CCPA Compliance: What You Need to Know for Tax Year 2020

The California Consumer Privacy Act, also known as CCPA, will take effect beginning January 1, 2020. Signed into law in June of 2018, the act stands to impact businesses throughout California as well as those who work with consumers who live in the state — even if said businesses exist outside of state lines. Though there’s no such thing as an official guide to CCPA compliance at this point, there are certain strategies that you can implement to prepare for its arrival. Disclaimer: This information is provided for informational purposes only and does not constitute — nor is it a substitute fo...
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How Can ERO Select Benefit Your Practice this Season?

If your office prepares a high volume of returns annually, you already know how costly tax prep software can be. Add in the cost of refund transfers, technical support, and a bevy of other services, and you’re looking at a potentially uncertain ability to control your cash flow throughout the year. That’s where TaxAct Professional® and ERO Select come into play. What are the Benefits of TaxAct’s ERO Select? To put it plainly, ERO Select is a bundled service that allows your office to take advantage of cutting-edge prep software, seamless e-filing, tech support, and Refund Transfer by Republic ...
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Reminder: Updates to System Requirements for TaxAct Professional Software

As you prepare your practice for the busy filing season ahead, it’s critical to ensure that all of your technology is up to date. This is a friendly reminder from TaxAct® Professional to check the minimum and recommended system requirements for our software at your earliest convenience. Minimum and Recommended System Requirements Beginning January 14 After January 14, 2020, Microsoft will no longer provide security updates or support for PCs running Windows 7. For the best experience and security of your data, you will need to update your system to Windows 8.1 or Windows 10. Additional minim...
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Take Advantage of a Smarter Start to the Season with TaxAct Professional

November is already halfway over, and if you haven’t started your end-of-year planning for the season ahead, now is the time to get started. Fortunately, TaxAct® Professional offers comprehensive tax preparation solutions for practices of all sizes, and our software for tax year 2019 is already available for download. Why Purchase Tax Preparation Software Now? As tax season approaches, the cost of professional preparation software steadily increases. Purchasing early can mean hundreds of dollars in savings for your practice, especially if you take advantage of TaxAct Professional before Jan...
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Thinking of Becoming an EA or CPA? What You Need to Know

If your education and background are in accounting, your options are fairly broad when it comes to the career paths available to you. Determining your future profession depends largely on the specialty that is most appealing to you, which frequently leads to one ultimate question: Do I want to be an enrolled agent (EA) or a certified public accountant (CPA)? Which Option is Right for You and Your Future? The two most common areas of concentration for recent accounting graduates are tax and audit. If auditing seems like the right fit for you, obtaining your CPA license is more than likely...
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When and Why You Should Raise Your Practice’s Rates

When it comes to increasing your rates, there are plenty of factors to consider. Did you invest in any continuing education or certifications in order to better serve your clients? Were there any changes to the complexity of tax law in the past year? Perhaps you opened or expanded a brick-and-mortar location for your practice. Regardless of the kinds of changes your business undergoes, it is recommended that you examine your rates yearly to determine whether — and by how much — you should raise or lower your rates. Primary Factors When Considering Rate Increases According to a 2018 study...
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Follow Vital IRS Cyber Security Tips to Protect Your Practice

Data security is undeniably among a tax professional’s most important responsibilities, and the IRS continues to do its part to ensure that all practices are compliant. If you haven’t already renewed your preparer tax identification number (PTIN) for 2020, chances are that you will soon. When you do so, you’ll discover the addition of a data security responsibilities statement — the acknowledgement of which is required by federal law. But what exactly does this agreement accomplish? Important Steps to Stop Cyber Criminals — IRS Best Practices Tax professionals have long been a primary target...
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Three things Californians need to know about the new state health care mandate

Three things Californians need to know about the new state health care mandate: Make sure you have health coverage:  Californians must have health insurance beginning January 1, 2020.  In general, a taxpayer who fails to secure health insurance will face a penalty when filing their 2020 tax return in 2021.  Exemptions Available:  Most exemptions from the mandate will be claimed when filing 2020 state income tax return in early 2021.  Additional exemptions will be granted through Covered California beginning in January 2020. Financial Assistance Available:  Covered California has fin...
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Grow Your Client Base this Year with TaxAct Professional’s Bank Products

TaxAct Professional® is excited to announce that we are once again partnering with Republic Bank and River City Bank for tax year 2019 refund-related products. As part of our ongoing mission to provide you with the most up-to-date offerings, we’re proud to help you increase client acquisition and retention with: Allowing your clients to conveniently deduct your tax preparation fees from their refunds. The ability to file federal returns with no out-of-pocket fees with Refund Transfers. Providing the choice to receive refunds on a pre-paid card, a check picked up at your office, or a ...
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IRS Emphasizes Importance of Securing Taxpayer Identity: Client Xchange Can Help

As a tax preparation professional, you’re already aware that your role in your clients’ lives extends beyond preparing and submitting their returns. The sensitive data to which you’re privy requires many layers of security, and the families who trust you with that information count on your practice to keep it safe. Unfortunately, protecting all of that sensitive information — especially in today’s ever-changing digital climate — means much more than creating a few complex passwords. The IRS requires that all professionals responsible for preparing and submitting tax returns provide a solidl...
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Becoming an Enrolled Agent: Easy Steps toward Enhancing the Growth of Your Business

At TaxAct, we know that thousands of our TaxAct Professional® customers have successfully developed a business of their own over years of hard work and sacrifice. Others, however, have only recently begun to experience what the tax preparation industry has to offer. One common element across the board, however, is a prevailing need to excel, to rise above the competition and make a mark that stands out. As you know, the ability to meet your clients’ needs is dependent on numerous factors. While some may turn to you for simple return preparation, others have more complex situations that requ...
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A Quick, Friendly Reminder: The Individual Extension Deadline is Less than a Month Away

We know that you’re well aware of the upcoming deadline for 1040 extension filers. Many of your clients, however, may not be. It’s easy to get distracted and allow dates like October 15th to fall by the wayside, especially for taxpayers who haven’t thought about their returns in months. Though life certainly does get in the way of filing — regardless of extensions — the importance of getting those returns submitted on time can’t be emphasized enough. Fortunately, TaxAct Professional® has you covered, particularly during this potentially stressful — and undoubtedly busier — time of year. On ...
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Savings End September 30th – Don’t Forget to Preorder Your TaxAct Professional Bundle

As you may know, TaxAct Professional® offers money-saving bundles to tax preparation professionals every year, allowing practices like yours to take advantage of deep discounts on our latest software. If you haven’t preordered your bundle yet, now’s the time to do so — prices increase after our savings event ends on September 30th. Because we know that there’s no such thing as a one-size-fits-all solution, TaxAct Professional offers a variety of bundles designed with your practice’s growth and individual needs in mind. Choose the option that best fits your business and your clients, and save...
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Getting your Enrolled Agent Credential

TaxAct Professional has partnered with Surgent Professional Education to offer you an Enrolled Agent Exam Review course, an invaluable asset to your tax preparation business. This course provides unlimited online access to all course materials, including up-to-date IRS publications, Complete Text, Simulated Exams, Adaptive Learning Technology, and a Pass/Refund Guarantee. The Enrolled Agent Exam Review contains over 1,800 multiple choice questions, which is part of the reason that 80% of Surgent users pass the EA exam. With Surgent’s EA Exam Review course, you’ll be fully equipped to pass ...
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