SECURE Act 2.0 vs. 1.0: Five Tips and Takeaways for Tax Professionals

Posted on by Arlette Hanania
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

Posted on by Julie Brown
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

Posted on by Julie Brown
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

Posted on by Arlette Hanania
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

Posted on by Arlette Hanania
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

Posted on by Arlette Hanania
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

Posted on by Arlette Hanania
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

Posted on by Arlette Hanania
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

Posted on by Arlette Hanania
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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Beware: Recovery Rebate Credit Tax Scam

Posted on by Arlette Hanania
It’s that time of year: Scammers are at it again, impersonating the IRS through text messages. They trick taxpayers into providing sensitive information while falsely claiming this information is needed to receive an Economic Impact Payment. Beware: this is a scam designed to steal taxpayer personal and financial data. How the Scam Works Scammers are taking advantage of the IRS’s recent announcement that automatic payments will be issued to eligible individuals who did not claim the Recovery Rebate Credit or the Economic Impact Payment on their 2021 tax returns. They send fake texts that...
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Helping Taxpayers Resolve IRS Debt with Support from Community Tax

Posted on by Julie Brown
Tax debt can result in significant consequences for your clients, including wage garnishments, tax liens, or levies. Swift action, paired with expert guidance, is essential to help them regain control of their financial situation. Strategies for Resolving Tax Debts Include:·      Offer in Compromise (OIC):This program allows eligible taxpayers to settle their tax debt for less than the full amount owed. TaxAct Professional includes tools to help you assess eligibility, while Community Tax’s experienced team of tax negotiators can step in for complex cases requiring additional expertise.·...
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Simplify Payment Processing with Integrated Payments Powered by Drake Pay

Posted on by Julie Brown
Simplify Payment Processing with Integrated Payments Powered by Drake Pay Discover how integrated payments can transform your payment workflows in TaxAct Professional. From manual card entry to invoicing, this modern payment solution streamlines the process, improves accuracy, and enhances efficiency. Powered by Drake Pay, the service allows you to accept credit, debit, and contactless payments seamlessly, giving your business the freedom to focus on what matters most—your clients. What’s Included: Video recording from January webinar PowerPoint used by presenter. Additional Too...
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We’re Here for You with Extended Support Hours!

Posted on by Swathi Gunnala
To better serve you during tax season, we’ve updated our support hours for TaxAct Professional users: Extended Support Hours (Central Time): January 18, 2025 – April 6, 2025 Monday – Friday: 8:00 AM – 9:00 PM Saturday & Sunday: 9:00 AM – 6:00 PM We’re here to help you succeed! Contact us at the updated times for assistance with your TaxAct Professional product. Thank you for choosing TaxAct Professional! You can also find the information on our website by clicking here: https://www.taxact.com/professional/support    
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2025 Preview: Confidently Navigating IRS Notices to Protect Your Clients

Posted on by Julie Brown
2025 Preview: Confidently Navigating IRS Notices to Protect Your Clients Community Tax celebrates its 15th anniversary of operations in 2025 – and we know that our clients’ overwhelming response to a notice of outstanding tax debt is to do absolutely nothing. It’s only once the notices threaten seizure and levy that taxpayers start to react. And when they do – timing is of the essence. With the IRS stepping up enforcement in the coming year, many of you will be asked between now and April 15 to take quick action to: Prevent wage garnishment; Prevent liens on the family home; Kee...
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