3 COVID-19 Business Strategies for Tax Professionals

This tax season has looked drastically different than any before it with the onset of COVID-19. Between the tax filing and payment deadline extensions and the majority of American workers—including tax preparation professionals and their clients— guided to work from home, it’s become a rather complicated few months. If you’re a tax professional, you’ve likely already observed changes to your business and made adjustments where possible. For example, many of your clients are probably taking advantage of the extended filing deadline, so you are still busy completing returns. Your clients also m...
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The CARES Act and Your Small Business Clients

After some short deliberation in Congress, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27. At TaxAct, we spend countless hours reading the law, viewing informative webinars, digging through analysis, and making direct contact with the IRS to understand the ins and outs of the plan. While there will be continued clarification around the law, including IRS news releases and notices, let's break down what we know so far about how this law impacts small businesses. Paycheck Protection Program Let’s start with business loans. If your client has a sma...
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Wondering if TaxAct Professional Has the Form You Are Looking For?

Many of the tax and accounting professionals we serve look to the Q&A portion of our software to determine whether or not a specific form is supported. If you’ve ever wondered if you can attach a particular form using TaxAct Professional products, there’s a quick and easy way to find out. Simply switch to the Forms view, search by form name or number, and click Add Form. As always, if you have any questions whatsoever, we are here to help. You can reach us in the way that best suits your practice’s needs: For the fastest answers to many of our most frequently asked questions, search o...
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Stimulus Payments to the Deceased: Should My Client Keep It?

Q: My client received a stimulus payment on behalf of their deceased relative. Should they cash it? A: According to the IRS FAQ page on its website, families who receive a stimulus payment on behalf of a deceased loved one should send the money back to the government. The FAQ answer specifically states: A Payment made to someone who died before receipt of the Payment should be returned to the IRS by following the instructions about repayments. Return the entire Payment unless the Payment was made to joint filers and one spouse had not died before receipt of the Payment, in which case, you onl...
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How the Form W-4 Redesign Affects Your Client’s Tax Outcome

Form W-4, Employee’s Withholding Certificate, received a makeover at the start of 2020. It’s the first major redesign of the form in 33 years, dating all the way back to 1987. The adjustments simplified the form and implemented the tax code changes that went into effect as part of the Tax Cuts and Jobs Act of 2017. While many employers are not requiring their employees to complete the new form, some of your clients may find it beneficial to do so. To help them make smart adjustments, here’s a quick rundown of the main changes you will notice on the form. Allowances have been removed As you lo...
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Updated Hours of Business for TaxAct Professional Support

TaxAct® Professional has updated its hours of business in order to provide the practices we serve with additional support through the extended filing deadline. Support hours are now as follows: April 1 - 10 Monday - Friday: 8am - 8pm Saturday: 9am - 5pm Sunday: 10am - 5pm April 11 - 15 April 11: 9am - 6pm April 12: 10am - 6pm April 13-14: 8am - 8pm April 15: 8am - 10pm April 16 - July 10 Monday - Friday: 8am - 6pm Saturday & Sunday: Closed July 11 - 15 July 11: 9am - 5pm July 12: 10am - 5pm July 13-15: 8am - 8pm July 16 - December 31 Mo...
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How the Closure of Big National Tax Prep Chains May Affect Your Practice

While our country continues to come together — while staying responsibly distant — to fight COVID-19, many of us are feeling the impact of stay-at-home orders and mandated quarantine. Despite the unprecedented lengths to which we all must go to stay healthy and slow the spread of the virus, taxpayers across America must still find a secure and convenient way to file their returns. The closure of brick-and-mortar tax offices has been deemed a necessity in numerous states over the past two months. Though thousands of filers prefer the face-to-face interaction afforded by an appointment with the...
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Top Tips from the IRS: Protect Client Data and Keep Your Practice Safe Year Round

The tumultuous nature of current events can and will attract the attention of data-hungry cyber criminals throughout tax season. It’s an unfortunate truth that when something as unprecedented as COVID-19 takes center stage worldwide, thieves see an opportunity to take advantage of unsuspecting victims. While you endeavor to support the filing needs of taxpayers in your community, it is more important than ever to continue safeguarding private information — and to arm your clients with the knowledge they need to keep their data safe at home as well. This is critical even if you are a single ...
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COVID-19 and Your Taxes

Last updated: March 22, 2020 At TaxAct, nothing is more important to us than the health and well-being of our customers, employees, and the communities in which we live and work. During this time, we encourage you to make every effort to stay as protected as possible. Rest assured, we are equipped to continue offering all of our services without interruptions so you can continue to sucessfully operate your business. COVID-19 tax implications On March 20, the Secretary of Treasury announced the tax deadline to file federal income tax returns has been extended to July 15, 2020. You now have an e...
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SurveyMonkey: Share Your Thoughts — Have Your Voice Heard

As a tax professional, you know that each season brings its own set of unique challenges and changes. Sometimes, it’s interesting to see how your fellow tax prep experts are faring this time of year, too — now you can take part and find out for yourself with this quick, two-question survey: Do you anticipate serving more customers this tax season as compared to previous years? Are you completing any returns virtually this tax season? We look forward to reading your answers — check out the results in next month’s newsletter!  
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Quick Tips: Side-by-side Comparison and How to Check E-file Status

TaxAct® Professional is designed to enhance your every move as a tax preparer, aiming to make your days more productive, your practice more prosperous, and your clients ultimately more satisfied with your service. Especially at this time of year, we’d like to pass along some quick tips on how to efficiently compare customer returns and check their e-file status.   Side-by-Side Comparison Feature With TaxAct Professional’s easy-to-use Side-by-Side Comparison, you can view prior or current year returns right next to one another in TaxAct 2019 — allowing you to avoid the hassle of openi...
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