As the 2025 tax season approaches, tax professionals are already beginning to prepare for what’s shaping up to be a year of significant shifts in regulation, compliance, and technology. Whether you're a solo practitioner or part of a larger firm, understanding what’s changing — and how to adapt — will be key to staying compliant and competitive.Here are five recommended changes and challenges tax preparers can track for Tax Year 2025:1. Expanded IRS Digital InitiativesThe IRS’s continued rollout of its Strategic Operating Plan will drive more digital interactions in TY25. The agency is pushing...
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The One Big Beautiful Bill Act: Key Takeaways for Tax Professionals
The One Big Beautiful Bill Act (OBBBA) brings forward comprehensive revisions to the federal tax code, going into effect for the 2025 tax season. These updates are critical for tax professionals who must adjust planning strategies, advise clients accordingly, and ensure their tax software is up to date.Key Provisions of the OBBBA:1. Permanent Continuation of 2017 Tax CutsThe OBBBA codifies the individual and corporate tax rate reductions first introduced in the 2017 Tax Cuts and Jobs Act (TCJA), making these lower rates a lasting part of the code.2. Expanded SALT Deduction LimitThe deduction c...
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EIC Eligibility and Due Diligence
EIC Eligibility and Due Diligence
The earned income tax credit (EIC) is a refundable tax credit that provides a tax break to taxpayers with low to moderate income. Tax professionals who prepare returns claiming the earned income tax credit (EIC) must comply with the IRS’s strict due diligence requirements for each return filed and understand the rules used to determine eligibility for the credit. Failing to comply with the due diligence requirement or filing a return that erroneously claims the EIC can lead to the preparer facing a penalty of $600 (2024) for each failure. This session provide...
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Get Ahead of Tax Season with Our Free 2025–2026 Tax Calendar
At TaxAct® Professional, we’re here to lighten your load. That’s why we’ve created a free, downloadable tax calendar designed to help you stay organized, informed, and one step ahead as you prepare for Tax Year 2025.Why Download Our Tax Calendar?Our newly updated May 2025 – April 2026 tax calendar is more than just a list of dates — it’s a practical tool to keep you on track during the busiest months of your year. Whether you’re managing deadlines, planning client meetings, or mapping out continuing education and industry events, this calendar has you covered.You’ll find:Key federal tax deadl...
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Topic 2025 New Federal Tax Legislation Update
2025 New Federal Tax Legislation Update
This course reviews any new federal tax law changes which impact 2025 tax law plus any retroactive changes to 2024 tax law. We'll also cover the latest information on TCJA and any pending changes we may expect later this year. Receive up-to-date information on IRS's EITC focus, changes to the Child Tax Credit, Schedule A SALT limitation, and more. We’ll review any changes to energy credits and vehicle credits. Plus the challenges of basis compliance for our partner and S corp shareholder Schedule K-1, Form 1040 clients.
What’s Included:
Video re...
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Five Proven Strategies to Boost Client Retention and Enhance Service in Your Tax Practice
Client retention and satisfaction for tax professionals
Keeping your clients happy and loyal is more than good business—it’s essential for the long-term success of your tax practice. Now is the perfect time to evaluate how well your office is meeting client expectations and plan improvements that will help boost client retention.Why Client Retention Matters in the Tax IndustryClient acquisition can cost more compared to retaining current clients. Recurring clients can often make up most of the annual revenue and satisfied customers not only return—they may refer others.Yet, according to...
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SECURE Act 2.0 vs. 1.0: Five Tips and Takeaways for Tax Professionals
What you need to know about the retirement enhancement act and how your clients can be
impacted.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act has reshaped the retirement landscape not once, but twice. First passed in 2019 and followed by an extensive update in late 2022, these laws are packed with implications for tax professionals advising retirement-age clients, small business owners, and estate planners [link to real estate blog post].Here’s a breakdown of the most important changes between SECURE Act 1.0 and SECURE Act 2.0 — and what they mean for your clien...
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Save the Date: 2025 Conference & Event Season
Save the Date: 2025 Conference and Event Season
With Tax Day behind us, it’s time for tax professionals to refocus — from filing season to extension season, and from wrapping up TY24 to getting ahead for TY25.
