Like many of you, we are closely monitoring the outbreak of the Coronavirus (COVID-19) and its impact across the industry.
Over the past 48 hours, many have speculated changes to the tax filing and payment deadlines. Today the U.S. Treasury Department and the IRS cleared the air and released guidance on the tax implications of COVID-19. The deadline to file federal individual income tax returns remains April 15.
All individual and other non-corporate tax filers are allowed to defer tax payments (up to $1 million) until July 15, 2020 without penalties or interest (read the official Treasury n...
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Versions 1.17 (1040) 1.13 (1065, 1120) 1.14 (1041, 1120S) Update for Tax Extenders
Versions 1.17 (1040), 1.13 (1065, 1120), and 1.14 (1041, 1120S) are now available for TaxAct 2018 Professional Federal Editions. These versions include changes due to 2018 Federal Tax Extenders, including the following updated forms:
Form 4136 - Credit for Federal Tax Paid on Fuels
Form 5329 - Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts
Form 5695 - Nonbusiness energy property credit
Form 8835 - Renewable energy, Indian coal facilities credit
Form 8845 - Indian Employment Credit
Form 8864 - Biodiesel and Renewable Diesel Fuels Credit
Form 8...
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Version 1.09 & 1.05 Updates
Versions 1.09 for 1040 and 1.05 for 1065, 1120, 1120-S, 1041, and 990 are now available for TaxAct 2019 Professional Federal Editions. This updated includes:
Fix for Auto Save Functionality
Addressed an issue where Auto Save functionality was getting turned off in certain scenarios
Fed EF Status Column bug fixes
Addressed a couple issues causing the Fed EF Status column to not populate correctly (such as when updating the return status).
Minor bug fixes & optimizations
You may also want to ensure the “If already connected to the internet, automatically check for updates o...
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SurveyMonkey: Share Your Thoughts — Have Your Voice Heard
As a tax professional, you know that each season brings its own set of unique challenges and changes. Sometimes, it’s interesting to see how your fellow tax prep experts are faring this time of year, too — now you can take part and find out for yourself with this quick, two-question survey:
Do you anticipate serving more customers this tax season as compared to previous years?
Are you completing any returns virtually this tax season?
We look forward to reading your answers — check out the results in next month’s newsletter!
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Quick Tips: Side-by-side Comparison and How to Check E-file Status
TaxAct® Professional is designed to enhance your every move as a tax preparer, aiming to make your days more productive, your practice more prosperous, and your clients ultimately more satisfied with your service. Especially at this time of year, we’d like to pass along some quick tips on how to efficiently compare customer returns and check their e-file status.
Side-by-Side Comparison Feature
With TaxAct Professional’s easy-to-use Side-by-Side Comparison, you can view prior or current year returns right next to one another in TaxAct 2019 — allowing you to avoid the hassle of openi...
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Version 1.08 & 1.04 Updates
Versions 1.08 for 1040 and 1.04 for 1065, 1120, 1120-S, 1041, and 990 are now available for TaxAct 2019 Professional Federal Editions. This updated includes:
Minor bug fixes
You may also want to ensure the “If already connected to the internet, automatically check for updates on program startup” checkbox is checked in the Tools –> Options menu. In addition, you can check for updates at any time by clicking the Online –> Check for Updates menu.
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New PTIN Verification Requirements for Tax Preparation Professionals
As you may know, the IRS now requires all tax software to request additional PTIN verification from tax preparation professionals. It is necessary for each preparer to simply check a box verifying that their PTIN is accurate and that they are indeed the registered owner. Fortunately, TaxAct® Professional makes this step quick and easy:
In the Basic Information section of the Preparer Info page, enter your name, SSN, and PTIN as normal.
Directly to the right of the PTIN field, you’ll see an empty checkmark box accompanied by text that reads “I verify this PTIN is accurate and the associate...
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Reminder: It’s Not Too Late to Get Ahead with TaxAct Professional
As first peak begins to wind down, you may find yourself wanting for a more streamlined and efficient way to serve your clients before second peak hits. The fact that most filers in the latter category aren’t expecting a refund plays a pivotal role in how smoothly and successfully your practice runs — not only as April 15 approaches, but right now.
