Tax Tips & News: paid tax preparers (2)

How to Know If You Need a Tax Pro

3 minutes read

Tax time is one of the most stressful times of year for everyone. Besides worrying about possibly owing even more than you’ve already paid, there’s always the question of figuring out exactly how you’re going to get your taxes filed. Aside from a few whiz kids, I don’t know very many people who feel comfortable doing their own taxes from scratch. Some depend on a personal accountant, some depend on a calculator-savvy friend, and some just walk into the nearest H&R Block, Jackson Hewitt or R&G...

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IRS Has 1.3 Billion In Unclaimed Refunds!

2 minutes read

The IRS has reported that more than 1.4 million tax payers are due over $1.3 BILLION in unclaimed refunds because they have not filed a 2006 tax return.  These refunds are still available, but only if a 2006 tax return is filed before April 15th, 2010.  After that, the government gets to keep your refunds.

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Tax Preparers Vs. Tax Software

8 minutes read

I recently read an article that breaks down the differences in the two most popular tax preparations software; Intuit’s TURBOTAX and H&R Block’s AT HOME (previously knows as TAX CUT).  I am going to post some of the interesting findings and add R&G Brenner’s comments underneath:

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First-Time Homebuyer Credit Under Tremendous Scrutiny by IRS

2 minutes read

The First-Time Homebuyer Credit (FTHC)–where qualifying taxpayers can receive up to an $8,000 tax credit–is under tremendous scrutiny by the IRS as it has been earmarked this year as a credit that is likely to be abused. This is not surprising considering the huge amount of money the IRS could stand to lose due to erroneous claims. However, those that legitimately qualify for this credit MUST be diligent in the documentation they provide in order to receive this credit. The IRS has just...

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Critical Tax Benefits You Should Know About

3 minutes read

The following are a list of critical tax benefits all tax payers should be aware of.  Pay particular attention to the first one, as this will negatively affect taxpayers by reducing the amount they receive from the Child Tax Credit.

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Tax Preparers Sue H&R Block

2 minutes read

Two H&R Block Tax Consultants have filed suit against H&R Block stating that they allegedly violated the Fair Labor Standards Act.

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Jackson Hewitt Loses RAL Funding

4 minutes read

Jaskson Hewitt–the 2nd largest tax preparation business behind H&R Block–has lost over 50% of their Refund Anticipation Loan (RAL) funding for the 2010 tax season.  Due to regulatory crackdowns, the bank that funded Jackson Hewitt’s RAL program–Pacific Capital Bankcorp Inc.–was blocked by the Office of the Comptroller, and ordered to leave the RAL business.

“It’s potentially disastrous for Jackson Hewitt,” said Vishnu Lekraj, an analyst at Morningstar Inc. “If they lose the ability to provide...

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“Death Tax” Expires, Extra Tax Planning Required

7 minutes read

The only certainties in life are Death & Taxes as the old saying goes.  But thanks to the inaction of Congress, wealthy taxpayers have one less tax to pay in 2010.  On the surface this should be a good thing, but unfortunately, it’s not that simple…

Tax planners across the country were certain that Congress would extend the Estate Tax–also known as the “Death Tax”–which was set to expire this year. The House acted, but the Senate did not. So for the first time since 1916 there is no estate tax,...

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R&G Brenner Receives 2009 Best Of Business Award

2 minutes read

I am proud to announce that R&G Brenner Income Tax Consultants is the recipient of the 2009 Best Of Business Award in the category of tax return preparation services by the Small Business Commerce Association (SBCA). I would like to thank all R&G Brenner associates; from our Senior Tax Consultants, Executives and clerical staff for allowing us to receive this outstanding reward. In a time when small businesses are becoming an extinct species, you are the foundation...

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H&R Block CEO Encourages Stifling of Competition

3 minutes read

Ahhh H&R Block.  You really are the McDonalds of income tax preparation.  It’s like I always say, if you wan’t a good burger, you don’t go to McDonalds.  Sure, it tastes good going down, but you’ll be sorry later…

Here’s H&R Block big wig Russ Smyth being interviewed about why he favors the new tax preparer regulations.  One of his answers: Because it will drive smaller Mom & Pop industries out of business.  He then quickly followed up that statement with “H&R Block encourages competition..,”

Well,...

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