Wondering if TaxAct Professional Has the Form You Are Looking For?

Posted on by Matthew Davis
Many of the tax and accounting professionals we serve look to the Q&A portion of our software to determine whether or not a specific form is supported. If you’ve ever wondered if you can attach a particular form using TaxAct Professional products, there’s a quick and easy way to find out. Simply switch to the Forms view, search by form name or number, and click Add Form. As always, if you have any questions whatsoever, we are here to help. You can reach us in the way that best suits your practice’s needs: For the fastest answers to many of our most frequently asked questions, search o...
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Stimulus Payments to the Deceased: Should My Client Keep It?

Posted on by Matthew Davis
Q: My client received a stimulus payment on behalf of their deceased relative. Should they cash it? A: According to the IRS FAQ page on its website, families who receive a stimulus payment on behalf of a deceased loved one should send the money back to the government. The FAQ answer specifically states: A Payment made to someone who died before receipt of the Payment should be returned to the IRS by following the instructions about repayments. Return the entire Payment unless the Payment was made to joint filers and one spouse had not died before receipt of the Payment, in which case, you onl...
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How the Form W-4 Redesign Affects Your Client’s Tax Outcome

Posted on by Matthew Davis
Form W-4, Employee’s Withholding Certificate, received a makeover at the start of 2020. It’s the first major redesign of the form in 33 years, dating all the way back to 1987. The adjustments simplified the form and implemented the tax code changes that went into effect as part of the Tax Cuts and Jobs Act of 2017. While many employers are not requiring their employees to complete the new form, some of your clients may find it beneficial to do so. To help them make smart adjustments, here’s a quick rundown of the main changes you will notice on the form. Allowances have been removed As you lo...
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Client Xchange Maintenance & Update From 6 – 8 AM on 4/22/2020

Posted on by Matthew Davis
TaxAct will be performing scheduled maintenance for Client Xchange on the following day: Wednesday, April 22, 2020, from 6 - 8 AM Central Time During this maintenance, your clients will not be able to access the Client Xchange portal, MyTaxDocs.com. This update includes: Client sign in now requires multi-factor authentication (MFA) by mobile phone number verification code or authentication app (such as Google Authenticator). This replaces the security questions previously asked upon account creation. Password reset will also require MFA via a verification code sent to the client's em...
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Updated Hours of Business for TaxAct Professional Support

Posted on by Matthew Davis
TaxAct® Professional has updated its hours of business in order to provide the practices we serve with additional support through the extended filing deadline. Support hours are now as follows: April 1 - 10 Monday - Friday: 8am - 8pm Saturday: 9am - 5pm Sunday: 10am - 5pm April 11 - 15 April 11: 9am - 6pm April 12: 10am - 6pm April 13-14: 8am - 8pm April 15: 8am - 10pm April 16 - July 10 Monday - Friday: 8am - 6pm Saturday & Sunday: Closed July 11 - 15 July 11: 9am - 5pm July 12: 10am - 5pm July 13-15: 8am - 8pm July 16 - December 31 Mo...
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How the Closure of Big National Tax Prep Chains May Affect Your Practice

Posted on by Matthew Davis
While our country continues to come together — while staying responsibly distant — to fight COVID-19, many of us are feeling the impact of stay-at-home orders and mandated quarantine. Despite the unprecedented lengths to which we all must go to stay healthy and slow the spread of the virus, taxpayers across America must still find a secure and convenient way to file their returns. The closure of brick-and-mortar tax offices has been deemed a necessity in numerous states over the past two months. Though thousands of filers prefer the face-to-face interaction afforded by an appointment with the...
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Top Tips from the IRS: Protect Client Data and Keep Your Practice Safe Year Round

Posted on by Matthew Davis
The tumultuous nature of current events can and will attract the attention of data-hungry cyber criminals throughout tax season. It’s an unfortunate truth that when something as unprecedented as COVID-19 takes center stage worldwide, thieves see an opportunity to take advantage of unsuspecting victims. While you endeavor to support the filing needs of taxpayers in your community, it is more important than ever to continue safeguarding private information — and to arm your clients with the knowledge they need to keep their data safe at home as well. This is critical even if you are a single ...
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Version 1.12 (1040) 1.07 (1065, 1120, 1120-S, 1041, 990) Update

Posted on by Matthew Davis
Version 1.12 for 1040 and 1.07 for 1065, 1120, 1120-S, 1041, and 990 are now available for TaxAct 2019 Professional Federal Editions. These updates include: Changes required due to the Payment & Deadline extension moving to 7/15/20 Additional changes for 1040 Form 4868 and IRA/HSA/MSA/ESA contributions Initial updates for 1120, 1120-S, 1041, & 990 Replace Form W-4 with IRS Tax Withholding Estimator TaxAct will no longer be supporting Form W-4, but will include a link to the IRS Tax Withholding Estimator to determine if the taxpayer should complete a new Form W-4, Employe...
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Version 1.11 for 1040 – Payment & Deadline Extension Updates (COVID-19)

Posted on by Matthew Davis
Version 1.11 for 1040 is now available for TaxAct 2019 Professional Federal Edition. This update includes: Changes required due to the Payment & Deadline extension moving to 7/15/20 This includes being able to select an automatic withdrawal date post 4/15/20 Note: Similar updates for Federal 1120, 1120-S, 1041, and 990 are tentatively planned for next week. State Editions updates will also be available over the next couple weeks. What these changes mean for 1040 federal returns: Federal 1040 tax returns are not officially due until July 15, 2020. Taxpayers are subject to lat...
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Version 1.10 & 1.06 Updates

Posted on by Matthew Davis
Versions 1.10 for 1040 and 1.06 for 1065, 1120, 1120-S, 1041, and 990 are now available for TaxAct 2019 Professional Federal Editions. This update includes: Minor Enhancements to Depreciation Summary Added column headers to each page minimized issues with rows getting split and not printing Minor bug fixes & optimizations We expect the first updates in regard to the coronavirus impact changes to be updated later this week, however we are still waiting on the IRS to make necessary changes on their end in order to allow adjustment of the direct debit withdrawal date. We will updat...
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COVID-19 and Your Taxes

Posted on by Matthew Davis
Last updated: March 22, 2020 At TaxAct, nothing is more important to us than the health and well-being of our customers, employees, and the communities in which we live and work. During this time, we encourage you to make every effort to stay as protected as possible. Rest assured, we are equipped to continue offering all of our services without interruptions so you can continue to sucessfully operate your business. COVID-19 tax implications On March 20, the Secretary of Treasury announced the tax deadline to file federal income tax returns has been extended to July 15, 2020. You now have an e...
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Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed

Posted on by Matthew Davis
The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax fil...
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