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IRC Section 7216

IRC Section 7216

Section 7216 broadly defines a tax return preparer as any person who is engaged in the business of preparing or assisting in preparing tax returns, who is employed by such person, or who provides auxiliary services in connection with the preparation of tax returns,...
IRC Section 7216

Streamlined Installment Agreement Processing

The IRS made changes to its criteria for streamlined installment agreement processing permanent on September 26, 2018.  Most taxpayers with a balance due of up to $25,000 meet the criteria for streamlined processing of their installment agreement request. In...
IRC Section 7216

Revenue Procedure 2019-33

In regards to bonus depreciation, Rev. Proc. 2019-33 has been issued which gives taxpayer authority to make or revoke elections. It allows a taxpayer to elect to deduct 50-percent, instead of 100-percent, additional first year depreciation for qualified property...
IRC Section 7216

IRS Issues Draft Form 1099-NEC

The IRS has released a draft of Form 1099-NEC. This is not a new form altogether as it was last in use in the 1980s. This new release was motivated by the PATH Act of 2015 which established a different due date for the reporting of non-employee compensation (NEC) than...
IRC Section 7216

Enrolled Agent Basics

An Enrolled Agent is a tax professional who has demonstrated competence in tax preparation and representation matters. Enrolled Agents generally have unlimited practice rights, meaning they can represent any taxpayer regarding any tax matter before any IRS office....