1099K Explosion!

Posted on by Julie Brown
1099K Explosion! Recording and presentation materials from Education Forum hosted in October of 2024. On November 7th, we hosted a 2-hour virtual event, where Amy Wall presented 1099K Explosion! A special thanks to everyone that joined us live! With the reduced filing requirement for the filing of Form 1099-K effective for Tax Year 2024, you should expect to see many more Forms 1099-K than ever before. Taxpayers may receive 1099-Ks not just for their trade or business, but also for hobby income, one-off activities such as the sale of personal items online, and possibly for purely person...
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2024 Individual & Business Tax Update!

Posted on by Julie Brown
2024 Individual & Business Tax Update! Recording and presentation materials from Education Forum hosted in October of 2024. On October 28th, we hosted a 2-hour virtual event, where A.J. Reynolds presented 2024 Individual & Business Tax Update. A special thanks to everyone that joined us live! Tax changes never rest, nor should tax professionals. In this two-hour webinar you will receive the latest information and guidance that has transpired for Tax Year 2024, all while you were conquering tax season, recovering, and trying to find free time for yourselves. During this free we...
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🚨Reminder: Refund Transfer Incentive Enrollment Required

Posted on by Matthew Davis
To participate in this year's Refund Transfer Incentive Program, you must enroll.  It is a quick and easy process and you can fill out the form below. As a previous customer, once you enroll for TY24 and are approved through one of our participating banks to offer refund transfers, you will receive the $5 incentive after you exceed the number of funded refund transfers you completed TY23.  As a new customer, once you enroll for TY24 and are approved through one of our participating banks to offer refund transfers, the $5 incentive starts with your first funded refund transfer.  [wpforms id=...
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Schedule E for Residential Real Estate Activities

Posted on by Julie Brown
Schedule E for Residential Real Estate Activities Recording and presentation materials from Education Forum hosted in August of 2024. On September 5th, we hosted a 2-hour virtual event, where Amy Walls presented Schedule E for Residential Real Estate Activities including vacation rentals. A special thanks to everyone that joined us live! Because Residential Real Estate Activities are such an important topic in the tax industry right now we knew it was important to record this content and make it readily available to all, in preparation for the upcoming tax season. If you are intereste...
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An Essential Overview on S-Corp & Partnership Basis

Posted on by Julie Brown
An Essential Overview on S-Corp & Partnership Basis Recording and presentation materials from Education Forum hosted in August of 2024. On August 8th, we hosted a 2-hour virtual event, where A.J. Reynolds presented on basis rules and calculations for clients who are shareholders or partners in pass-through entities and how this basis affects their individual Form 1040 tax return. A special thanks to everyone that joined us live! Because A-Corp & Partnerships are such an important topic in the tax industry right now we knew it was important to record this content and make it read...
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Big news from TaxAct Professional!

Posted on by Swathi Gunnala
TaxAct Professional has partnered with Drake Pay to enable our customers to accept payments securely and conveniently in the TaxAct Professional software. Visit our website to enroll in Drake Pay today! https://www.taxact.com/professional/integrated-payments Once enrolled and approved, you will be able to accept payments quickly. Invoicing, client payments, and reporting are all available now. Please contact our support team if you have any questions.
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The Importance of Cybersecurity & Security Plans for Tax Preparers

Posted on by Megan Monaghan
The Importance of Cybersecurity & Security Plans for Tax Preparers Recording and presentation materials from Education Forum hosted in July of 2024. On July 18th, we hosted a 2-hour virtual event, where A.J. Reynolds presented on the importance of understanding the ins and outs of cybersecurity and developing an effective, well thought our Data Security Plan (also known as a Written Information Security Plan (WISP)). A special thanks to everyone that joined us live! Because WISPs are such an important topic in the tax industry right now and because they are complex to develop, we kn...
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Exciting Announcement – New Partnership with Drake Accounting!

