Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Feb 2, 2012, 1:04 pm
The IRS has a tool to help people who have to repay their First-Time Homebuyer Credit. Reminder letters will no longer be mailed to taxpayers who have to repay the credit but you can now use an online lookup tool on the IRS website to check your repayment obligation. The following four tips will hel...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Jan 26, 2012, 1:32 pm
Click the “Like” button below to join RedGear Technologies on FaceBook. We will regularly post IRS updates, software information and let you know about special promotions.
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Jan 18, 2012, 11:20 am
The IRS officially opened electronic filing of 1040 returns Tuesday, January 17th.  The filing center at RedGear Technologies has been transmitting returns at a record pace. With the new IRS e-file mandate of 11 or more prepared returns, e-file volume is expected to increase significantly. The IR...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Jan 16, 2012, 11:19 am
If you’ve hired new staff to assist you this tax season, or you want to expand your own knowledge of the software, RedGear has some great training tools. The websites have numerous videos to help you use the program to its fullest potential. Learn about the new program enhancements, navigation ti...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Jan 15, 2012, 11:17 am
The IRS is requiring registered tax return preparers to take a test as part of an ongoing effort to enhance oversight of the tax preparation industry.  Preparers that pass this test, a background check and tax compliance check as well as complete 15 hours of continuing education will have the new d...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Jan 10, 2012, 11:14 am
The RedGear E-File Center is up and running! Even though the IRS will not officially accept electronically filed returns until January 17th, our E-File center is open to accept returns. We will transmit the returns to the government agencies as the IRS opens. All of the Federal 1040 and Individual ...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Jan 5, 2012, 11:13 am
WASHINGTON — The Internal Revenue Service opened the 2012 tax filing season by announcing that taxpayers have until April 17 to file their tax returns. The IRS encourages taxpayers to e-file as it is the best way to ensure accurate tax returns and get faster refunds. The IRS also announced a numb...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Jan 1, 2012, 11:11 am
In our April newsletter, we discussed the effects of the tax gap on small businesses. Now that tax season is here, we will start to see how the IRS’ attempts to close the tax gap, such as instituting new reporting requirements, begin to pan out. As a result of the Housing Assistance Tax Act of 20...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Dec 19, 2011, 7:28 pm
RedGear has a new product, MyTaxAuction. MyTaxAuction is an easy to use, image based, networked marketplace connecting individual tax payers with professional tax preparers to e-file 1040 based returns. There are no upfront, out of pocket expenses for the tax payer.  This is an exclusive offer for ...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Dec 19, 2011, 12:40 pm
The 2011 E-File Center opens to accept e-file returns on January 3rd. The IRS will begin accepting Modernized E-File Business returns January, 9th at 9:00 am EST, and 1040 returns January, 17th at 9:00 am EST. Watch for an alert from RedGear on updating your tax software before submitting e-file ret...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Dec 16, 2011, 5:48 pm
TaxWorks and 1040Works users who have not installed their software can register for installation assistance. This free service will continue through December 30th. Register for an appointment today to have one of our representatives’ assist you with your software installation. Click on the applica...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Dec 15, 2011, 5:36 pm
Both Republic Bank and Tax Season Cash Advance offer loan products this year! Learn more about these offers and all our Financial Product partners here.
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Oct 20, 2011, 2:45 pm
Seats are quickly filling for our annual TaxWorks Power Training Seminars. Last year many waited until November to register, only to find that our locations were full! Hotel discounts end November 1st! Our TaxWorks Power Seminars provide the latest updates and enhancements on our TaxWorks program,...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Oct 17, 2011, 2:46 pm
There has been much talk in recent months about the need to reform the tax code, especially as there are serious problems surrounding our nation’s debt. One proposed idea deals with reforming the mortgage interest deduction. In 2010, this deduction cost the Treasury Department an estimated $80 to ...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Oct 14, 2011, 3:01 pm
ArkWorks recently received a 5 star rating for the third year in a row from the CPA Practice Advisory.  Some of the categories evaluated were Core Product Functions / Features, Integration and Advanced Functionality.  ArkWorks received a 5 star in each category.  The review also calls out the int...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Oct 12, 2011, 3:04 pm
