Banking Update: RushCard Now Available Through Advent Financial

CrossLink customers, through our relationship with Advent Financial, have the option of offering the Prepaid Visa® RushCard* to their clients. The RushCard enables tax preparers to offer their customers prepaid debit card options.

Benefits include:

• A robust compensation / rebate plan
• Marketing collateral, product, and store signage provided by RushCard
• No cost obligation for participating EROs
• Faster, Safer, and more Convenient for your customers

Click here to learn more about how you can offer the RushCard through Advent Financial in conjunction with CrossLink Professional Tax Software.

The Prepaid Visa RushCard is issued by The Bancorp Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used wherever Visa debit cards are accepted.

*Obtaining Your Card: The USA PATRIOT Act is a Federal law that requires all financial institutions to obtain, verify, and record information that identifies each person who opens a Card Account. What this means for you: When you open a Card Account, we will ask for your name, address, date of birth, and other information that will allow us to reasonably identify you. We may also ask to see your driver's license or other identifying documents at any time.

IRS Update: New Applications for IRS PTINs Unavailable Due to Scheduled Maintenance

Due to previously scheduled maintenance on IRS systems, the Preparer Tax Identification Number (PTIN) system will be unavailable for new applications from 5:00 PM ET on Monday, December 26, 2011 until approximately 6:00 AM ET on Monday, January 9, 2012. Preparers are still able to renew existing PTINs during this window.

Regulations require all paid tax return preparers to obtain a PTIN. Preparers must renew their PTINs each year by December 31. Some preparers also need to pass a competency test and take continuing education courses. Click here to review the paid preparer requirements.

Click here to visit the CrossLink Tax Resource Center for additional resources on topics such as Federal Tax Return Preparer Registration, the Preparer Electronic Filing Mandate, and Helpful Tax Websites.

IRS Update: Additional Federal Updates for the Coming Filing Season

Below are changes that you should be aware of for the upcoming filing season:

Federal April Due Date

Tuesday, April 17, 2012 will be the Federal April due date for TY 2011 Federal returns. Taxpayers receive an extra day to file this year because of a District of Columbia holiday.

Self Employment Tax Deduction

For TY 2011, the Self Employed Tax Deduction has been revised to reflect an employer’s equivalent portion of self employment (SE) tax. The deduction is now calculated as follows on Schedule SE, line 6:

• Total SE tax is $14,204 or less – 57.51% of SE Tax
• Total SE tax is greater than $14,204 – 50% of SE Tax plus $1,067

Click here to continue reading the entire CrossLink Tax Update which includes detailed information on Self Employed Health Insurance and the Deferral of Reporting Requirement for Merchant Card Information on 2011 Schedules C, E, and F.

IRS Update: IRS Identity Protection PIN

Later this month, the IRS will be sending letters out to approximately 250,000 taxpayers that contains their 6-digit “Identity Protection PIN.” Taxpayers will receive this letter because they have informed the IRS that they were the victims of identity theft which the IRS has confirmed after reviewing documentation provided by the taxpayer.

The Identity Protection PIN must be entered on the affected taxpayer’s Federal return in order to avoid a delay in processing the return and receipt of their refund.

If you learn that one of your customers has been a victim of identity theft, you should ask them if they received a letter from the IRS. If they have, ask them to bring it with them when they come in to have their 2011 Federal return prepared.

Click here to continue reading the entire CrossLink Tax Update which includes detailed information on things to know about the Identity Protection PIN as well as how to inform the IRS of an affected taxpayer's identity theft if it has not previously been reported.

IRS Update: Return Preparer Testing and Background Check Update

The IRS has announced that the Registered Tax Return Preparer Competency Test is being launched the week of November 28, 2011.

Here is what you need to know about testing:

• Currently registered preparers have until December 31, 2013 to pass the competency test.
• Scheduling an appointment will be done through the online PTIN account you used to renew or register your PTIN at www.irs.gov/ptin.
• The testing fee is $116.
• The fee is paid online at the time of scheduling a test appointment.
• You will take the test on a computer at a Prometric test center.
• The test will cover Tax Year 2010 Form 1040 and related schedules.
• The test will take two and a half hours and will contain 120 multiple choice / true or false questions.
• When you go to take the test, you need to bring a valid, government issued photo identification.
• The test is available in English only.