If you aren’t feeling as solidly prepared as you’d prefer, we’re here to help. TaxAct® Professional products are still available, ready to help boost your practice’s productivity and organization in meaningful, tangible ways all season long.
If yo...
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How to Back Up Data the Easy Way: A Quick Go-To List for Tax Pros
Performing regular backups of client information, returns, and preparer information is critical — not only to the growth and success of your practice, but to your general peace of mind as well. And as we all know, that peace of mind is next to priceless at this time of year.
Back Up Client Returns to Your Local Computer – Non-Enterprise Editions
TaxAct recommends backing up your client files to an external hard drive or USB drive for safe keeping in a secure location. To utilize TaxAct’s backup and restore functions, follow these easy steps:
Click File > Backup > Client Return(s)...
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1120 NJ, 1120 CT, 1120-S NJ Now Available
The following TaxAct Professional 2019 States are now available:
1120
CT
NJ
1120-S
NJ
If you’ve already purchased your 2019 State Edition(s), you will be able to install all available states by going to the Online –> Install State menu option. From there, you can use the Auto Install Method by checking the box next to the available state(s) and clicking the Auto Install button.
If you need to purchase State Editions, you can do this by clicking the Online –> Order TaxAct State Edition menu option to order online or call our Professional Sales team at 319-536-3571.
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Business DC, WV, 1065 CT, 1120-S CT, 1041 AZ, IN, MN, MO Now Available
The following TaxAct Professional 2019 States are now available:
1065
CT
DC
WV
1120
DC
WV
1120-S
CT
DC
WV
1041
AZ
IN
MN
MO
If you’ve already purchased your 2019 State Edition(s), you will be able to install all available states by going to the Online –> Install State menu option. From there, you can use the Auto Install Method by checking the box next to the available state(s) and clicking the Auto Install button.
If you need to purchase State Editions, you can do this by clicking the Online –> Order TaxAct State Edition menu option to ...
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Version 1.07 & 1.03 Updates
Versions 1.07 for 1040 and 1.03 for 1065, 1120, 1120-S, 1041, and 990 are now available for TaxAct 2019 Professional Federal Editions. This updated includes:
Enhancements to the Select Updates window
You are now able to click a button to Select/Deselect All available updates
There is now a "Remove" option next to any state not currently installed if you no longer want to receive notification when those states have an update available
Additional minor bug fixes
This update also enables the following major federal forms and features that weren’t available in a prior 2019 version:
...
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Business DE, MD, 1065 MS, 1120-S MS, 1041 MD, VA Now Available
The following TaxAct Professional 2019 States are now available:
1065
DE
MD
MS
1120
DE
MD
1120-S
DE
MD
MS
1041
MD
VA
If you’ve already purchased your 2019 State Edition(s), you will be able to install all available states by going to the Online –> Install State menu option. From there, you can use the Auto Install Method by checking the box next to the available state(s) and clicking the Auto Install button.
If you need to purchase State Editions, you can do this by clicking the Online –> Order TaxAct State Edition menu option to order onli...
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Business WI, 1041 AL, GA, IL, MA Now Available
The following TaxAct Professional 2019 States are now available:
1065
WI
1120
WI
1120-S
WI
1041
AL
GA
IL
MA
If you’ve already purchased your 2019 State Edition(s), you will be able to install all available states by going to the Online –> Install State menu option. From there, you can use the Auto Install Method by checking the box next to the available state(s) and clicking the Auto Install button.
If you need to purchase State Editions, you can do this by clicking the Online –> Order TaxAct State Edition menu option to order online or call our ...
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Business TN, TX, 1120 IL, 1041 IA, TX Now Available
The following TaxAct Professional 2019 States are now available:
1065
TN
TX
1120
IL
TN
TX
1120-S
TN
TX
1041
IA
TX
If you’ve already purchased your 2019 State Edition(s), you will be able to install all available states by going to the Online –> Install State menu option. From there, you can use the Auto Install Method by checking the box next to the available state(s) and clicking the Auto Install button.
If you need to purchase State Editions, you can do this by clicking the Online –> Order TaxAct State Edition menu option to order online or...
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