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I would like to open a business:to prepare tax returns for…

Hello! I would like to open...
Hello!
I would like to open a business:to prepare tax returns for non resident,more exactly for students who come on a J1 -Visa ("Summer Work and travel" programme=where they work for aprox 3 months in the USA).Please find attached the package of a similar company that is doing this business already.So far,I have a PTIN only (I am not an enrolled agent).Please let me know ,what else would I need to comply with,in order to open this business:
1)Open an S Corporation probably ...,where I would be the only owner.Can I use as business address a PO BOX(so the refunds will be mailed on a PO Box that I would open..)2)Do I need to take some continuing education (pls see Form 2848 part II/h )?
3)If I would like to retain the tax preparer fee directly from the Refund,how would I proceed/is there a form to fill with the IRS/is there an IRS fee?Thank you!!!
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Customer reply replied 7 months ago
attached doc
Answered in 13 minutes by:
1/16/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,383
Experience: Taxes, Immigration, Labor Relations
Verified

PTIN is the ONLY registration you currently need.
You may use ANY business address for your convenience including PO box or mail forwarding service.

You may NOT have refunds to be deposited into your account - these must be deposited into taxpayer's accounts only.
You may not withhold tax preparation fees directly from the refunds - in order to do that - you will need an agreement with the bank and with each taxpayer - so your fees will be forwarded to you after refund is deposited into taxpayer's account.

You may have a separate business entity for your business - but that is not required.

You may use separate EIN for income reporting purposes - but that is not required - you may use your own SSN if needed.

CE - Continuing Education for Tax Professionals is recommended - but not required unless you are EA

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Customer reply replied 7 months ago
Thank you for your response.
Just a clarification please:
On Form 2848/h,it says:
" Unenrolled Return Preparer—Authority to practice before the IRS is limited. An unenrolled return preparer may represent, provided the preparer (1)
prepared and signed the return or claim for refund (or prepared if there is no signature space on the form); (2) was eligible to sign the return or
claim for refund; (3) has a valid PTIN; and (4) possesses the required Annual Filing Season Program Record of Completion(s). See Special Rules
and Requirements for Unenrolled Return Preparers in the instructions for additional information."To my understanding,according to point 4,I would have to do some continuing Education " the required Annual Filing Season Program Record of Completion(s).".I googled what this means,and saw that:
https://www.irs.gov/tax-professionals/frequently-asked-questions-annual-filing-season-programSo I WILL have to complete some continuing education,correct?Thank you!

The IRS used to have mandatory minimum educational requirements in order to prepare tax returns for others.
That requirement was terminated several years ago.

See here a reference to the court case regarding the issue

https://www.irs.gov/newsroom/irs-statement-on-court-ruling-related-to-return-preparers

.

When we read the page you referenced

The Annual Filing Season Program is a voluntary program designed to encourage non-credentialed tax return preparers to participate in continuing education (CE) courses.

Thus - CE is highly recommended - but not required.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,383
Experience: Taxes, Immigration, Labor Relations
Verified
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