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...
Read More

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...
Read More

Prepare for the season with integrated payments—enroll now

Posted on by Arlette Hanania
Managing payments in your tax practice just got a lot easier, thanks to the innovative partnership between TaxAct Professional and Drake Pay. This collaboration introduces a seamless, integrated payment solution that simplifies how tax professionals handle client payments. Here’s what you need to know: Key Benefits of TaxAct’s Integrated Payment Solution Certified Security for Peace of Mind this payment technology is certified with the PCI Secure Software Standard. Quick and Convenient Payment Processing Once your online application is approved, you can begin accepting payments—w...
Read More

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...
Read More

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.·...
Read More

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...
Read More

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    
Read More

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...
Read More

A Simple Approach & Overview to Virtual Currency

Posted on by Julie Brown
A Simple Approach & Overview to Virtual Currency Recording and presentation materials from Education Forum hosted in December of 2024. On December 16th, we hosted a 2-hour virtual event, where A.J. Reynolds  presented A Simple Approach & Overview to Virtual Currency. A special thanks to everyone that joined us live! Cryptocurrency is a decentralized digital currency otherwise known as Virtual Currency. The term “Cryptocurrency” generates countless amounts of uncertainty and anxiety among tax professionals. The language single-handedly strikes apprehension among us. This webinar ...
Read More

Tax Season Readiness Guide – TY24

Posted on by Julie Brown
Tax Season Readiness Guide - TY24 Preparing for each tax season can be daunting. Not to mention a lot of work. But it’s okay, *deep breath*, TaxAct Professional has your back.  To help alleviate some of the stress that comes with prepping for the upcoming tax season, we’ve created a new & improved version of our Season Readiness Guide for TY24*. This content is crucial for your tax firm to use in preparation for the upcoming tax season. Plus, it’s a great resource for you to utilize in the depths of tax season. What’s Inside: Key Changes for TY24 TY23 Checklists Important C...
Read More

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...
Read More

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...
Read More

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...
Read More