Version 1.17 for 1040, versions 1.11 for 1120 & 990, versions 1.10 for 1120S & 1065, and version 1.09 for 1041 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
Updated math calculation on Schedule H, line 8d
Updated picklist on Form 5471 Schedule I
Corrected print placement on Form 8283
Updated officer information on Form 990 Schedule J
Updated print on Form 990 Schedule F
Other minor bugs and enhancements
You can also check for updates at any time by clicking the Online –> Check for Updates menu.
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TaxAct 2020 Professional Federal Editions Update (V1.16 for 1040, V1.10 for 1120 & 990, and V1.09 for 1065 & 1120S)
Version 1.16 for 1040, versions 1.10 for 1120 & 990, and versions 1.09 for 1120S & 1065 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
Removed 80% taxable income limitation on Form 1045, Schedule B
Updated maximum days for long-term care insurance contracts on Form 8853
Updated picklist selections for Form 5471, Schedule I
Updated print placement for Form 8283
Updated officers worksheet calculation for Schedule J (Form 990)
Fixed print bug on grants worksheet for Schedule F (Form 990)
Other minor bugs and enhancements
...
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Support: Slight Delay with IRS Acknowledgements
Given the volume of returns being filed this weekend, we are noticing slight delays with IRS acknowledgments for e-filed returns. Please note that federal returns can take from a few minutes up to 48 hours for acceptance or rejection. State returns can take up to 10 days.
We have all the development teams actively monitoring our systems this weekend to ensure a smooth end to the filing season.
If a return is rejected this weekend, you will have until the later of the filing deadline (5/17) or five days after the last rejection notice to resubmit your return and have it accepted before t...
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TaxAct 2019 Professional Federal Editions Update (Version 1.28 for 1040)
Version 1.28 for 1040 is available for TaxAct 2019 Professional Federal Editions. This update includes:
Updated Schedule D reconciliation adjustment for spouse casualty loss
Other minor bugs and enhancements.
You can also check for updates at any time by clicking the Online –> Check for Updates menu.
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TaxAct 2020 Professional Federal Editions Update (Version 1.15 for 1040 and Version 1.09 for 1120-S & 990)
Version 1.15 for 1040 and versions 1.09 for 1120 & 990 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
Increased field length for taxpayer and spouse driver’s license number on Basic Info Worksheet
Updated disaster distributions not subject to penalty calculation on Form 5329
Updated SE Tax Deferral Worksheet per revised Form 1040 instructions
Added new line to Charitable Contributions Worksheet for charitable contributions subject to 25% limitation
Updated Form 990-T, Schedule A, Other Deductions Worksheet for specific deductions
...
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TaxAct 2020 Professional Federal Editions Update (Version 1.14 for 1040 and Version 1.08 for 1041, 1065, 1120, 1120-S, & 990)
Version 1.14 for 1040 and versions 1.08 for 1041, 1065, 1120, 1120-S, & 990 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
Added print for Basic Info Worksheet
Added PDF attachment option for K-1 Basis Worksheet
Added checkbox to shut off Form 8958
Updated Form 8915-E to print when the 3-year distribution is not elected
Updated Schedule D reconciliation adjustment for spouse casualty loss
Updated print placement on Form 3468 & Form 8938
Added Form 990-T to amended options
Added FFCRA to Form 990-T Other Income
Update...
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TaxAct 2019 Professional Federal Editions Update (Version 1.27 for 1040)
Version 1.27 for 1040 is available for TaxAct 2019 Professional Federal Editions. This update includes:
Updated mailing addresses for paper filed Forms 1040 and 1040-X
Other minor bugs and enhancements.
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. You can also check for updates at any time by clicking the Online –> Check for Updates menu.
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Do More for Your Clients With Avantax
Avantax, the sister company of TaxAct, is a pioneer in tax-smart investing, financial planning, and wealth management. Tax Professionals partner with Avantax to create new revenue opportunities by providing holistic financial services to their clients through a uniquely tax-focused lens.
Learn more about tax-smart financial planning.
With the latest update of TaxAct Professional, you now have the ability to print and send an Avantax Wealth Management consent to your clients. Getting your clients to sign the consent will help you use your client's financial data to serve them even better ...
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TaxAct 2020 Professional Federal Editions Update (Version 1.13 for 1040 and Version 1.07 for 1041, 1065, 1120, 1120-S, & 990)
Version 1.13 for 1040 and versions 1.07 for 1041, 1065, 1120, 1120-S, & 990 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
Updated calculations on Form 8962 to shut off Part III repayment of excess Premium Tax Credit
Updated calculations on Form 8606 Part I and Part III when qualified disaster distributions exceed $100,000
Added 2nd stimulus payment field on Client Organizer
Updated print position on Form 56 for checkboxes 1D and 1E
Updated Form 5471 supporting schedules accessibility
Updated calculations on Form 5471, Schedule E...
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Updated Support Hours for Extended Tax Season
We know how busy you are, and this season as been hectic. As we near the end of the tax season, we encourage you to not wait until late in the day on May 17th to print or submit returns to avoid challenges you might run into. Complications can include submission issues, internet connectivity, system outages, and unexpected e-file rejections by the IRS.
The TaxAct Professional Support Center will operate on the following extended hours through the tax filing deadline (hours are Central Time).
April 10th through April 18th
April 10, 2021, Saturday: 10am - 8pm
April 11, 2021, Sund...
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TaxAct 2020 Professional Federal Editions Update (Version 1.12 for 1040)
Version 1.12 for 1040 is available for TaxAct 2020 Professional Federal Editions. This update includes:
Updated Form 8962 with a checkbox to allow PTC calculation changes provided by the American Rescue Action Plan.
Note: The IRS is currently not ready to accept returns affected by this change and another update will be provided once the IRS has disabled the business rules/rejection codes to allow these to be e-filed.
Other minor bugs and enhancements.
You may also want to ensure the “If already connected to the internet, automatically check for updates on program startup” ...
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IRS Update: IRS to recalculate taxes on unemployment benefits; refunds to start in May
The IRS has announced it will take steps to automatically refund money this spring and summer to people who filed their tax returns with unemployment compensation. They will take steps to make the appropriate change to the returns, which may result in a refund. The first refunds are expected to be made in May and will continue into the summer.
Click here for more information from the IRS.
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TaxAct 2020 Professional Federal Editions Update (Version 1.11 for 1040 and Version 1.06 for 1041, 1065, 1120, 1120-S, & 990)
Version 1.11 for 1040 and versions 1.06 for 1041, 1065, 1120, 1120-S, & 990 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
Added a link to Form W-2 to import your client's W-2's directly from payroll providers.
Updated due dates for IRS extension to May 17, 2021
Updated unemployment compensation exclusion worksheet per final IRS guidance
Updated Form 1120, line 27 calculation to allow negative values
Updated PDF attachment requirement for certain donated vehicles reported on Form 8283
Updated print position for Form 8804, line 6a...
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TaxAct 2020 Professional Federal Editions Update (Version 1.10 for 1040)
Version 1.10 for 1040 is now available for TaxAct 2020 Professional Federal Editions. This update includes:
Updated Form 1040 and Form 1040-NR for unemployment compensation exclusion provided by the American Rescue Action Plan
Updated Schedule H, line 2c calculation for total social security tax
Other minor bugs and enhancements.
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. You can also check for updates at any time by clicking the Online –&...
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