are submitted the student will be provided with an answer key and feedback, also provided online. Once all of the quizzes are completed, the student will then need to complete a final test that will review all of the topics covered. (Note that completion of the quizzes is not mandatory) The student will receive a pass or fail grade on the final test but, unlike the quizzes, will not be provided with an answer key or any feedback (to comply with IRS guidelines regarding final testing). All quizzes and the final test must be completed with a passing grade of 70% or better in order to meet the 10 hour CE requirement and receive a Certificate of Completion. Course completion is then reported to the IRS by Platinum Professional Services.
Student Support: Students can submit questions and comments in a variety of ways. A toll free phone number (877-315-1772), fax line (877-317-9412) and email address (customersupport @platinumprostudies.com) are all offered to the student. A course evaluation is also provided at the conclusion of the course. The Certificate of Completion is emailed to the student immediately following the successful completion of the course.
The reading material is built within the course with an option to print it out if you prefer to work offline. The tax course is available to you for six months upon registration. Our current courses are based upon the IRS' most recently available tax laws, forms, and schedules. We provide all students with tax updates throughout the year on our Platinum Blog site.
Please note: this tax course is good for six months but in order to participate in the Annual Filing Season Program you must complete this course by December 31st deadline regardless of the expiration of the course.
Remember, Platinum Professional Services offers automatic grading, feedback on your missed questions, reading material conveniently located within each tax course and unlimited tries to pass the quizzes and final exam(s). We even offer full instructor support. Our tax courses are available to you for six months (180 days) upon purchase and will expire after the six month term. Please note: Enrolled Agent review courses and Notary courses expire after one year. Learn 24/7, online and at your own pace. Best of all, your Certificate of Completion is emailed to you immediately following the successful completion of the tax course. Platinum will then report your completion electronically to IRS.
We accept Mastercard, Visa, and American Express via our secure connection.
If you are not completely satisfied with our course, we will offer you a full refund within three days of purchasing. No refunds given for group orders or to students who have completed more than one quiz.
Tax Courses Approved by the Internal Revenue Service
Tax Courses Approved by the California Tax Education Council
Tax Courses Approved by the Oregon State Board of State Practitioners (OTPB)
Notary Courses Approved by the Secretary of State
Enrolled Agent Courses Approved by the Internal Revenue Service
Certified Public Accountant Courses Awaiting NASBA Approval