Author: Megan Monaghan

Your Guide to Creating a Data Security Plan The IRS “reminds tax preparers that protecting taxpayer information isn’t just good for clients & good for business – it’s also the law.” The FTC (Federal Trade Commission) has provided guidance that tax preparers, much like other financial institutions, are required to create & update data security plans. Unfamiliar with data security plans? Essentially these are written protocols that you put in place for your business, to protect your clients from identity theft &/or data theft. Because tax professionals inevitably house sensitive ...

EFIN & PTIN – What Are They & Why Do I Need Them? While we hope you are enjoying the off-season, it is important for you to start thinking about the upcoming tax season & what you need to do to get your ducks in a row. Afterall, TY21 will be here before we know it. To prepare for the upcoming season, it is crucial that you work towards acquiring your professional identification numbers in advance. Why? Taking care of this requirement now will help you avoid unwanted & unnecessary delays when you are knee deep in tax returns. Depending on your practice, you might need to regist...

Handling Client Information – The Do’s & Don’ts When running a business, there are few things more important than taking care of your clients. Think fast - what does this look like to you/your company? A few that come to mind for us are… providing great customer service, listening/being proactive based on their needs & ensuring that you & your clients create a level of trust that both parties work to maintain. You have gotten to where you are today because you have put your clients first – there is no doubt about that. And because of this, you inevitably developed a level of tr...

Minimize Tax Liability In 10 Simple Steps We understand that planning for the upcoming tax year can be difficult, especially during the off-season. However, we also know that planning is crucial when it comes to helping your clients minimize their tax liability. That’s where TaxAct Professional comes in… Our team has created an easy-to-follow guide, that breaks down how to reduce tax liability in 10 steps. We encourage you to download & share this eBook with your clients, so that with your help, they can begin to prepare for the upcoming tax season… To access this guide, follow the ste...

Let’s Talk About ARPA Updates for TY21 What is ARPA? ARPA, also known as the American Rescue Plan Act of 2021, is an economic stimulus bill that was passed by the US Congress in March of 2021. The goal of this bill is to expedite recovery, specifically from the economic & health effects of the pandemic & the continued recession in America. Recently, there have been many changes made to the Child Tax Credit, thanks to the American Rescue Plan Act. In short, it is expected that this credit will begin helping families receive advance payments as soon as this Summer, for tax year 2021. S...

What’s New for Tax Year 2021 Now that the 2020 Tax Season has officially wrapped, we are excited to announce changes that are being made to our software for TY 2021. You asked, we listened – keep reading for additional information on these updates… Onboarding & Training Dedicated training page with live webinars, a video library of on-demand training & our new FastTrack Onboarding Program. More Bank Product Options & Incentives We will be adding on at least one bank partner for TY21. We will also be offering new incentives for Pros who do a certain level of refund transfers. ...