Form 4797, Tax Planning, Sales Allocation, and More

Posted on by Lindy Murphy
Form 4797, Tax Planning, Sales Allocation, and More Simply put, IRS Form 4797 is the form used specifically for reporting the gains or losses resulting from the sale or exchange of business and income producing property used in a trade or business. However, this Form 4797 often generates a countless amount of uncertainty and anxiety. This course will assist tax pros in determining whether a transaction is a capital gain or ordinary income and what tax consequences are associated with each. Furthermore, it will clarify what parts of Form 4797 need to be completed and their holding periods. All...
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Rental Real Estate: Gig Economy & Advanced Tax Issues

Posted on by Lindy Murphy
Rental Real Estate: Gig Economy & Advanced Tax Issues Reporting rental real estate for tax; short- term rentals, allocating expenses among co-owners, applying active participation rules, mixed- use properties, vacation rentals, commercial rentals, interest deduction criteria including interest tracing rules, real estate professional qualifications, home office, travel expenses and more. Review rental loss limitations; Basis, At Risk, Passive Activity, and the Business Interest Limitation. We'll also discuss material participation, grouping elections, depreciation and repair regs, QBI 162(...
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Divorce and the Various Tax Implications

Posted on by Lindy Murphy
Divorce and the Various Tax Implications What happens when your clients divorce? Divorce is an emotional occurrence for all involved. What is the significance of the tax professional assisting clients through this difficult time? This course will explain the importance of working with and advising our clients on tax related divorce issues. We will discuss filing status, name change, joint & separate responsibility & liability. We will explore dependents and associated tax credits. Analyze retirement plans, alimony, child support, property settlements, allocating estimated payments, NO...
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Working Families Tax Cut Act: Insights and Support for Tax Pros

Posted on by Lindy Murphy
Working Families Tax Cut Act: Insights and Support for Tax Pros This session breaks down the Working Families Tax Cut Act and its impact on today’s tax professionals and their clients. With guidance and regulations constantly evolving, staying up to date is essential. We’ll highlight key provisions, how they may affect your workflow, and the tools available to help you stay compliant. Get practical tips to navigate changes and better support your clients. Click  here to access the webinar replay and presentation. Disclaimers: By clicking ‘submit’ you agree to TaxAct’s Privacy Policy ...
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Disaster Relief and Casualty Losses: What Tax Professionals Need to Know

Posted on by Lindy Murphy
Disaster Relief and Casualty Losses: What Tax Professionals Need to Know Disasters can leave taxpayers financially and emotionally devastated—but they also trigger important tax relief options. Join us for a comprehensive webinar exploring how to guide clients through disaster-related tax issues, including casualty loss deductions, administrative relief, and safe harbor methods. We’ll cover how to use Form 4684, review recent changes under the OBBBA, and demonstrate relevant TaxAct tools. Real-world examples and IRS/FEMA guidance will help you confidently support clients affected by federally...
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Maximize Refund Efficiency with Bank Products

Posted on by Lindy Murphy
Tax season is more than just forms and filings — it's also an opportunity to enhance the client experience and increase your practice’s profitability. For tax professionals using TaxAct Professional, bank products offer a compelling solution to do both. Whether you're a solo preparer or part of a larger firm, offering bank products can streamline operations and offer clients flexible refund options, all while potentially creating a new revenue stream for your business.   What Are Bank Products? Bank products in the tax preparation world are financial services that allow taxpayers ...
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Prep Like a Pro

Posted on by Lindy Murphy
Prep Like a Pro: Boost Productivity in TaxAct Professional Learn time-saving tips, shortcuts, and hidden features to help you work faster and deliver more accurate returns. Perfect for newer TaxAct Pro users who want to maximize efficiency this tax season. Click  here to access the webinar replay and presentation. Disclaimers: By clicking ‘submit’ you agree to TaxAct’s Privacy Policy and Terms of Service. Contact information may be used for marketing communications by TaxAct Professional. Opinions expressed by Jane Ryder are solely her own and do not necessarily express the views ...
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TaxAct Professional Ranked #1 in Overall Satisfaction in 2025 NATP Software Survey

