IRS Tax Professional Awareness Week: What Preparers Should Know
The IRS highlights webinars, videos and tools for tax professionals during the week of October 19, including a October 21 webinar on refundable credits.
What Is Tax Professional Awareness Week?
The IRS has announced Tax Professional Awareness Week, which takes place the week of October 19. During that week, the agency will share webinars, videos, guidance and practical tools for tax professionals. The stated goals are to help you prepare for the upcoming filing season, support accurate tax return preparation and protect taxpayer information.
The IRS also says it wants to recognize the role tax professionals play in helping taxpayers follow the law while taking full advantage of the tax benefits they are entitled to. For preparers who work with small-business owners and self-employed clients, the resources are worth a look before the busy season starts.
The Featured Webinar
On October 21, the IRS will host a webinar titled “How Much Do You Know About Refundable Credits,” featuring IRS subject matter experts. Registration information is posted on the Tax Professional Awareness Week page on IRS.gov.
Resources Worth Reviewing
The IRS expects the week to include the following content:
- Instructional videos on how to accurately complete Form 8867, Paid Preparer’s Due Diligence Checklist.
- Videos on avoiding common Schedule C reporting errors. Schedule C is where many self-employed clients report business income and expenses, so it is a useful place to focus your review.
- Guidance on navigating the educational tools and resources available on IRS.gov.
- Tax tips on Taxpayer Advocate Service resources available to tax professionals.
- Information on Tax Pro Account and other services available to tax professionals.
Other Topics on the Agenda
The IRS says additional topics will include due diligence, identity theft prevention, cybersecurity, payment modernization, Automatic Exemption from Penalty, Saver’s Match, Trump Accounts and other filing season priorities. Several of these affect day-to-day preparation, so it may help to note which ones apply to your client base.
What to Tell Your Clients
Clients who file Schedule C may want to know that the IRS is highlighting common Schedule C reporting errors this season. Before you file, it can be useful to review their business income and expense entries with them so the return reflects what happened during the year.
Because identity theft prevention and cybersecurity are also on the list, this is a good time to review how your office protects client information, including who has access to tax files and how those files are stored and shared.
The IRS says it will make additional resources available on IRS.gov throughout the year. Check the Tax Professional Awareness Week page for registration details and educational materials.
Informational only, based on the IRS source linked above; not tax or legal advice for a specific situation.