Click here to continue reading the entire CrossLink Tax Update which includes detailed information on the Return Preparer Test and Background Check.

Pre-Season Readiness: Ensuring your readiness for the 2012 Tax Season

With the 2012 Tax Season fast approaching, your CrossLink Team wants to make sure you are prepared.

Click here for a checklist of tasks that should be completed in December to ensure your readiness for the upcoming tax season.

In addition to your readiness, your CrossLink Team also wants to make sure your clients are prepared for their tax appointment. Click here for a customer checklist of "What to bring to your appointment."

For other industry resources, such as the latest IRS information, training opportunities, or helpful documentation, visit http://www.crosslinktax.com/.

IRS Update: EITC Changes for the Upcoming Filing Season

Increase in Due Diligence Penalty Amount

The penalty for tax preparers who do not exercise due diligence for EITC returns has been increased by the IRS to $500 per return.

Change to Due Diligence Requirements

The following changes to Earned Income Tax Due Diligence requirements (Section 6695 of the Internal Revenue Code) will go into effect for filed returns beginning on January 1, 2012:

• Form 8867 (Paid Preparer’s Earned Income Credit Checklist) is now required to be both completed by the paid preparer and submitted with a Federal income tax return that is claiming the Earned Income Tax Credit.
• A firm will now be subject to the same penalty as their preparers if...

Click here to continue reading the entire CrossLink Tax Update which includes detailed information on the changes to due diligence requirements as well as changes to 2011 Form 8867 (Paid Preparer’s Earned Income Credit Checklist).

IRS Update: Federal Forms Changes You Should Know About

Below are changes to some of the 2011 Federal forms that you should be aware of for the 2012 Filing Season.

Schedule D and New Form 8949

Beginning with Tax Year 2011, all capital transactions will now be reported on the new Form 8949 (Sales and Other Dispositions of Other Assets).

Form 8949 has been added because of the new requirement that the basis of stock sold must be reported on Form 1099-B for stock purchased after December 31, 2010.

The following new fields have been added for reporting capital asset sales on Form 8949:

• Transaction type checkbox
• Code field (column b)
• Adjustment field (column g)

Schedule D is now only used to gather all capital gains and losses reported on the various applicable forms and to calculate the total net capital gain or loss for the year.

Click here to read the entire CrossLink Tax Update which includes detailed information on the new fields added on Form 8949 as well as the new fields added to Schedule E and Schedule SE, and the additional questions added to Schedules C, E, and F.

IRS Update: Changes You Need to Know for the Upcoming Filing Season

Below are some changes that you need to be aware of as you get ready for the upcoming filing season:

E-File Start Date

E-Filing will begin on Tuesday, January 17, 2012. As a result of this change, acknowledgements will not be delayed for tax returns that are transmitted on the first day (January 17, 2012). Acknowledgements will come back from the IRS as they would on any other day of the filing season.

Processing and Refund Cycle

The IRS has moved all taxpayer files to their new Master File (CADE2) for the upcoming filing season.

Click here to read the entire CrossLink Tax Update which includes information on the Processing and Refund Cycle.

IRS Update: PTIN Renewal and Fingerprinting Update

All Federal tax return preparers who registered last year are required to renew their PTINs for calendar year 2012 by December 31, 2011.

Renew your PTIN as follows:

1. Go to www.irs.gov/ptin and click on the "Renew or Sign Up Now" button.
2. Login to your PTIN account that you set up when you originally registered last year.
3. Complete the online renewal application.
4. Pay the 63.00 dollar renewal fee online via credit card or debit card.

Click here to continue reading the entire CrossLink Tax Update that includes information on PTIN renewal and fingerprinting requirements.

Proud to Partner with Insight Tax Solutions!

CrossLink is proud to partner with Insight Tax Solutions for the 2012 Tax Season.

Insight is a leading provider of financial solutions for the millions of overlooked consumers who lack a traditional bank account. Insight provides consumers with a broad spectrum of products and services that address the reality of their financial lives.

