| Getting Started |
| Section 1: 1040 ValuePak Setup |
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Who is an Administrator? An Administrator is a person in charge of managing and maintaining computers. If you are a "solo" tax preparer then you are
probably your own Administrator. Therefore, you should complete all of the sections in Getting Started, including the ones designated "Administrators Only". If you are an employee and have a supervisor that manages and maintains the computers then
you are a User and your employer or supervisor is the Administrator. Users DO NOT need to complete the sections designated "Administrators Only". |
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Client Tax Checklist: To download a copy of the Client Tax Checklist click here.
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Setting Tax Return Pricing: Tax return preparers are often uncertain exactly how to set their pricing. To read our article "Setting Tax Return Pricing" which includes information on how and when you should raise your fees click
here.
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Fee
Schedules: Download the Fee Schedules below if you
would like to use a Fee Schedule. However, we recommend that you come up with a few basic "profiles" that most clients will fit into. You don't want pricing every single prospective client to become so time consuming that it detracts from your ability to
prepare returns and obtain new clients. Additionally, prospective clients will like your ability to give them
an immediate price. We recommend that you
only use a Fee Schedule when necessary to support the
"profile" price you've already quoted. In most cases the
"profile" price you
quote will be less than the total of the charges on the
Fee Schedule. Remember, most taxpayers want to keep it
simple and only desire a price for the complete tax
return. Edit the Fee Schedules in Microsoft Word as
desired.
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Note: The Fee
Schedules present sample prices. They are not real
prices. You'll need to determine your own prices
locally. To learn more read the Tax Return Pricing
section of The
Tax Preparer's Operations Book.
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| Section 2: 1040 ValuePak Configuration |
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Preparer
Setup (Administrators only): Submit the Preparer
Setup Form to create a User Account for
yourself and any additional authorized users. You'll
create a User Name(s) and Password(s) to log
in to the Tax Preparation System.
Please Note the Following:
1) It is NOT necessary to complete the Preparer
Setup Form each year as we automatically carry over your
login information from prior years.
2) If you are an Administrator and you have preparers
from last year who will not be returning this year, you
should disable their logins by logging in and going to
Setup > Reset User Passwords.
Changed Contact Information (Administrators only):
Be sure to
notify us if your contact information has changed since
last season by clicking
here.
EFIN Submission (Administrators only):
If you haven't already done so, please click
here to submit your Electronic Filers Identification
Number (EFIN).
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Bank
Application and Fee Deposit Bank Account Form (Administrators only):
Click this link to submit
your Bank Application and Fee
Deposit Bank Information: Bank Application Form
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TIP:
Be sure to establish a procedure to safeguard the bank's
checks and debit cards, such as keeping them in a safe. The bank will hold
you liable if the checks or debit cards are stolen or forged, etc.
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TIP: Be
sure to establish a procedure to verify that your fees
are withheld from all bank checks before delivering
them to the taxpayer. Errors do happen - both the bank's and
yours! Always verify that you'll be paid. |
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Rewards Program Highlights and Rules:
To review our Rewards Program Highlights and Rules click here.
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Refer-a-Friend
Cash Bonus Program: Earn up to $750 when you refer
a friend with our Refer-a-Friend Cash Bonus Program.
For complete details click
here.
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| Section 3: IRS Legal Requirements\Changes |
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Federal
Registration Requirement:
As part of an initiative to ensure that tax return preparers are competent and qualified, the Internal Revenue Service has issued final regulations requiring paid tax return preparers to register with the IRS to obtain a Preparer Tax Identification Number (PTIN). You MUST
renew your PTIN annually. To go to the PTIN Home Page click
here. |
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Federal
Efile Mandate:
Congress recently approved a federal e-file mandate for tax return preparers, based on recommendations from the IRS, the Treasury Inspector General for Tax Administration and the Electronic Tax Administration Advisory Council.
As a result of the new rules you are required to use IRS e-file to file ALL tax returns
beginning January 1, 2012, if you anticipate preparing 11 or more federal individual or trust tax returns during the year.
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Legal
Issues Regarding Tax Preparation Fees: Now that tax
return preparers are covered by Treasury Department Circular 230 -
Regulations Governing Practice before the Internal Revenue
Service the rules for tax return preparers
have changed. To read our article "Legal Issues
Regarding Tax Preparation Fees" click
here.
