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CPA Versus Tax Preparer: What’s the Difference?

Summit CPA

The requirements are minimal: In order to obtain a PTIN, the applicant must verify with the IRS that they are in compliance with their own taxes and pay a small yearly fee ($19.74 While the IRS encourages non-credentialed tax preparers to increase their knowledge through continuing education, doing so is optional.

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IRS Provides Relief to Taxpayers Impacted by Hurricane Helene

Withum

Taxpayers located outside a declared area but maintain records, principal place of business, or accountants inside a covered disaster area must self-identify for disaster relief by calling the Disaster Assistance Hotline at 866-562-5227. Does disaster relief apply to a taxpayer that is not in a disaster area, but the tax preparer is?

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Survey: Over Half of Accounting Firms Plan to Increase Fees in 2025

CPA Practice

A new report from practice management software provider Ignition says rising business costs are driving fee increases at accounting firms, with 57% planning to raise fees across all services next year. The 2024 U.S. 90% plan to increase fees for individual tax returns. 87% plan to increase fees for business tax returns.

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IRS: Kentucky Storm Victims Qualify For Tax Relief

CPA Practice

(TNS) The IRS announced tax relief for individuals and businesses in parts of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides and mudslides that began on April 2, 2024. 1, 2024, to file various federal individual and business tax returns and make payments.

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Citing Rising Costs, Accounting Firms Plan to Increase Fees in 2025

Going Concern

Ignition has released its 2024 US Accounting and Tax Pricing Benchmark report and it reveals that the 325 Ignition customers surveyed are going all-in on fee increases in 2025. We know Big 4 and mid-tiers have this pricing thing down. Or at least half-in. 57% of accounting firms plan to increase fees across all services in 2025.

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IRS Extends Tax Deadlines Until May For Helene Victims

CPA Practice

The IRS on Tuesday announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. 22, 2024, in Alabama; Sept. 31, 2024, and Jan. 23 in Florida; Sept.

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Oct. 16, 2023, is Deadline for Millions Who Filed Tax Extensions; But Many Get More Time Due to Disasters

CPA Practice

24, 2024, to file various individual and business tax returns. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. Some other key points to keep in mind when filing and paying federal taxes electronically include: Convenience.