What is Tax Professional Awareness Week?
A week of educational initiatives equips tax professionals with the tools and information they need before filing season to help them prepare accurate returns. The event is designed to empower tax professionals with updated knowledge and skills in the evolving field of taxation.
Why are Tax Professionals so important?
Paid tax professionals are important in assisting taxpayers with their filing obligations. In Fiscal Year 2022, paid tax professionals filed nearly 86 million out of the 263 million federal individual electronic returns and supplemental documents processed by the IRS. Furthermore, more than half of taxpayers who claim refundable credits like the Earned Income Tax Credit or Child Tax Credit rely on paid tax professionals to accurately file their return. Without a doubt, tax professionals play an important role in ensuring the tax system’s integrity.
Explore some of our key messages – Click on the links below to support your success.
- Become an Authorized e-file Provider. Join our partnership in three easy steps to save money, increase your productivity, and build your business while providing a service most taxpayers now expect.
- Be aware! Cybercriminals target tax professionals because they are custodians of highly sensitive client data. Cybercriminals attempt to steal your client’s personal financial information to create fraudulent tax returns and claim your client’s refunds.
- Professionalism matters. The Annual Filing Season Program recognizes the efforts of non-credentialed return preparers who aspire to a higher level of professionalism.
- Due diligence is important. Know the law. Ask the right questions. Document both your questions and your client’s responses. Keep the required worksheets and records. Complete Form 8867 Paid Preparer’s Due Diligence Checklist.
Enhance your knowledge – Attend a free live IRS educational webinar!
- On January 10, 2024, IRS will host a webinar Answering Your Frequently Asked Questions on Due Diligence. Tax professionals will receive answers to the most frequently asked questions about due diligence requirements for tax benefits subject to paid preparer due diligence under Internal Revenue Code section 6695(g) for: the Earned Income Tax Credit (EITC), Child Tax Credit (CTC)/Additional Child Tax Credit (ACTC)/Credit for Other Dependents (ODC), American Opportunity Tax Credit (AOTC) and Head of Household filing status.
- On January 12, 2024, IRS will host a webinar, Sailing Through the Rules of Refundable Credits. Tax professionals will receive the most current information about the latest changes to the rules for the Earned Income Tax Credit, Child Tax Credit, Additional Child Tax Credit, and the American Opportunity Tax Credit for tax year 2023 returns. The webinar will feature scenarios that highlight the rules and advantages of claiming refundable credits as well as explain the recertification process after an audit.
Note: You can earn a free Continuing Professional Education credit when you attend the live webinars.
The two webinars will also include information on additional resources, training, and tools available at no charge to tax professionals through IRS’s online Tax Return Preparer Toolkit.
Additional educational webinars and training opportunities (fees may apply):
- The TXCPA Houston 2024 Tax Expo occurs on January 10 and 11, 2024. This annual event offers a valuable opportunity for tax professionals to network, gain vital insights into technical updates, stay updated on technology trends, and delve into pivotal business developments essential for industry leaders. Connect, learn, and stay ahead in the dynamic world of taxation.
- The University of Minnesota – Income Tax Short Course is taking place on January 9 – 10, 2024. The two-day virtual course will give you the tools to maintain your business and stay on top of the latest tax legislation affecting tax returns for current and future years.
- The University of Michigan – Advanced Tax Seminar is taking place on January 9 – 12, 2024. The four-day virtual course will cover the most recent slew of tax legislation, focusing on the latest updates, changes, tax court cases, and tax credits.