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Mc-Tax Hangout - EA vs CPA; IRS Offer in Compromise or a Payment Plan; LLC Formation

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Streamed live on May 29, 2012

Do you have questions about getting your taxes done, choosing a tax professional or deciding between an EA or a CPA to file your taxes? Join Bruce and his friends of professionals in this Google Hangout as they discuss everything from an IRS Offer in Compromise to required continuing education of tax professionals and more.

Anyone can benefit from some type of professional preparer. • What is the threshold for payment plans with the IRS? • Common percentages of interest to the IRS: 18-21% • When you request the Offer in Compromise, the IRS will consider your: o Ability to pay; o Income; o Expenses; and o Asset equity. • Should the IRS test CPAs for tax knowledge? • What can be done to make sure the public understands that just because someone is a CPA doesn't mean they are a tax expert. • Should CPAs be required to get tax continuing education and show proof of this to the IRS? • Non-basic, simple returns need the help of a live person who is experienced in tax preparation. • Enrolled Agent: These are the professionals who specialize in taxes and you are more likely to find someone who can help you with income tax issues. • Continuing Education for EA vs CPA: The IRS requires 72 hours over 3 years (24 hours a year). National Association requires a min. of 30 hours per year. CPAs don't have any specific tax requirements but they do have specific state requirements on continuing ed. on "any" subject not just tax. • Registered Tax Return preparers are required 15 CPE per year, like the EA this is Mandated to be concerning Tax law, Tax law updates and Ethics • EAs and RTRPs are mandated by IRS regulation, CPAs Attorneys are mandated by State agencies.

Do you have questions about tax preparation? Disagree with opinions shared in this episode? Join in the next Hangout and let your voice be heard.

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