2 What’s The Biz -- Lake Orion -- January 2011
New ID required for paid tax preparers
Orion Area Chamber of Commerce
2010 Chamber Leadership
Orion Senior Center
Alice Young, CPA
Michigan Global Solutions LLC
Canoe Circle Graphics
Genisys Credit Union
Seniors Helping Seniors
Attorney at Law
Orion Township Public Library
National City Bank /PNC
Orion Area Chamber of Commerce
P.O. Box 484Lake Orion, MI 48361
BY ANITA GATES DELVENTHAL
In just a few days (nine, to be exact) be-gins tax season for 2011.Many morechanges will occuras we turn theclock to January 1,2011 with report-ing and taxes thatwe all hear aboutdaily (Health carereform actuallystarted January 1,2010).But did youknow that yourpaid tax preparerMUST have aPreparer Tax Identification Number (PTIN)in order to continue preparing and filing yourtax returns?This is not an option for paid taxpreparers anymore. This requirement is ef-fective January 1, 2011.Before we go any further on this youneed to understand that everyone who saysthey prepare taxes is not necessarily a taxprofessional.If someone takes a class (or two) andbegins preparing tax returns this does notmake them a tax professional.If they prepare tax returns at work and/oroutside of their regular day job, this doesnot make them a tax professional either.The IRS is working very diligently toregulate the tax preparation industry.The first step is by requiring all paid taxpreparers (notice I didn't say tax profes-sionals) to obtain a PTIN.The next step is to have the unlicensedpaid tax preparers take an exam.There will be two types of exams paidtax preparers will be able to take in orderto continue preparing certain tax returns.One exam will cover Form 1040 wageand non-business income and the earned in-come tax credit (your basic 1040).The other exam will cover Form 1040wage and small business income (your ba-sic 1040, Schedule C and maybe ScheduleE).These exams will be available mid-2011and the paid tax preparer will have until De-cember 31, 2012, to complete one of thesetwo exams.As we begin the 2011 tax season, youmay want to ask your paid tax preparer thefollowing questions: 1) if they intend oncontinuing to prepare your taxes, 2) if theyhave their PTIN for this filing season, and3) when do they plan on taking one of therequired exams to keep preparing your taxreturns.
Anita Delventhal is President & CEOof A.G. Consulting Services Inc. She is agraduate of Oakland University, an ac-countant, Enrolled Agent with IRS, Accred-ited Tax Advisor, Accredited Tax Preparer and a Certified QuickBooks ProAdvisor with 25+ years of experience in the smalland medium-sized business arena. Anita is also a Five Star Wealth Man-ager voted and awarded by her clients and peers. She is an expert in the areas of ac-counting, taxation and business planning.For more information visit our website @www.agconsultingservices.com, Call 248-393-0403 or Email her at QBtaxPro@agconsultingservices.com.
Anita Gates Delventhal
President & CEO, A.G.Consulting Services Inc.
Thank you to AAA-Craig Zmijewski,Vette Products, Chief Financial CreditUnion, Donna Zaner and Hollywood Mar-ket.They donated turkeys, along with theChamber, to assist the Lake Orion HighSchool DECA Club in providing Thanks-giving dinners to 12 needy area families.These businesses stepped up on shortnotice to make someone's holiday specialand we appreciate their generosity.
Thanks for theTurkeys
The Chamber would like to say con-gratulations to three members of ourBoard of Directors who earned re-elec-tion; Carl Cyrowski from Michigan Glo-bal Solutions, Loretta Lussier Spataforefrom uSellonline and Craig Zmijewskifrom AAA Michigan.We would also like to welcome two newboard members-Ron DeLorme with Man-age Max Performance Improvement andPaul Zelenak, Village Manager for LakeOrion.Both of these individuals will be realassets to the organization and we look for-ward to working with them to move theChamber forward.
Welcome newboard members
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