This time of year is all about growth. Whether you're staying current on the latest tax law changes, learning new strategies, or sharpening your workflow, now’s the perfect moment to plan your learning calendar.
To make things easier, we’ve compiled a full list of in-person conferences we’ll be attending and virtual events we’re hosting throughout the 2025 event season. From webinars ...
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Secure Acts 1.0 / 2.0
Secure Acts 1.0 / 2.0
On July 19, the IRS released final regulations on post-SECURE 1.0 Act required minimum distribution (RMD) rules. These final regulations have significant impact, both for taxpayers who inherit retirement accounts and those who own them. Join Michael as he provides the participants with an overview of these final regulations and examples that will help clarify the understanding of these complex rules.
SECURE 2.0 Act provides the surviving spouse with special elections that treat the surviving spouse as a plan participant for all RMD purposes. The IRS issues proposed re...
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New for Tax Year 2025 – Product Ordering Enhancements for TaxAct Professional
As we look forward to tax year 2025, we’re excited to share some updates we’ve made to ordering your 2025 TaxAct Professional software. Here’s a quick look at what’s new and improved in the ordering process:
1. NEW - Online Renewals
Now, you can renew your TaxAct Pro software online! It’s easy—just follow these steps:Sign in to your TaxAct Pro account.Click Renew My Software.Check the box next to the Tax Year 2024 product(s) you want to renew.Click the ‘Renew Selected Products’ button to head to checkout and choose your payment option.If you’re looking to switch to a different pro...
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Real Estate Tax Best Practices for Tax Professionals
Effective accounting and tax planning are pivotal for success in the real estate industry. Tax professionals serving real estate clients must navigate unique financial landscapes, from managing irregular income streams to leveraging specific tax benefits. Implementing best practices in accounting not only ensures compliance but also enhances profitability.
Maintain Accurate and Organized Records
Accurate record-keeping is the cornerstone of effective real estate. Tax professionals should advise clients to meticulously document all financial transactions, including income, expenses, a...
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IRS Dirty Dozen 2025: Top Tax Scams to Avoid This Filing Season
Every tax season, scammers ramp up their efforts to steal personal and financial information from taxpayers, businesses, and tax professionals. To combat these fraudulent activities, the IRS has released its Dirty Dozen list for 2025, highlighting the most common tax scams. These scams range from phishing emails to misleading tax credit claims, and tax professionals should stay aware and avoid falling victim.
The 2025 IRS Dirty Dozen Tax Scams
Here are the 12 most common tax scams taxpayers should watch out for in 2025:
1. Email Phishing and Smishing Scams
Scammers send fraudulent tax emai...
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How to Start a Successful Tax Preparation Business in 2025
Here you are—it's the beginning of 2025, and you're ready to finally launch the tax preparation business of your dreams.
So, where do you actually start?
While the tax industry is competitive, standing out is possible when you add accreditation, strategic business management, and client relationship building to your technical expertise.
How do I get professional tax prep credentials?
Before offering tax preparation services, cover your bases with all legal and professional requirements and decide what level of additional credentials you would like to have.
Get a Preparer Tax Identif...
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Valuable Tips, Reminders, and Resources for Tax Preparers This Year
As tax professionals prepare for the 2024 tax season, staying informed, organized, and equipped with the right tools is crucial for success. Whether you're an independent tax preparer or part of a larger tax firm, leveraging industry resources can help streamline workflow, improve client service, and ensure tax compliance.
Below are some of the most valuable resources tax preparers should utilize in 2025.
1. Stay Updated on Tax Law Changes
The tax landscape is constantly evolving, making it essential for preparers to stay ahead of the latest IRS regulations, tax code changes, and complian...
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Getting paid got easier with integrated payments – Now accepting ACH payments
Managing payments in your tax practice just got a lot easier, thanks to the TaxAct Professional integrated payments powered by Drake Pay. This collaboration introduces a seamless, integrated payment solution that simplifies how tax professionals handle client payments. Now, it has gotten even better: ACH is offered as a payment option.
In addition to credit, debit, ACH payments provide a convenient alternative to paper checks for processing payments.
Here’s what you need to know:
Key Benefits of TaxAct’s Integrated Payment Solution
Certified Security for Peace of Mind this paymen...
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