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Wednesday, December 28, 2011

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.

Thursday, December 22, 2011

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.

Wednesday, December 14, 2011

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.

Wednesday, December 7, 2011

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.
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