WASHINGTON — The Internal Revenue Service today advised tax professionals and tax firms that do not have Electronic Filing Identification Numbers (EFINs) to start the process to obtain EFINs now so they can meet new e-file requirements for 2012. Starting in January 2012, any paid preparer or firm...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Oct 12, 2011, 11:19 am
At each of the IRS Tax Forums this year RedGear Technologies drew a winner for an Apple iPad. Below are the winners of the Tax Forums in Las Vegas, Orlando, San Jose, and Washington D.C. Las Vegas: Charles Pritchett Orlando: Christine Pawlowski San Jose: Norma Valencia Washington D.C. – Kaitli...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Oct 10, 2011, 3:06 pm
This year’s programs will include a number of great new features.  Some of the new features include: - An interface with electronic Signature Pads* that digitally places an exact copy of you and your client’s signatures directly onto the form. - Bar Code Reader* interfacing allows you to scan...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Oct 7, 2011, 3:08 pm
Financial Product enrollment for Republic Bank, Citizens Bank, New Capital Bank, Tax Season Cash Advance and Santa Barbara Tax Products Group (TPG) is now open within the 2011 E-File Center. Enrollment for FeeDirect is scheduled to open mid November. If you are interested in working with Republic...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Sep 23, 2011, 5:59 pm
Bank enrollment for the 2012 tax season is now open! SBTPG enrollment opened August 29th. Citizens Bank and New Capital Bank along with the new Tax Season Cash Advance enrollment is scheduled to open September 30th. Republic Bank will open their enrollment October 3rd. Republic requires all new cus...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Sep 21, 2011, 3:45 pm
As of December 31, 2011, all preparers who plan to file 10 or more individual federal returns, including estates and trusts, must e-file tax returns prepared by their firms. All RedGear customers using TaxWorks or 1040Works will enjoy e-filing free of charge on all federal and state returns! http:...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Sep 21, 2011, 3:45 pm
In an effort to lessen confusion and align our terms with industry norms, we are changing two terms in our TaxWorks and 1040Works tax software and documentation. Beginning in 2011, the RedGear Program Upgrader will be referred to as Updater. What was referred to as Update Clients will change to Pro...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Sep 21, 2011, 3:33 pm
The IRS has released details on the competency exam many tax professionals will be required to take. The high-level content breakdown includes: 15% Domain 1: Preliminary Work and Collection of Taxpayer Data 22% Domain 2: Treatment of Income and Assets 22% Domain 3: Deductions and Credits 11% Dom...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Sep 20, 2011, 3:40 pm
In March, we reported on the changes to the stock tax lots beginning January 1, 2011. (Read the complete article here: http://www.taxworks.com/newsletters/Mar2011Newsletter/STOCK_TAX_LOTS.aspx.) Because of the Energy Improvement and Extension Act of 2008, brokers are required to report an individual...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Sep 19, 2011, 3:37 pm
RedGear has partnered with Schear Lending Group to offer the new Tax Season Cash Advance. This product offers short term loans to qualified tax payers expecting a federal refund including: Competitive Loan Amounts – $1,000 or $1,500 dependent upon refund amount. Competitive Rates – Fees startin...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Sep 6, 2011, 4:02 pm
The Internal Revenue Service today released the specifications for the competency test individuals must pass to become a Registered Tax Return Preparer. The test is part of an ongoing effort by the IRS to enhance oversight of the tax preparation industry. Preparers who pass this test, a background ...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Aug 10, 2011, 11:15 am
If you are adopting a child in 2011, the Internal Revenue Service encourages you to familiarize yourself with the adoption tax credit. The Affordable Care Act increased the amount of the credit and made it refundable, which means it can increase the amount of your refund. Here are six things to kno...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Aug 3, 2011, 11:06 am
ATTN: Individual (IMF) Participants – Modernized Electronic Filing (MeF) Transmitters, Software Developers, EROs, and States For TY2011, the Internal Revenue Service will require the manual key entry of the Taxpayer Identification Number (TIN) as it appears on Form W-2 received from the employer ...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Jul 20, 2011, 1:36 pm
RedGear has partnered with several financial institutions to offer a variety of products. Offerings include Refund Anticipation Loans (RALs), Refund Transfers (RT’s), QIK Funds, and FeeDirect, allowing tax payers to choose how fast they want the money. Multiple disbursement methods are also avail...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Jul 13, 2011, 1:24 pm
The trade show season is now under way. Stop by our booth at an IRS Tax Forum and enter to win an Apple iPad2. View our website to find RedGear at a location near you. We hope to see you soon!
