ID Theft
How long does the ID theft restoration monitor the account after the incident?
1 year of monitoring after the incident
What forms do we protect for business returns?
1120, 1120S, 1065 returns
Yes, ONLY if they sign up for the per return option can they and their client have access to the reimbursement
Every single tax software has access to the firm level program. True or false?
False.
In what 3 circumstances do we not need a letter/notice/audit?
-Rejection Code
- IRS Screenshots (error)
-Board Review ($2,500 Guarantee) ERO needs to provide a written statement regarding the error. This can be BEFORE penalties, fees, or a notice is received
Who is eligible for the ID theft service/who on the return receives this benefit?
Anybody on the return, dependents and spouse
Do we protect 1041s?
No. 1041s are considered estates and trusts, currently we do not protect 1041s.
(DAILY DOUBLE) The $2500 Preparer Error Guarantee is only for the entire office to use one time? True or false?
False. It applies to every legally filed tax return
Protection Plus is available to TaxSlayer users. A TaxSlayer user has what options available compared to a Drake user?
TaxSlayer only gets the Per Return option.
They also only get audit defense, discounted legal services, and the $2500 guarantee.
A Drake User has access to all 3 main benefits as well as the PR and Firm option.
How many notices has Ethan received?
3 different CP notices
How much does it cost to resolve an ID Theft Issue once it occurs?
Nothing. Just the $10 at the time of filing for firm or $59.95 for per return
True or false: All federal returns are protected for 3 years, all state returns are protected for 4 years
False. BONUS: CA and NY state returns are protected for 4 years.
What does the "CP" in CP 2000 stand for?
Computer Paragraph
OLT Pro stands for what?
Online Tax Pro
Protection Plus was founded in what state by whom?
Mississippi. Two brothers who had their own tax firm.
Can we get the IP Pin for a taxpayer?
(DAILY DOUBLE) We have an insurance policy to protect ourselves up to $500,000 and we will pay for the other $500,000; this is where our Million Dollar Audit Defense term originates. True or false
False. We have an insurance policy that is worth up to $1 million.
Protection Plus can provide reimbursement regarding a notice about cryptocurrency. True or False?
False. Protection Plus excludes cryptocurrency for the reimbursement program.
Name 3 tax software that Protection Plus offers ONLY the Firm Level option to.
TaxWare
UltraTax
Lacerte
ProConnect
CCH Axcess
CCH Prosystems FX
How soon must a tax preparer notify Protection Plus about Paper Filed Returns?
Yes. 11.B states "Paper tax returns: USER must fax or electronically send a list of all Members for tax returns it manually prepares and mails to the IRS to COMPANY within fifteen (15) days of mailing the tax return, in a format acceptable to COMPANY. USER shall be billed periodically but not less than monthly an amount equal to the COMPANY Program Fee for each such tax return reported to COMPANY by USER. Failure to comply with this clause will result in no Program membership services for USER’s enrolled Member when service is requested. "
Are all 3 credit bureaus notified when an incident occurs regarding someone's identity? True or False - explain
No. Only one bureau is reached out to.
What is a 1040SR?
A tax return for a senior citizen.
What states are not applicable for the $2500 reimbursement?
South Dakota, Wyoming, Puerto Rico (BONUS: Tennessee was just added in 23, so they are eligible for the $2500)
Where in UltraTax can you find the Protection Plus option to add the firm level program?
Nowhere. As of 9/15/23 UltraTax has not updated to software. An UltraTax user must sign up via Protection Plus' website or call to sign up.
When a taxpayer who has Protection Plus is a victim of identity theft, what else is included with the ID Theft Restoration service?
Discounted Legal Services regarding the ID theft case