Missed Filing Deadline? Here’s What Your Clients Need to Know

Missed Filing Deadline? Here’s What Your Clients Need to Know Tax professionals - another tax season has passed, the filing deadline has come and gone. If you have clients who didn’t file a tax return or an extension but should have, they need to take action now. Here are some tips you can provide to help them. There is no penalty for filing a late return after the tax deadline if a refund is due. If someone didn’t file a return or an extension and they owe taxes, they should file a return as soon as possible and pay as much as possible to reduce penalties and interest. If your client o...
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Filing an Extension – Form 4868 – in TaxAct Professional Editions

To complete Form 4868 (Automatic Extension of Time To File) within your TaxAct Professional Edition: Open the client return by double-clicking the client's name in Client Manager. Click Return in the top menu. Click Application for Extension. Choose Federal or State (choose which state if you have more than one; in some cases choose City). This will take you to the Q&A method of filing the extension, where you can follow the prompts to complete the form. If you prefer to use Forms View: Open the client return by double-clicking the client's name in Client Manager. ...
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Avoid Challenges by Filing Early

We know how busy you are, and the weekend will be hectic. As we prepare for Tax Day on Monday we encourage you to not wait until late in the day on April 15th to print or submit returns, as we want to help you avoid challenges you might run into. Complications can be submission issues, internet connectivity, system outages, or unexpected e-file rejections by the IRS. The TaxAct® Professional Support Center will operate on the following extended hours through tax filing deadline. Hours are Central Daylight Time. April 13, Saturday: 9 am – 8 pm April 14, Sunday: 10 am – 8 pm April ...
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Credit and Debit Card Payment Submissions Through TaxAct Professional

It has come to our attention that some of our Tax Professionals may be experiencing issues with Value Payment Systems (VPS) within TaxAct® 2018 Professional. Do not select the "Pay Now" option within TaxAct Professional, as these payments will not be processed completely even if you see a hold placed on credit or debit card. This hold may be in place for up to eight days. To pay a client's balance due using a credit or debit card: Select the "Pay Later" option within the software and go directly to payUSAtax to complete those payments. Alternatively, tax payments may be made th...
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Closing Out the Season

We know how busy you are, and the weekend will be hectic. As we prepare for Tax Day Monday, we encourage you to not wait until late in the day on April 15th 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 tax filing deadline. Hours are Central Daylight Time. April 13, Saturday: 9 am – 8 pm April 14, Sunday: 10 am – 8 pm April 15, Monday: 8...
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The Tax Deadline is Upon Us…Don’t Wait to File!

It’s no secret that tax returns are due on Monday, April 15th for most individuals and businesses. We wanted to provide a couple of pieces of advice for you. Printed Returns We know most people don’t file paper returns, but there are some who still do. For mailed returns, the April 15th tax deadline doesn’t refer to when your tax return is received; it refers to the date the tax return is postmarked. If you use US Mail to send your return on April 15th and the Internal Revenue Service (IRS) receives it after that date, you’re still considered to have filed on time. The key is ensuring yo...
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TaxAct 2018 Professional Editions Version 1.11 Update

Version 1.11 is now available for TaxAct® 2018 Professional Federal Editions. This update includes: Form 1040 - A calculation issue was corrected on Form 8582, Part II, line 7 - the modified adjusted gross income was previously not including other income amount from Form 1040, Schedule 1, line 21. Form 1120S - Federal Form 8903 is now available for e-file and paper filing. TaxAct 2018 Professional can automatically check for updates by selecting Tools --> Options, and selecting "If already connected to the internet, automatically check for updates on program startup." You can als...
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What To Do If You Owe The IRS

We’re hearing from many of our Tax Professionals that, due in part to the 2017 Tax Cuts and Jobs Act, many of their clients either owe tax bills they didn’t expect or they are receiving lower-than-expected refunds. Owing a tax bill can be frustrating. The good news is that if you find yourself in this situation, all hope is not lost. First and foremost, even if you can’t pay the tax money you owe, file your return by the April 15 deadline! Penalties for not filing a tax return or extension are higher than penalties for not paying taxes owed. Fortunately, you have options: Online Paymen...
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Claiming Dependents on Your 2018 Tax Return – What You Need To Know

It’s not surprising that Tax Reform has muddied the waters for Tax Year 2018, especially since personal exemptions were suspended this year. What has been surprising is that lately the TaxAct® Professional Customer Support Center has received questions from Tax Professionals asking how to determine whether or not a client of theirs can claim someone as a dependent. Fortunately, the IRS offers an Interactive Tax Assistant (ITA) tool on their website that, along with answering other questions, includes a set of tests to determine who can and cannot claim be claimed as a dependent on a tax return...
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To File or Not to File…That is the Question

With the changes introduced by the 2017 Tax Cuts and Jobs Act, also known as Tax Reform, there’s a lot of confusion this tax season. There are a few questions we’ve heard over and over: How does Tax Reform impact potential tax refunds? And, what happens if someone owes more than they thought they would? One of the most significant things tax payers should be aware of is that penalties for not filing a tax return or tax extension are higher than penalties for not paying taxes owed. Because of that, it’s important that taxpayers not miss a filing deadline if they owe taxes, even if they can’t pa...
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Extended Support Hours This Weekend

The TaxAct® Professional Support Center will operate on the following extended hours through tax filing deadline. Hours are Central Daylight Time. April 13, Saturday: 9 am – 8 pm April 14, Sunday: 10 am – 8 pm April 15, Monday: 8 am – Midnight Beginning Tuesday, April 16, support hours will be: Monday-Friday: 8 am – 5 pm Saturday & Sunday: Closed Need help but you're not sure who to contact? Account and software questions: 319.731.2682, Professional@TaxActService.com Tax-related questions: 319.731.2680, ProTaxHelp@TaxAct.com If you need to contact the Su...
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Checking the Status of E-Filed Returns in TaxAct Professional

As we close in on the final push before the April tax filing deadline, we want to pass along some quick tips on how to efficiently track your clients’ e-filed returns. We suggest utilizing the Fed EF Status column in Client Manager as a quick and easy way to check the status of your client’s e-filed returns. This is a more timely way to receive the status of your e-filed returns, since e-file status emails may be delayed during peak times leading up to the filing deadline. Quick Tip: If you don’t see a return status appear in the Fed EF Status column within 15 minutes of submitting a ret...
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Alert Added to Require Form 8867 with Head-of-Household Returns

The Tax Cuts and Jobs Act of 2017 added due diligence requirements for the head of household filing status. Beginning with 2018 returns, as part of those due diligence requirements paid tax preparers are required to complete and submit Form 8867 with any return claiming head of household filing status. If any of your client’s returns had head of household filing status selected but did NOT contain the earned income credit, child tax credit, and/or American opportunity credit, you may have filed the returns without Form 8867. The IRS has explained that no further action is required, as they ...
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