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Jul 6, 2011, 1:22 pm
As part of a new certification process, the IRS, in association with Prometric Inc., will begin administering a competency exam for paid tax return preparers in October of 2011. On June 7, the IRS issued Notice 2011-48, requesting suggestions from “tax return preparers, the associated industry and...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Jun 29, 2011, 1:16 pm
In IR-2011-69, the IRS announced an increase in the standard mileage rates for the second half of 2011. The business mileage rate will increase to 55.5 cents per mile and the medical or moving expense mileage rate will increase to 23.5 cents per mile. The mileage rate for service to charitable organ...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Jun 24, 2011, 12:12 pm
Each year we produce a Tax Law Update Chart. This is a quick-and-easy reference that tax preparers can use to stay current on recent tax law changes. The 2011 chart includes eight individual and four business provisions and their definitions, who is eligible, potential impacts on the taxpayer, when ...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Jun 23, 2011, 3:10 pm
The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups o...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Jun 21, 2011, 12:24 pm
Each year one of our most popular handouts is the Tax Quick Reference Guide. This pocket-sized foldout contains income tax rates, details on the filing status tax brackets, standard deductions, personal exemptions, mileage rates, and more. This is handy information for tax preparers to have availabl...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - May 17, 2011, 12:43 pm
The IRS says one of the most frequently asked questions from taxpayers is, “What is miscellaneous income?” Find out by watching this new YouTube video. Watch this and other videos on the IRS’s YouTube Channel
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - May 9, 2011, 12:40 pm
Wondering how the IRS focus on International tax compliance will impact retirement plans?  Watch this FREE May 26th webinar to learn about Employee Plans key international strategies and projects, compliance coverage in Puerto Rice and the Virgin Islands, Employee Plans Team Audit with internationa...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - May 2, 2011, 4:22 pm
The Internal Revenue Service is taking steps to stop tax preparers with criminal tax convictions or permanent injunctions from preparing tax returns. This is just one of several recent moves to improve the quality and oversight of the tax preparation industry. More than 700,000 tax preparers nat...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Apr 25, 2011, 12:37 pm
The IRS has a new, free smartphone app called IRS2Go that can be used to check the status of federal refunds as well as access other tax information. This tool is especially handy right now for taxpayers who filed extensions. The app can be downloaded from the Apple App Store and the Android Market...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Apr 18, 2011, 4:07 pm
With the tax deadline arriving tonight, the Internal Revenue Service announced taxpayers set a record this weekend for e-filed tax returns, topping 100 million for the first time. The IRS saw a late surge of e-filed returns over the weekend. By early Monday morning, the IRS had received nearly 101 ...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Apr 12, 2011, 8:06 am
If you give someone money or property during your life, you may be subject to the federal gift tax. Most gifts are not subject to the gift tax, but the IRS has put together the following eight tips to help you determine if your gift is taxable. 1. Most gifts are not subject to the gift tax. For exa...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Apr 8, 2011, 12:56 pm
The IRS released information on processing issues that are impacting a small percentage of tax returns involving repayment of the First Time Homebuyer Credit (FTHB), primarily involving 2008 home purchases. While most of these returns are processing normally, the IRS recognizes the hardship caused b...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Apr 4, 2011, 1:05 pm
The Treasury Department and the Internal Revenue Service (IRS) today announced that Form 8939 is not due on April 18, 2011, and should not be filed with the final Form 1040 of persons who died in 2010. New guidance that announces the form due date will be issued at a later date and Form 8939 will be...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Mar 11, 2011, 12:36 pm
The IRS periodically lists countries for which the eligibility requirements for the foreign earned income exclusion under §911(d)(1) are waived because adverse conditions prevented individuals from meeting those requirements. Under §911(d)(4), an individual who is required to leave one of the list...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Mar 8, 2011, 12:44 pm
The IRS announced in IR-2011-17 that interest rates for the second calendar quarter of 2011 (beginning April 1) will increase by one percentage point. The rates are: • 4 percent for overpayments (3 percent in the case of a corporation); • 4 percent for underpayments; • 6 percent for large c...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Mar 4, 2011, 12:33 pm
In IR-2011-20, the IRS explains a series of new steps it plans to take to help taxpayers get a fresh start with their tax liabilities. The goal of the IRS’s new policies and programs is to help individuals and small businesses meet their tax obligations and avoid tax liens. • Tax lien threshold...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Mar 1, 2011, 12:35 pm
ARE YOUR CLIENT’S MISSING W2s? Before you file your 2010 tax return, you should make sure you have all the needed documents including all your Forms W-2. You should receive a Form W-2, Wage and Tax Statement, from each of your employers. Employers have until January 31, 2011 to send you ...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Feb 23, 2011, 4:02 pm
Over the last several years the IRS has been updating their backend systems and processes in an effort to move to a more efficient and modernized platform. As we all know, to get from point A to B can often take a lot of time and effort. The IRS has used the ‘Legacy’ platform since 1985 ...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Feb 16, 2011, 4:00 pm
All individuals who are compensated for preparing, or assisting in the preparation of, all or substantially all of a tax return or claim for refund of tax must have a preparer tax identification number (PTIN). The IRS recognizes that some tax return preparers are experiencing or may experience diffi...
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Cris posted an article on TaxWorks - Professional Tax Preparation Software - Blog - Feb 11, 2011, 5:43 pm
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, enacted on December 17, 2010, included several changes impacting workers’ take-home pay and retirees’ net pension checks for 2011. The Tax Relief Act extended for two years the income tax rates that were schedul...
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