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Beginning July 4, 2026, eligible children can receive a new tax-advantaged investment account known as a Trump Account. These accounts were created under Internal Revenue Code section 530A and are designed to encourage long-term savings and investment for children under age 18. (irs.gov) For tax professionals, the immediate challenge is not just understanding the rules. […]

Social Security & Medicare Update This program provides an update on Social Security, Medicare, and Medicaid, with emphasis on the tax and planning considerations relevant to tax professionals. As the population continues to age and more individuals transition into retirement, practitioners are increasingly asked to advise clients on retirement income planning, healthcare coverage, eldercare issues, […]

Even a minor issue can cost hours, delay returns, and frustrate clients. That’s why customer support is one of the most critical (and overlooked) factors when evaluating tax preparation software. Here is some advice on what to look for: 1. Reliable Response Times If you’re facing an e-file rejection, software glitch, or compliance question, waiting […]

It remains essential for tax professionals to stay current on IRS penalties for late filing and payment. A clear understanding of these penalties helps you guide clients effectively and minimize unnecessary financial consequences.   Failure-to-File Penalty If a taxpayer does not file their federal tax return by the due date (typically April 15), the IRS […]

Every filing season, tax preparers encounter clients who are missing key documents such as W-2s, 1099s, or other income statements. While the IRS provides general guidance, tax professionals need a more strategic approach: balancing compliance, deadlines, and client expectations. Here’s how to handle missing tax documents and when to file an amended tax return . […]

The deadline has passed. The long nights, constant filings, and endless client calls are finally behind you. For many tax professionals, this moment brings relief, but also a critical question: What should you be doing now to set yourself up for an even better next season? The post-tax-season window is one of the most valuable […]

Batch e-file extensions are available now for 1040 returns with $0 owed! For more information on this new feature, please go to https://www.taxact.com/support/45404/2024/professional-editions-batch-e-file-1040-extensions.

How Tax Professionals Can Navigate the IRS During Peak Season For preparers, knowing the right IRS resources and when to use them can help you save time and keep returns moving through the pipeline. Below is a guide to the most useful IRS contact options and strategies tax professionals rely on during the busiest part […]

The Top 3 Cyber Risks Facing Tax Firms This Season — and What to Do First Tax season brings tight deadlines, long hours, and constant communication with clients. It also brings something else: increased cyberattacks. Criminals know tax offices are moving quickly and handling sensitive financial data. That combination makes firms especially attractive targets. The […]

We were recently notified of an issue impacting Ohio individual returns. Due to a processing issue, all Ohio IT 1040 returns are currently being rejected in error. The Ohio Department of Taxation has temporarily suspended processing of Ohio IT 1040, IT 10, and SD 100 returns while the issue is being resolved. Impacted returns will […]

When the Tax Cuts and Jobs Act (TCJA)* — famously dubbed the One Big Beautiful Bill Act, now called the Working Families Tax Cut Act — was signed into law, it reshaped the estate and gift tax landscape almost overnight. The ripple effects are still very much in play, especially as sunset provisions approach and […]

IRS Research & What Tax Pros Should Watch in 2026 As the 2026 tax season begins, professional tax preparers face a shifting compliance landscape shaped by new IRS research, audit priorities, and taxpayer behavior. Understanding these changes is key to helping clients avoid costly mistakes — and keeping your practice efficient and audit-ready.   1. […]

We are aware of an issue where a not approved message may be encountered when attempting to print form 8879 from the print center, while doing a custom print, or directly from the form. We are working to correct the issue.

The Colorado Department of Revenue (DOR) expects to begin issuing electronic filing acknowledgments (acks) for returns on or after the dates listed below: Individual and Corporate returns: January 26, 2026. S Corporation and Partnership returns: January 30, 2026. Fiduciary returns: February 4, 2026. While you will receive acknowledgments from the state, they will not begin […]

Recent legislation temporarily expands the SALT deduction cap, creating new planning opportunities — particularly for higher-income taxpayers and clients in high-tax states. What’s Changing in 2025 For tax years 2025 through 2029, Congress increased the SALT deduction cap under the One Big Beautiful Bill Act (also known as the Working Family Tax Cut Act). Key […]