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Tax Preparer Salaries in India The national average salary for a Tax preparer is ₹2,52,000 in India.
If you choose to have someone prepare your tax return, choose that preparer wisely. A paid tax return preparer is primarily responsible for the overall substantive accuracy of your return and by law, is required to sign the return and include their preparer tax identification number (PTIN) on it.
DE MINIMIS RULE BASICS The de minimis rule states that if a discount is less than 0.25% of the face value for each full year from the date of purchase to maturity, then it is too small (that is, de minimis) to be considered a market discount for tax purposes. Instead, the accretion should be treated as a capital gain.
What are the requirements to become a TRP? The interested candidates must hold a bachelors degree from a recognised university in any of the following subjects: Economics (B.A. / B.Sc.) Law (LLB) Mathematics (B.A. / B.Sc.) Statistics (B.A. / B.Sc.) The candidates age must be between the age of 21 to 35 years.
A tax return preparer who fails to sign a return or a refund claim before it is presented to the taxpayer for signature is subject to a $50 penalty for each such failure, but is subject to a $25,000 maximum for any one return period (IRC 6695(b); Reg.

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Law degree with a second division. Bachelor of Commerce degree with subjects such as income tax law and accounting. Degree in business administration and management with the subject of accounting, and law at the very least. Bachelor of Accounting.
Educational qualification for Tax Return Preparers. Administration or Management or Commerce or Economics or Law or Mathematics or Statistics shall be eligible to act as Tax Return Preparer.
Have no taxable income. Contain a W-2 where box 1 is blank or the box 16 amount is greater than the box 1 amount. Contain IRS forms or schedules not on the accepted Forms and Schedules list. Contain non-final forms.
The De Minimis Rule for nonsigning preparers says that a portion of the return will not be considered substantial if the item in question or claim for refund involves related amounts that are: Reported on one form or less completed by the non-signing preparer.
The de minimis tax rule defines when a municipal bond redemption is a capital gain rather than ordinary income. The cutoff for treatment as a capital gain is one-quarter point per full year between acquisition and maturity. The de minimis tax rule generally is relevant only in an environment of rising interest rates.

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