Taxpayer First Act of 2019 Headed to President’s Desk

Last week the US Senate passed the Taxpayer First Act of 2019, a package of IRS reform legislation intended to redesign the Internal Revenue Service (IRS). The House also passed the legislation for the second time last week. The bill, which contains many provisions, establishes an independent office of appeals within the IRS, requires the IRS to submit to Congressional plans to restructure the IRS to modernize technology systems and enhance cybersecurity. The bill will allow the IRS to improve efficiency, better meet taxpayer needs, and requires the development of a comprehensive customer ser...
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TaxAct Professional 2019 Trade Show Schedule

Now that tax season is over, in the midst of finishing up extensions that need to be filed, many Tax Professionals are turning their attention to planning for next year, earning continuing education credits, and finding ways to be more efficient and productive to grow their practices. Attending industry trade shows is one of the best ways to accomplish all of these. In 2019 TaxAct Professional will be exhibiting at a number of trade shows across the country. We’ll have Pro Team members from Sales, Tax Development, Product Development, and Marketing in the booths to talk to you about ...
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Missed Filing Deadline? Here’s What Your Clients Need to Know

Missed Filing Deadline? Here’s What Your Clients Need to Know Tax professionals - another tax season has passed, the filing deadline has come and gone. If you have clients who didn’t file a tax return or an extension but should have, they need to take action now. Here are some tips you can provide to help them. There is no penalty for filing a late return after the tax deadline if a refund is due. If someone didn’t file a return or an extension and they owe taxes, they should file a return as soon as possible and pay as much as possible to reduce penalties and interest. If your client o...
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The Tax Deadline is Upon Us…Don’t Wait to File!

It’s no secret that tax returns are due on Monday, April 15th for most individuals and businesses. We wanted to provide a couple of pieces of advice for you. Printed Returns We know most people don’t file paper returns, but there are some who still do. For mailed returns, the April 15th tax deadline doesn’t refer to when your tax return is received; it refers to the date the tax return is postmarked. If you use US Mail to send your return on April 15th and the Internal Revenue Service (IRS) receives it after that date, you’re still considered to have filed on time. The key is ensuring yo...
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What To Do If You Owe The IRS

We’re hearing from many of our Tax Professionals that, due in part to the 2017 Tax Cuts and Jobs Act, many of their clients either owe tax bills they didn’t expect or they are receiving lower-than-expected refunds. Owing a tax bill can be frustrating. The good news is that if you find yourself in this situation, all hope is not lost. First and foremost, even if you can’t pay the tax money you owe, file your return by the April 15 deadline! Penalties for not filing a tax return or extension are higher than penalties for not paying taxes owed. Fortunately, you have options: Online Paymen...
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Claiming Dependents on Your 2018 Tax Return – What You Need To Know

It’s not surprising that Tax Reform has muddied the waters for Tax Year 2018, especially since personal exemptions were suspended this year. What has been surprising is that lately the TaxAct® Professional Customer Support Center has received questions from Tax Professionals asking how to determine whether or not a client of theirs can claim someone as a dependent. Fortunately, the IRS offers an Interactive Tax Assistant (ITA) tool on their website that, along with answering other questions, includes a set of tests to determine who can and cannot claim be claimed as a dependent on a tax return...
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To File or Not to File…That is the Question

With the changes introduced by the 2017 Tax Cuts and Jobs Act, also known as Tax Reform, there’s a lot of confusion this tax season. There are a few questions we’ve heard over and over: How does Tax Reform impact potential tax refunds? And, what happens if someone owes more than they thought they would? One of the most significant things tax payers should be aware of is that penalties for not filing a tax return or tax extension are higher than penalties for not paying taxes owed. Because of that, it’s important that taxpayers not miss a filing deadline if they owe taxes, even if they can’t pa...
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TaxAct 2018 Professional Preparer Invitation Process

