So what is in store for us with the IRS tax return in 2011? Why is it a concern, the tax cuts that were made in 2009 are coming to an end. If nothing is done a lot of taxes could go right back up including estate taxes. So there is a lot of worry if Congress will renew the tax cut laws?
Changes for the Tax Preparer
Also another thing that is going to be changing in the IRS tax return this year is for the tax preparer. There are going to be some requirements if you are going to be a return preparer, and apply for compensation for it. The new requirements require all be screened to be a tax return preparer. In screening they must do they following:
- Be registered
- Be tested
- Have follow up with continuing education
This is helping protect the people from fraudulent tax preparers that are out there online since so many are filing online these days. There really is no license needed to be a tax preparer, which is kind of scary considering our finances, are in these people's hands.
Also starting in January of 2011 it is going to be required by some IRS tax preparers to file electronically only and the paper mail in format will no longer be used.
Debt Indicator Removed
Starting in 2011 the IRS has stated that this year's IRS tax return the Debt indicator will be no longer used. The Debit Indicator was used in finding out your refund. Now with e -filing for your tax return and the turnaround being so quick there really is no need for the service any more thanks to electronic filing. You can file your IRS tax return online and get your refund within ten days. So there really is no use for the Debt Indicator any more.
Fist Time Home Buyer Credit Sill Available
The first time homebuyer credit is still going to be available this tax return season. The deadline has been extended till September 30 2010 so you if you are in a binding contract it has to be finalized by September 20 of 2010 for you to be able to apply it on your 2011 IRS tax return.
New Tax Forms
New tax forms are going to be rolling out this IRS tax return season as well. This coming IRS tax season businesses will have to fill out a 1099 if they have payment purchases of at least 0. It is also going to be required that firms that deal with credit or debit card payments will have to send their client and the IRS a form every year that states the transactions of the year. This is all to crack down on businesses that possibly do not pay what they owe by not reporting all income.
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