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How you prepare for
tax season can have a lot to do with how smoothly your season goes. A
well organized office that has prepared can make the sailing much
smoother during the fast-paced filing season. Here are some important
steps you can take now to ensure your office is prepared. A
little preparation now will ensure that you have a smooth tax season.
Bank
Enrollment:
If you plan to offer bank products, and you haven't already done so, you must submit your Bank Application and Fee Deposit Bank
Information by clicking this link and completing the
form. Signing
up now will help you avoid delays when it ’s time to process that
first bank product.
Disabling
Former Employees:
If you use any of our online tax preparation programs and you had
employees last season that will not be returning this season please be
sure to let Technical Support know so that we can disable their
ability to login.
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
regarding tax preparation fees have changed. To read our article
“Legal Issues Regarding Tax Preparation Fees” click here: http://www.1040valuepak.com/getting_started/legal_issues.htm
Setting
Your Fees:
For
many years it was difficult for tax preparers to raise their fees.
This is because there were no barriers to entry into the tax
preparation business. Anyone could be a tax preparer – and many new
preparers would low ball their fees to get new clients. This put
downward pressure on tax preparation fees.
But
that’s all changed now. It appears that 477,000 tax return preparers
have left the business since the 2008 Great Recession. For years the
IRS Taxpayer Advocate said that there were 1,250,000 professional tax
return preparers in the US. Starting in 2012 all tax return preparers
were required to obtain and use a PTIN. The IRS issued 772,379 PTINs
for the 2022 Filing Season. For further statistics click here: Return
Preparer Office Federal Tax Return Preparer Statistics.
As an independent tax
preparer you are free to set your fees however you like. Setting up your
billable amounts now will save you a lot of time later. 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: http://www.1040valuepak.com/getting_started/set_pricing.htm
If
you desire to use Fee Schedules they are available in Section 1, Step
3 of our Getting Started page:
http://www.1040valuepak.com/getting_started/home.htm
Updating
Your Contact Information:
Please notify us of your new address, phone number, or email address
so we can update our records and continue to keep you informed. To
change your contact information click here: https://www.safeforms.net/change_contact.htm
Reminders
and Other Stuff:
1. If you use any of our online tax preparation programs your Preparer PIN will be the same as last season.
Ordinarily your Preparer PIN is the last five (5) digits of
your Social Security Number.
2.
If you want to get started for next season, but simply do not have the
money to pay for your software, do not forget that we have a Payment
Plan option. Using the Payment Plan will get you into our software now
for a small down payment and you can pay the “lion’s share”
later after your tax preparation fees start rolling in. To set up a
Payment Plan call the Sales Department at 1(800) 685-2909.
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