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Internal Revenue
Code § 7216:
New regulations under Internal Revenue
Code § 7216, Disclosure or Use of Tax Information
by Preparers of Returns, became effective January 1,
2009. IRC § 7216 applies to ALL tax preparers
regardless of which tax software program they use. For further information
click
here. |
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TIP:
You should have each taxpayer sign the three forms below
prior to starting their tax return.
There
are severe civil and criminal penalties for failure to
comply with Internal Revenue
Code § 7216 so be
sure to become familiar with the law and to get the forms
below signed by each taxpayer prior to starting their tax
return. The third form, Consent to
Disclosure Bank is not necessary unless that taxpayer is
receiving a tax related bank product.
The forms are provided in Microsoft Word format so that
you can type in your standard information before
printing. |
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Additional EFINS
may be Required:
Electronic Return Originators (EROs) must submit new Forms 8633 when expanding their IRS e-file businesses to physical locations in addition to their current location(s). Applications must be submitted with fingerprint cards for all principals of the firm and responsible officials listed on the application unless fingerprint cards have been submitted before with an application that was accepted into the IRS e-file program. Evidence of professional status may be substituted for fingerprint cards if the principal or responsible official is an attorney, CPA, enrolled agent, banking official who is bonded and has been fingerprinted within the last TWO years, or officer of a publicly owned corporation as specified in Internal Revenue procedures. |
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Federal Due Diligence
Requirements provides helpful and practical guidance on today's
federal tax preparer rules and regulations. This concise yet
comprehensive guide is a treatise on the supporting document and Due
Diligence requirements for tax return preparers, and will help you
stay on the "right side of the law" and keep you out of
trouble with the IRS.
Now available in eBook format - you can download it to your computer
instantly by clicking
here. |
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| Section
4: Additional IRS & State Stuff |
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Where's
My Refund?: In most cases, the IRS will issue
refunds in less than 21 days after Acknowledging the tax
return. Click this link
to use the IRS' tool for checking the status of a
refund. To view the most frequently asked questions about
Refunds click
here. |
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IRS
E-file Application and Participation Booklet: IRS
Publication 3112, the
IRS E-file Application and Participation Booklet,
contains several rules and regulations for Electronic
Return Originators. |
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Handbook for Authorized IRS e-file
Providers: IRS
Publication 1345, the Handbook for Authorized IRS e-file
Providers, also contains rules and regulations for
Electronic Return Originators. We strongly encourage all users that
are new to E-filing to read both of these booklets to
learn the IRS rules and regulations. Failure to know the
rules and regulations is no defense in an IRS action
against you for their violation. |
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Verify your
IRS e-file Status (Administrators
only):
The IRS no longer issues annual status letters
evidencing continued acceptance in the IRS e-file
program. Instead, you may
confirm your status as an Authorized IRS e-file Provider
by viewing the summary page of your e-file application
online via e-services at IRS.gov.
If you experience difficulties in verifying your
status you may contact the IRS e-help desk, toll free
at, 1(866)255-0654, Monday through Friday, between the
hours of 7:30 AM and 7:00 PM (ET).
Reminder
(Administrators only):
Be sure to amend your online e-file Application
with the IRS and notify the state if any of
your information from last year's application, such as your
phone number or address has changed. Be sure to
notify us too by submitting our Change
Your Contact Information Form. Also notify your tax
refund processing bank.
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Verify your
State e-file Status (Administrators
only):
If your state requires you to register to transmit
e-files you should also verify your status with your state for the upcoming season by
clicking
here.
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State Efile Mandates:
Many states now have laws requiring tax
returns prepared by professional tax preparers to
be e-filed. Check with your state.. If you
currently prepare state tax
returns and DO NOT
electronically file them, and want further
information including all state requirements,
contact your State Efile Coordinator by clicking
here.
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Bank Products & State Laws
Regarding Fees: The states of Arkansas (AR),
Connecticut (CT), Illinois (IL), Maine (ME), Maryland (MD), and New York (NY), have added regulations to prevent preparers from charging extra fees to taxpayers opting to use a bank product to receive payment of their tax refund. For more details
click
here.
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State
Bank Product Requirements: Some
states require tax preparers to be licensed and bonded
in order to offer bank products. Check with your state regarding
any state requirements.
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| Section 5: Marketing and Advertising |
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Income Tax
Bucks: Be sure to download our Income Tax Bucks
(MS Word .docx) or Income Tax Bucks
(PDF) coupons and give them to everybody that you know. |
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