Posts Tagged ‘Opening your own tax office’
The IRS eventually established a fee for the registration of tax preparers, the price is $ 64.25 per person for the first year, $ 50 of this amount covers the cost of administering the program PTIN from the IRS and $ 14.25 is for the company that operates the system and provides the service. The PTIN will renew the annual cost of $ 14.25.
All persons who wish to work doing tax preparation must be recorded, whether an individual needs to get his new PTIN for the first time or are an experienced trainer and has spent years with his number, all must register and there are several issues to be consider:
Increased cost of operation:
This is because the overall cost of keeping employees in a tax office, because the more your business grows, more people in need and you must pay renewal or records.
If your coaches give up and go to work with the competition, the PTIN will go with them because they are not transferable and even if your payment you belongs to the person who was assigned, not who paid it.
More difficult to recruit to your team.
From now on each individual to be examined in order to get the PTIN. This test includes a check for criminal records and have complied with the tax law. This means that if you have a new employee and this has a criminal record or has not complied with its previous statements of taxes, the employee will not be registered in order to prepare statements, this will be fewer and fewer candidates.
You can not hire a new coach during the season and put to work immediately as they must first go through the registration process.
The greatest impact of these new changes for the owners of tax offices is that now will be under supervision and may be subject to disciplinary action by the Office of Professional Responsibility. The coaches will be responsible if you enter some kind of preparations fraud.
For example, if a taxpayer comes to your business and your dog want to claim as a dependent and your coach knowing that you should not do, it is likely that disciplinary action be taken to the coach and not just the taxpayer they used to. If you are a coach or future work and preparing taxes, you must stay abreast of the latest IRS regulations implemented and how they affect your business and your employees.