Posted on by Lindy Murphy
TaxAct Professional Ranked #1 in Overall Satisfaction in 2025 NATP Software Survey In the latest *National Association of Tax Professionals (NATP) 2025 Software Survey, TaxAct Professional earned the highest overall satisfaction rating of all reviewed tax software — an impressive 93% of respondents reported being satisfied or very satisfied with the product. Highest Rated for Ease of Use and Value TaxAct Professional’s top satisfaction ranking is backed by leading scores in several categories: Category TaxAct Score Highest Rank? Overall Satisfaction 93% Yes Ease of Lear...
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Top Five Cybersecurity Tips for Tax Professionals

Posted on by Lindy Murphy
Handling sensitive financial and personal data makes your practice a prime target for cybercriminals. From phishing scams to ransomware attacks, the threats are real and evolving. Fortunately, proactive security practices can help mitigate risks and keep your firm and clients safe.Here are five essential cybersecurity tips to put in your back pocket:1. Use Multi-Factor Authentication (MFA)Why it matters: Passwords can be cracked or stolen. Multi-Factor Authentication (MFA) adds an extra layer of protection by requiring users to verify their identity through a second method — like a code sent t...
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Five Key Changes for Tax Professionals to Watch for in Tax Year 2025

Posted on by Lindy Murphy
As the 2025 tax season approaches, tax professionals are already beginning to prepare for what’s shaping up to be a year of significant shifts in regulation, compliance, and technology. Whether you're a solo practitioner or part of a larger firm, understanding what’s changing — and how to adapt — will be key to staying compliant and competitive.Here are five recommended changes and challenges tax preparers can track for Tax Year 2025:1. Expanded IRS Digital InitiativesThe IRS’s continued rollout of its Strategic Operating Plan will drive more digital interactions in TY25. The agency is pushing...
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The One Big Beautiful Bill Act: Key Takeaways for Tax Professionals

Posted on by Lindy Murphy
The One Big Beautiful Bill Act (OBBBA) brings forward comprehensive revisions to the federal tax code, going into effect for the 2025 tax season. These updates are critical for tax professionals who must adjust planning strategies, advise clients accordingly, and ensure their tax software is up to date.Key Provisions of the OBBBA:1. Permanent Continuation of 2017 Tax CutsThe OBBBA codifies the individual and corporate tax rate reductions first introduced in the 2017 Tax Cuts and Jobs Act (TCJA), making these lower rates a lasting part of the code.2. Expanded SALT Deduction LimitThe deduction c...
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Save the Date: 2025 Conference & Event Season

Posted on by Lindy Murphy
Save the Date: 2025 Conference and Event Season With Tax Day behind us, it’s time for tax professionals to refocus — from filing season to extension season, and from wrapping up TY24 to getting ahead for TY25. This time of year is all about growth. Whether you're staying current on the latest tax law changes, learning new strategies, or sharpening your workflow, now’s the perfect moment to plan your learning calendar. To make things easier, we’ve compiled a full list of in-person conferences we’ll be attending and virtual events we’re hosting throughout the 2025 event season. From webinars ...
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Secure Acts 1.0 / 2.0

Posted on by Lindy Murphy
Secure Acts 1.0 / 2.0 On July 19, the IRS released final regulations on post-SECURE 1.0 Act required minimum distribution (RMD) rules. These final regulations have significant impact, both for taxpayers who inherit retirement accounts and those who own them. Join Michael as he provides the participants with an overview of these final regulations and examples that will help clarify the understanding of these complex rules. SECURE 2.0 Act provides the surviving spouse with special elections that treat the surviving spouse as a plan participant for all RMD purposes. The IRS issues proposed re...
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State Now Available

Posted on by Lindy Murphy
The following TaxAct Professional 2024 States are now available: 1041 OR OH MI 990 TX If you’ve already purchased your 2024 State Editions, you will be able to install all available states by going to the Online –> Install State menu option. You can use the Auto Install Method by checking the box next to the available state(s) and clicking the Auto Install button. See the State Program Release Dates page for the entire list of available states and anticipated release dates. If you need to purchase State Editions, you can order online or call our Prof...
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