During tax season it’s important to have all hands on deck…everyone coming together to help make the season successful. It’s also important during this busy time to ensure you don’t put the security of the data you are managing at risk. A change made this year to TaxAct Professional will help. In our 2018 software TaxAct implemented single device sign-on, which doesn’t allow multiple users to sign into the software concurrently from different devices using the same login credentials. While sharing login credentials seems harmless, there are reasons it was important for us to update TaxAct P...
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Get the Help You Need with TaxAct Professional

Tax season is in full swing, and we know our Pros are heads down working hard for your clients. If you have questions or need assistance with TaxAct® 2018 Professional, we have several ways to help you. Online We continue to build out our FAQs to save you time. Our most recent update can help with practice setup and linking accounts. You’ll also find information on: Getting started Log-in Issues Account maintenance E-file IRS/State filing We also offer videos and webinars for you. Subjects covered include setting up master billing info, customizing your info and prefe...
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Make Time to Grow Your Practice in 2019

This time of year is hectic for tax preparers. Meeting with clients, doing research, and preparing returns are vital to the business. Often we hear that Pros are so focused on working in their businesses that they don’t take time to work on their business. It’s important to slow down and to consider how to grow your practice. Accounting businesses are often cyclical – they have a busy season, and a very busy season. Managing staff, fighting fires, overseeing projects, and finding new business take a lot of your time and effort. If you find time to consider how to grow your practice, you mos...
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Qualified Business Income Deduction Simplified

Last month the IRS issued final 199A Regulations, implementing the qualified business income deduction (QBID), created by the 2017 Tax Cuts and Jobs Act (also known as 2017 tax reform). The deduction can be claimed by eligible taxpayers for the first time on their 2018 Form 1040. According to the IRS, “Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income from a qualified trade or business operated directly or through a pass-through entity.” There are two components to the deduction: The QBID allows eligible owners of partnerships, ...
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IRS Tax Reform Resources for Pros

The 2017 Tax Cuts and Jobs Act, also known as 2017 tax reform, initiated many changes for tax professionals this season. It’s important for tax preparers to understand what those changes mean for their customers, and that can take time. Fortunately, the IRS has provided several resources to help wade through the confusion. Webinars Did you know the IRS has a video portal where they’ve posted webinars to help tax pros? Not only are the webinars available for viewing, but there are also transcripts of the webinars available. To name a few, subjects include: Tax Reform Due Diligence Re...
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Notification Center – Information Where You Need It, When You Need It

We’ve added a new feature to TaxAct® 2018 Professional that’s all about providing up-to-date relevant information where our customers are – right in the software. When you sign in, you now see a Notifications tab. Clicking on the tab allows you to see important information about updates, IRS notices, and upcoming system maintenance announcements. A red banner at the top of the screen will tell you there are new notifications, and any items that are bold have not been read. The Notification Center is a result of direct feedback from our customers. You are busy, especially this time of y...
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Extended In-Season Support Hours

The TaxAct® Professional Support Center will operate on extended in-season hours beginning Monday, January 21. Updated hours can be found here. All hours listed are Central Time. Exceptions to these hours will be for peak season (late January/early February) and prior to the April tax filing deadline.  January 26 (Saturday): 9 am – 8 pm  January 27 (Sunday): 10 am – 8 pm  February 2 (Saturday) : 9 am – 8 pm  February 3 (Sunday): 10 am - 8 pm  April 13 (Saturday): 9 am – 8 pm  April 14 (Sunday): 10 am – 8 pm  April 15 (Monday): 8 am – midnight We hope you don’t need...
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(Completed) System Maintenance Scheduled for 01/15/2019, 01/17/2019

In order to get our systems ready for peak filing season, TaxAct will be performing scheduled maintenance during the next week. During these times you will not be able to access TaxAct Professional software or website. Tuesday, January 15, 2019, from 3 am - 4 am CT  Thursday, January 17, 2019, from 4 am - 6 am CT Watch for an update regarding Tuesday's scheduled maintenance. Thank you for your patience as we get our systems ready to support your successful filing season.
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