Insight combines a deep understanding of the tax prep industry with significant opportunities for you to increase revenues, while providing your customers the most options available at tax time.

For more information about Insight Tax Solutions, visit CrossLinkTax.com.

If you would like to apply for ERO Bank Enrollment with Insight Tax Solutions, contact your CrossLink Sales Representative today at 800.345.4337. Current CrossLink customers can also enroll online by clicking here.

Proud to Partner with Advent Financial!

Based in Kansas City, MO, with an additional support center in Tampa Bay, FL, Advent Financial is focused on providing the Independent Tax Preparer with high quality products for their clients, along with the service and support to improve their business. Their settlement products offer your clients an opportunity to not have to pay out of pocket for your services; Advent deducts and pays all appropriate fees from the client’s refund and distributes the net proceeds to your clients on settlement day in one of three ways: checks, ACH deposit, or by a year-round Get It prepaid MasterCard® issued at the tax desk, the easiest and fastest way for your client to receive their money.

They are a team of passionate individuals, with over 100 years combined experience in the e-File industry, who are committed to your success and to saving families money.

For more information about Advent Financial, visit CrossLinkTax.com.

If you would like to apply for ERO Bank Enrollment with Advent Financial, contact your CrossLink Sales Representative today at 800.345.4337. Current CrossLink customers can also enroll online by clicking here.

IRS UPDATE: IRS EITC Preparer Compliance Update

In a continuing effort to improve preparer due diligence requirements for preparers of EITC returns, the IRS will be requesting that additional information be attached to the return for the upcoming filing season. They will also be performing their yearly letter campaign, educational "Knock and Talk" visits, and due diligence audits for EITC preparers.

Starting with the upcoming filing season, the Form 8867 (Paid Preparers Earned Income Tax Credit Checklist) will be required to be attached and filed with a return that is completed by a paid preparer, and is claiming EITC.

Beginning this month (October 2011), EITC return preparers that have been identified as “at risk” for potentially filing TY 2010 returns with errors when claiming the Earned Income Tax Credit will receive either a letter, an educational visit, or be subject to a due diligence audit.

The IRS uses a risk-based scoring model to classify preparers of 2010 EITC returns.

Click here to continue reading the entire CrossLink Tax Update that includes information on the IRS EITC Preparer Compliance and what an EITC return preparer may be subject to.

Proud to Partner with SBTPG!

Building on a legacy of nearly 20 years of industry leadership and superior customer support, TPG, in cooperation with their banking partners, provides fairly priced quality financial products which deliver true value and satisfy consumers' needs.

TPG is a nationally known leader in the electronic filing industry. They provide quality financial products and services that will enhance your tax preparation and electronic filing business. Their portfolio of financial services and their commitment to superior customer support will meet your business needs now and in the future.

For more information about TPG, visit CrossLinkTax.com.

If you would like to apply for ERO Bank Enrollment with TPG, contact your CrossLink Sales Representative today at 800.345.4337. Current CrossLink customers can also enroll online by clicking here.

Enroll with Republic Bank & Trust Today!

With over 15 years of experience in the e-File industry, Republic Bank & Trust Company is one of the leading national providers of e-File bank products which include Refund Anticipation Loans (RALs), Electronic Refund Checks (ERCs) and Electronic Refund Deposits (ERDs).

Customers who choose a product from Republic Bank can pay their tax preparation fees out of their refund and apply for a loan to receive money in 24 hours or less.

For more information about Republic Bank, visit CrossLinkTax.com.

If you would like to apply for ERO Bank Enrollment with Republic Bank, contact your CrossLink Sales Representative today at 800.345.4337. Current CrossLink customers can also enroll online by clicking here.

CrossLink Android App Now Available!

The CrossLink Android App Has Arrived!

Using the CrossLink Android application, CrossLink customers are able to view real-time reports to monitor both financial activity and employee productivity. Users of the application can also set up office billing schedules and employee logins, as well as shut down an office at any time.

Click here to learn more or visit us online at http://www.CrossLinkTax.com/mobileapps.