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What Resources Are Available for Staying Current with IRS Updates?

11 Oct

What Resources Are Available for Staying Current with IRS Updates?

by admin
in Resources
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Staying up-to-date with IRS rules and regulations is crucial for any tax professional. The tax code is constantly evolving, with new laws, guidance, and changes in filing requirements. If you want to provide accurate advice to your clients and maintain compliance, it’s essential to stay informed. Fortunately, there are several excellent resources available to help tax preparers stay current with IRS updates.

Here’s a look at some of the best ways to keep yourself informed and knowledgeable year-round.

1. IRS Website and Newsroom

The IRS website is the most direct and authoritative source for updates on tax law changes, filing procedures, and IRS guidelines. Bookmarking the IRS Newsroom page and visiting it regularly is a great way to stay on top of important announcements and updates.

Key Sections to Follow:

  • IRS News Releases: The IRS publishes regular news releases on tax law changes, important deadlines, and IRS operations.
  • Tax Tips: Subscribe to IRS Tax Tips, a free email subscription that delivers small updates and tips directly to your inbox.
  • IRS Publications and Forms: New forms and instructions are posted throughout the year. Keeping an eye on publication changes will ensure you’re using the latest documents.

2. IRS e-News for Tax Professionals

The IRS e-News for Tax Professionals is an email subscription specifically designed for tax professionals. Signing up for this service allows you to receive regular updates on tax law changes, new IRS programs, and other important topics directly from the IRS. These updates also include guidance on compliance and IRS policies.

How to Sign Up:

  • Visit the IRS e-News for Tax Professionals page on the IRS website and provide your email address. You’ll start receiving timely updates directly to your inbox.

3. Professional Tax Organizations

Joining a professional tax organization can provide invaluable resources for staying up to date on IRS changes. These organizations often offer newsletters, webinars, and conferences where tax experts share their knowledge on current tax issues and new legislation.

Popular Professional Organizations:

  • National Association of Tax Professionals (NATP): Provides updates, continuing education courses, and training on the latest IRS rules and tax laws.
  • American Institute of CPAs (AICPA): Offers resources and news for certified public accountants, including detailed tax updates and legal changes.
  • National Association of Enrolled Agents (NAEA): Enrolled Agents can access the latest tax updates, practice tools, and continuing education through the NAEA.
  • Tax Professionals Community Forums: Many tax organizations also have member forums where you can ask questions, share knowledge, and learn from peers in the field.

4. Continuing Education (CE) and Training Programs

As a tax preparer, you’re required to meet continuing education (CE) requirements, which are an excellent way to stay updated with IRS regulations. Many tax organizations and training providers offer specialized courses focused on the latest tax law changes and updates.

CE Providers to Consider:

  • IRS-Approved CE Providers: These courses meet IRS standards and cover recent tax code changes, updates, and other relevant topics.
  • Webinars and Online Seminars: Both the IRS and private organizations host webinars and seminars where tax professionals can learn about new regulations, tax law updates, and other industry trends.

5. IRS Social Media Channels

The IRS maintains active social media accounts where they post regular updates, reminders, and announcements. Following the IRS on social media can be a quick way to stay informed, especially about breaking news or upcoming deadlines.

IRS Social Media Platforms:

  • Twitter (@IRSnews): Follow for up-to-the-minute updates on tax filing deadlines, tax tips, and major IRS announcements.
  • YouTube (IRSvideos): The IRS offers video tutorials and briefings on their YouTube channel, which is a great resource for visual learners.
  • Facebook (IRS): Offers updates and tips for individuals, small businesses, and tax professionals.

6. Tax Software Provider Updates

If you use tax software for your business, many software providers send automatic alerts and updates when IRS changes affect the forms or filing processes in the software. These software platforms stay current with tax law changes to ensure compliance and accuracy during tax season.

Popular Tax Software Providers:

  • Intuit ProConnect
  • Drake Software
  • TaxSlayer Pro
  • Lacerte
  • 123 Income Software

Make sure you check for software updates regularly, especially during tax season, to ensure you are using the most up-to-date forms and following the latest tax laws.

7. IRS Tax Forums

The IRS Nationwide Tax Forums are annual events that provide tax professionals with the opportunity to learn directly from IRS experts. The forums cover a wide range of topics, including new tax laws, IRS procedures, and key tax issues. Attending these forums is an excellent way to stay informed, earn continuing education credits, and network with other professionals.

How to Participate:

  • The IRS Tax Forums are held in various locations across the country and sometimes offered virtually. You can register for upcoming events through the IRS website.

8. Tax News Websites and Blogs

There are several tax-focused websites and blogs that provide updates on tax law changes, IRS guidelines, and industry trends. These sites often break down complex tax issues and changes in easy-to-understand terms.

Recommended Tax News Sources:

  • Tax Notes: A leading publication that covers federal, state, and international tax law changes.
  • Journal of Accountancy: Offers comprehensive articles on tax law changes and the latest in the accounting world.
  • The Tax Adviser: Published by the AICPA, this site features articles, updates, and analysis of the latest tax regulations.
  • CPA Practice Advisor: Provides news and updates on accounting, tax, and business issues affecting tax professionals.

Conclusion

Staying current with IRS updates is critical for tax professionals to remain compliant and provide accurate advice to their clients. From the IRS’s own resources and newsletters to professional organizations and tax forums, there are many ways to stay informed year-round. By leveraging these resources, you can ensure you’re always prepared for tax season and equipped to handle the latest changes in tax laws and IRS regulations.