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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4 Tips to Stay Healthy and Productive this Tax Season

Stress is hard on your immune system. Because of that, overworked tax professionals are at a higher risk of illness during the busies time: Tax Season. Staying healthy during tax season impacts your productivity, your practice, and your bottom line. Remember to take time for the little things. They can make a significant difference. Taking care of you means you can be at your best for your clients. (more…)
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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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