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The State of Kentucky has been experiencing communication problems with the IRS system since 9/2/18 (state returns get processed through the “IRS system”), which results in the KY state returns not having a rejected/accepted status. The state has requested tax preparers (and tax payers) to not contact the state of Kentucky if you have concerns […]

The State of Colorado has been experiencing communication problems with the IRS system since 8/29/18 (state returns get processed through the “IRS system”), which results in the CO state returns not having a rejected/accepted status. The state has requested tax preparers (and tax payers) to not contact the state of Colorado if you have concerns […]

The IRS reminds tax professionals who requested an extra six months to file their clients’ 2017 tax returns that Monday, October 15, 2018, is the extension deadline for most taxpayers. To provide the best experience possible for TaxAct Professional customers, we will be extending our support hours on October 15 to 8:00 AM – 9:00 PM […]

Similar to previous tax seasons, the TaxAct 2018 Professional editions start releasing in late October and are updated periodically throughout the filing season. Federal Professional Editions – Planning to release in late October (exact date TBA) Professional Editions 1040 / 1041 / 1065 / 1120 / 1120S / 990 Will have an update in early […]

In a continuing effort to provide productivity-enhancing tools, TaxAct Professional will begin supporting the import of 2017 Form 1040 PDF returns from UltraTax CS. This functionality will become available this fall in the 2018 editions. The benefit of UltraTax PDF import is that it allows the tax professional to build their client list in TaxAct […]

As you’re preparing and planning for the next tax season, you may be interested in what enhancements are coming to the 2018 version of TaxAct Professional. With more details to come, here’s a high level overview on what we’re working on for tax year 2018 so far:

As a professional tax preparer, it’s important for you to understand the various credentials and qualifications that are widely used throughout the tax preparation industry. Attorney Attorneys are licensed by state courts, the District of Columbia or their designees, such as the state bar. Generally, they have earned a degree in law and passed a […]

The Internal Revenue Service (IRS) is advising certain veterans who received disability severance payments after January 17, 1991, and included that payment as income, that they should file Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit or refund of the overpayment attributable to the disability severance payment. This is a result […]

Global consulting firm McKinsey found that there are roughly 68 million freelancers in the US. Think about that for a second, the gig economy (Uber, Lyft, Doordash, .etc) has revolutionized freelancing for 1/5 of America and it’s only going to grow larger. The unfortunate part about statistics on freelancing is that the BLS (Bureau Of Labor & Statistics) […]

In an effort to streamline the filing of Form 1040 for both taxpayers and tax professionals, the IRS is crafting a shorter, simpler form for tax year 2018 returns. The intent of the new 1040 is to replace the current versions of Form 1040, Form 1040A and Form 1040EZ. This consolidated approach enables the IRS […]