Blog

If your clients contact you about a mysterious bank deposit from the IRS, you can assure them it’s not a mistake. The IRS reported that 13.9 million taxpayers who filed their 2019 income taxes on time and received a refund will now be receiving a second payment from the IRS: an interest payment. This interest […]

Are you ready to start your tax practice? It’s not as simple as hanging an open sign in your office window. In this article we offer you tips to walk you through forming your business, building your practice and growing it with marketing strategies. Business formation First things first, let’s get your business started with […]

COVID-19 is changing the way business is done and people have found ways to adapt. Home offices and virtual meetings are now the norm. But there’s another aspect of business that needs to evolve: networking. In-person meetings are few and far between. Large events and conferences have been put on hold. Rather than seeing this […]

Preparing taxes in 2021? Be prepared to pay. The Preparer Tax Identification Number (PTIN) fee is back. While the PTIN fee has been reinstated, it’s lower than it previously was. The IRS announced that the 2021 PTIN fee will be $21 plus $14.95 payable to a third-party contractor. The fee has decreased from $33 plus […]

As a tax professional, you have likely just finished one of the most challenging tax seasons of your career. And with the three-month tax extension, you’re left with less time to regroup before you need to begin preparing for the next round of deadlines. Adding to that, new legislation from the CARES Act and the […]

2020 is taking us all for a ride that no one predicted. With uncertainty running high, your clients might be turning to you for more support than usual. You are likely one of their most trusted advisors, and maintaining and building that trust is more important than ever. Building trust with them is more than […]

Online events aren’t new but converting a large expo into a remote event is fairly novel. Trade shows, fairs, and conferences on down to annual meetings are all happening digitally. Attending virtual trade shows is a new reality for most. And while the playbook on this topic has yet to be written, many organizations are getting creative […]

This tax season has looked drastically different than any before it with the onset of COVID-19. Between the tax filing and payment deadline extensions and the majority of American workers—including tax preparation professionals and their clients— guided to work from home, it’s become a rather complicated few months. If you’re a tax professional, you’ve likely […]

After some short deliberation in Congress, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27. At TaxAct, we spend countless hours reading the law, viewing informative webinars, digging through analysis, and making direct contact with the IRS to understand the ins and outs of the plan. While there […]

Version 1.16 for 1040, 1.11 for 1065, 1120, & 1041, and 1.10 for 1120-S & 990 are now available for TaxAct 2019 Professional Federal Editions. These updates include: Minor bug fixes & optimizations

Many of the tax and accounting professionals we serve look to the Q&A portion of our software to determine whether or not a specific form is supported. If you’ve ever wondered if you can attach a particular form using TaxAct Professional products, there’s a quick and easy way to find out. Simply switch to the […]

Q: My client received a stimulus payment on behalf of their deceased relative. Should they cash it? A: According to the IRS FAQ page on its website, families who receive a stimulus payment on behalf of a deceased loved one should send the money back to the government. The FAQ answer specifically states: A Payment […]

Form W-4, Employee’s Withholding Certificate, received a makeover at the start of 2020. It’s the first major redesign of the form in 33 years, dating all the way back to 1987. The adjustments simplified the form and implemented the tax code changes that went into effect as part of the Tax Cuts and Jobs Act […]