The IRS notifies the Electronic Return Originator (ERO) when the return is accepted, usually within 15 minutes or less but typically not more than 48 hours. If the return was not accepted, the IRS notifies the ERO of the reasons for rejection.

What if my tax preparer is late?

Thus, if your tax preparer fails to file your return and you end up filing late, you will be penalized. However, it may be possible to have your penalties removed from your tax bill if you can demonstrate that you took the necessary steps to file a timely return and that the return was late of no fault of your own.

Who is a tax return preparer ( TRP )?

Who is a Tax Return Preparer (TRP)? A Tax Return Preparer (TRP) is an Income Tax Department -approved individual who is trained to assist taxpayers in filing their income tax returns. A TRP need not be a chartered accountant or a tax lawyer but has the skills required to help individuals file their tax returns in lieu of a nominal fee.

What’s the fee of a tax return preparer?

Tax Return Preparers (TRPs) can charge a fee and also earn a commission for the income tax returns filed by them on behalf of the taxpayer. The flat fee charged by a TRP to annual file income tax return is Rs. 250, which is payable by the income tax assessee.

When to advise a client of an erroneous tax return position?

The Treasury Department on behalf of the IRS in Circular 230, Regulations Governing Practice Before the Internal Revenue Service (31 C.F.R. Part 10), likewise has articulated standards governing situations in which tax practitioners discover an error in the previously filed tax return of a client.

What are the records of a tax practitioner?

Records of the client include materials that were prepared by the client or a third party, such as an investment manager or a bank or a brokerage firm, and provided to the practitioner to prepare the requisite tax returns.