Posted on by Megan Monaghan
You Don't Have to Choose Between Functionality and Affordability. TaxAct Professional is excited to announce that we have partnered with Drake Accounting to bring our customers an affordable, fully featured accounting and payroll product, at the discounted annual rate of $295 $795. This tool lets you manage basic client financial records with double-entry accounting. Plus, a number of reports are provided, including multi-column profit and loss reports, pre-posted reports, comparative or single column balance sheets, and payroll reports. To take a look at all of the Drake Accounting features,...
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How to Setup a Referral Marketing System for Your Practice

Posted on by Megan Monaghan
How to Setup a Referral Marketing System for Your Practice Recording and presentation materials from webinar hosted in June of 2024. On June 5th, we hosted a 1-hour webinar, where Will Hamilton of SmartPath.co, presented on how to develop a referral marketing system, unique to your tax practice. A special thanks to everyone that joined us live! Because referrals are the number 1 way tax preparers grow their practice, we knew it was important to record this content and make it readily available to all, in preparation for the upcoming tax season. If you are interested in accessing this co...
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The Art of Properly Pricing Your Tax Services

Posted on by Megan Monaghan
The Art of Properly Pricing Your Tax Services Recording and presentation materials from virtual event hosted in May of 2024. On May 23rd, we hosted a 2-hour Education Forum virtually, where Will Hamilton of SmartPath.co, presented on how to properly price your tax services to align with today's unique environment. A special thanks to everyone that joined us live! Because so many tax professionals aren't fairly paid for their tax knowledge and don't know how to approach price increases with their clients, we felt it was important to make the recording from this event readily available to a...
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Free Tax Calendar, May 2024 – April 2025

Posted on by Megan Monaghan
Free, Downloadable Tax Calendar May 2024 - April 2025 Being a tax professional is stressful, busy, and sometimes… just downright exhausting. Especially this time of year! That’s why TaxAct Professional believes it’s so important for our team to create helpful, free content that works to save you time and energy. As you begin to prepare for TY24, we encourage you to download our new and improved tax calendar. Let us help you remember all of the important dates you have coming up between now and April 2025. Downloading our free tax calendar: Upon downloading this PDF, you will receive a p...
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Save the Date: 2024 Conference & Event Season

Posted on by Megan Monaghan
Save the Date: 2024 Conference and Event Season With Tax Day behind us… it’s time for tax preparers to shift their attention to extension season and preparing for TY24. And with that, comes attending conferences, webinars, and training courses to gather your required allotment of continuing education credits, and ensure that you’re up to date on all tax laws, credits, deductions, industry best-practices, and more. We understand that this time of year can be overwhelming for many, so to help simplify the search for this content, TaxAct Professional has put together a list of conferences we w...
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Basics and Beyond of Crypto Taxation: What Preparers Need to Know

Posted on by Megan Monaghan
Basics and Beyond of Crypto Taxation: On-Demand Webinar Crucial Knowledge Tax Preparers Need to Know Cryptocurrency, or virtual currency, is a digital representation of value currently used both as a medium of exchange and as an investment. The IRS considers virtual currency to be property; in many cases, basic property tax law works well for virtual currency. Unfortunately, there are also many crypto activities for which property tax law just doesn’t apply and there is no IRS guidance to support a tax position. Understanding the concepts underlying cryptocurrency helps th...
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IRS Tax Pro Account: Another Line of Defense Against Data Theft

Posted on by Megan Monaghan
The IRS and the Security Summit partners remind you that another way to help protect sensitive information from identity thieves is with secure online tools such as Tax Pro Account. Tax Pro Account is a secure, mobile-friendly, digital self-service that enables you to act on a taxpayer’s behalf, view their information and manage their authorizations more efficiently. You can use Tax Pro Account to send Power of Attorney and Tax Information Authorization requests directly to a taxpayer’s individual IRS Online Account. Once the taxpayer approves the request, it’s processed in real time. For d...
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When to File a Business Identity Theft Affidavit with the IRS

Posted on by Megan Monaghan
The IRS and its Security Summit partners continue to see identity theft schemes targeting businesses. Report possible business identity theft to the IRS with Form 14039-B, Business Identity Theft Affidavit. File Form 14039-B if your business receives a notice about a: Rejected e-filed return because a return on file for that same period. Tax return your business didn’t file. Form W-2 filed with the Social Security Administration that your business didn’t file. Balance due that isn’t owed. For more details, visit Identity Theft Information for Businesses.
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