December 2023 Newsletter Practice Management

December 2023 Newsletter Practice Management

Tax season is over for 2022. If you have not filed 1040 returns you will need to wait until Jan 2024 when the IRS reopens the portal.

This year seems to be the year of fake IRS emails. My client received one that claimed she had a refund for 2023 all she had do was provide her bank account. The letter looked good except for the email address that was totally fake. The bad actors are out there. Don’t ignore your clients when they call and say the IRS sent a letter or text that the IRS owes them money and should they reply to the letter?

As reminder it is time to renew that PTIN on the IRS website. It is recommended that you get your Secure this will speed the process since it will be the way of the future.

The question has come up how long do we keep the education materials in our files? Here is what we need to save and the format:

What are the recordkeeping requirements for EAs? (revised 10/19/15)

Preparers must retain the following records for four years:

  • The name of the CE Provider organization;

  • The location of the program;

  • The title of the program, approval number received for the program, and copy of the program content;

  • Written outlines, course syllabi, textbook, and/or electronic materials provided or required for the program;

  • The date(s) attended;

  • The credit hours claimed;

  • The name(s) of the instructor(s), discussion leader(s), or speaker(s), if appropriate; and

  • The certificate of completion and/or signed statement of the hours of attendance obtained from the continuing education provider

These need to be retained for a period of four years after that they can be destroyed. A good practice management is to scan all documents for all classes. Maintain an electronic FOLDER for each year and all classes records go in the FOLDER -label each class by date for easy reference and you may destroy the original paper copy. Most classes are in PDF form and anything else can be scanned to PDF for safe keeping. This is where a good business scanner will pay for itself in no time.

It is time to take a much-deserved break after all January 2024 is right around the corner. Have a great holiday.

Louis Avalos MBA EA

Enrolled to Practice Before the IRS Effective Planning

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