New Requirements for Tax Return Preparers: Frequently Asked Questions 2025

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Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
Social Security numbers and birth dates for those who were named on the tax return. An Individual Taxpayer Identification Number letter if the you have one. Your filing status. The prior-year tax return.
Yes, everyone must answer the digital asset question even if the answer is no. The IRS makes clear that unlike in previous years, for tax year 2022, everyone who files Form 1040, Form 1040-SR, or Form 1040-NR must check one box, answering either Yes or No to the digital asset question.
To become a CTEC registered tax preparer, you must: Take a 60-hour qualifying education course from a CTEC approved provider within the past 18 months. Purchase a $5,000 tax preparer bond from an insurance/surety agent. Get a Preparer Tax Identification Number (PTIN) from the IRS.
Watch CBS News Mornings: IRS starts new tax rule for digital income - Full show on Paramount Plus. A new rule being implemented for the 2024 tax year means revenue over $5,000 collected through platforms like PayPal or Venmo has to be reported. That includes payments for concert tickets, clothes and household items.

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6 years - If you dont report income that you should have reported, and its more than 25% of the gross income shown on the return, or its attributable to foreign financial assets and is more than $5,000, the time to assess tax is 6 years from the date you filed the return.
On federal income tax returns, you must answer Yes or No to a question about digital assets: At any time during the tax year, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?
TPSOs, which include popular payment apps and online marketplaces, must file with the IRS and provide taxpayers a Form 1099-K that reports payments for goods or services where gross payments exceed $5,000 in 2024; more than $2,500 in 2025; and more than $600 in calendar year 2026 and thereafter.

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