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Trump Accounts The One Big Beautiful Bill Act (OBBBA) established Trump Accounts, a new federal, tax-advantaged investment account for children under age 18. The program provides a government seed contribution for certain children born between January 1, 2025, and December 31, 2028, along with the ability for families and employers to make additional contributions, subject […]

Introduction to Client Portals Join us for an introductory training session on Client Portals for TaxAct Professional. This webinar will provide an overview of the portal features and demonstrate how to securely exchange documents, manage client files, and navigate the portal experience. See the system in action from both the preparer and taxpayer view, and […]

For tax professionals, filing a return isn’t always the end of the client relationship. Months after tax season, clients may receive IRS or state notices, face audit inquiries, or need assistance with certain qualifying tax-related identity theft matters. When those situations arise, they often turn to the tax professional they trust most. Responding to post-filing […]

Estate Planning After OBBBA … Turning Theory into Practice Join Michael Miranda for an exciting discussion on what can be done in 2026 and beyond to assist clients in developing an appropriate estate action plan. The “permanent” increase to 15M in basic exclusion amount provides estate tax planning opportunities for middle (less than $15M estates) […]

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. […]

Tax professionals are always looking for ways to improve efficiency while creating a smoother experience for clients. Modern client portal technology continues to evolve with tools that simplify document collection, improve communication, and help firms stay organized throughout tax season. Here are five Portal enhancements (powered by Drake Portals®) that can help streamline your workflow […]

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 […]