For tax professionals, filing season is defined by important questions, complex situations, and time-sensitive decisions. The knowledge you have gained from preparing returns can make a meaningful difference for taxpayers who need help navigating the filing process.
At TaxAct, you can use that experience to answer tax-related questions, help customers understand how tax rules apply to their circumstances, and guide them toward successfully completing their returns.
What Does a TaxAct Expert Do?
Provide timely, knowledgeable assistance to customers throughout the tax-filing experience. Dep...
Read More
8 Ways Tax Professionals Can Maximize Year-End Tax Planning
While tax season may seem months away, year-end planning begins long before the calendar turns to January. The final months of the year provide tax professionals with valuable opportunities to help clients reduce tax liability, prepare for upcoming filing requirements, and make informed financial decisions before December 31.
Here are several areas to review with clients before year-end.
1. Review Income and Deductions
Depending on the client's circumstances, consider discussing:
Accelerating or deferring income
Timing deductible business expenses
Charitable contributions
...
Read More
Hobby and House Flipping
Hobby and House Flipping
Watch the webinar replay!
Millions of people enjoy hobbies that are also a source of income. From catering to baking cupcakes, crafting homemade jewelry to wind chimes -- no matter what a person’s passion, we as tax professionals must determine if our client has a business or Hobby. The rules for how to report the income and expenses depend on whether the activity is a hobby or business. Sometimes the tax law is so obvious that one need not be an expert to conclude the result of a case. But at times we allow ourselves to be so obscured in details ...
Read More
Small Business Credits & Deductions
Small Business Credits & Deductions
This course will review, explain, and discuss best practices for many valuable business and rental activity credits and deductions. Substantial federal tax savings are available with the Section 199A QBI deduction, pass-through elective tax deduction (PTET), accelerated depreciation deductions, favorable retirement plan funding deductions, shareholder, partner, and owner health insurance deductions, vehicle deductions, and home office deductions. Plus business credits including the R&D credit, employer's tips credit, employer's cre...
Read More
Small Business Tax Best Practices Every Tax Professional Can Share with Clients
As a tax professional, you have the opportunity to provide value far beyond preparing annual tax returns. By helping clients develop sound financial habits and plan throughout the year, you can help improve compliance, identify tax-saving opportunities, and strengthen long-term client relationships.
Here are several best practices you can share with your small business clients to help them stay organized, prepared, and positioned for success.
1. Encourage Consistent Recordkeeping
Good tax planning starts with good records.
When clients maintain organized financial records throughout th...
Read More
Trump Accounts
Trump Accounts
Listen to the recorded webinar.
The One Big Beautiful Bill Act (OBBBA) established Trump Accounts, a new federal, tax-advantaged investment account for children under age 18. The program provides a government seed contribution for certain children born between January 1, 2025, and December 31, 2028, along with the ability for families and employers to make additional contributions, subject to annual limits. The Treasury Department and IRS have issued initial implementation guidance (Notice 2025-68) and announced forthcoming regulations, prompting growing client int...
Read More
Introduction to Client Portals
Introduction to Client Portals
Join us for an introductory training session on Client Portals for TaxAct Professional. This webinar will provide an overview of the portal features and demonstrate how to securely exchange documents, manage client files, and navigate the portal experience. See the system in action from both the preparer and taxpayer view, and learn the basics of setup and everyday use.
Disclaimers:By clicking ‘submit’ you agree to TaxAct’s Privacy Policy and Terms of Service.
Read More
Help Clients Beyond Filing Season with Audit Defense, Powered by Drake Software™
For tax professionals, filing a return isn't always the end of the client relationship. Months after tax season, clients may receive IRS or state notices, face audit inquiries, or need assistance with certain qualifying tax-related identity theft matters. When those situations arise, they often turn to the tax professional they trust most.
Responding to post-filing issues can require significant time and attention, pulling firms away from serving other clients and growing their practice. That's why TaxAct Professional has introduced Audit Defense, Powered by Drake Software™; an audit defens...
Read More
Estate Planning After OBBBA …Turning Theory into Practice
Estate Planning After OBBBA … Turning Theory into Practice
Join Michael Miranda for an exciting discussion on what can be done in 2026 and beyond to assist clients in developing an appropriate estate action plan. The “permanent” increase to 15M in basic exclusion amount provides estate tax planning opportunities for middle (less than $15M estates) and high-net-worth client. Many wealthy and not-so wealthy taxpayers need to consider what actions they should take with respect to large gifts and other lifetime planning strategies. Clients will be best served by consideration of planning tech...
Read More
Answering Client Questions About Trump Accounts
Beginning July 4, 2026, eligible children can receive a new tax-advantaged investment account known as a Trump Account. These accounts were created under Internal Revenue Code section 530A and are designed to encourage long-term savings and investment for children under age 18. (irs.gov)
For tax professionals, the immediate challenge is not just understanding the rules. It is helping clients determine:
Whether their child qualifies
How the accounts interact with existing planning strategies
Whether clients should prioritize Trump Accounts over 529 plans or custodial accounts
H...
Read More
5 New Client Portal Features That Help Tax Professionals Work Smarter
Tax professionals are always looking for ways to improve efficiency while creating a smoother experience for clients. Modern client portal technology continues to evolve with tools that simplify document collection, improve communication, and help firms stay organized throughout tax season.
Here are five Portal enhancements (powered by Drake Portals®) that can help streamline your workflow and make collaboration easier for both preparers and taxpayers.
1. A Cleaner, More User-Friendly Portal Experience
The document checklist interface has been redesigned with usability in mind. Tax prepar...
Read More
Social Security & Medicare Update
Social Security & Medicare Update
This program provides an update on Social Security, Medicare, and Medicaid, with emphasis on the tax and planning considerations relevant to tax professionals. As the population continues to age and more individuals transition into retirement, practitioners are increasingly asked to advise clients on retirement income planning, healthcare coverage, eldercare issues, and government entitlement programs. This webinar reviews the structure and operation of these programs and discusses how recent legislative and administrative developments may affect client p...
Read More
The Hidden Factor in Tax Software: Customer Support That Delivers
Even a minor issue can cost hours, delay returns, and frustrate clients. That’s why customer support is one of the most critical (and overlooked) factors when evaluating tax preparation software.
Here is some advice on what to look for:
1. Reliable Response Times
If you’re facing an e-file rejection, software glitch, or compliance question, waiting hours or even days for help doesn’t help you.
What to look for:
Extended support hours during peak season
Minimal hold times
Multiple contact channels (phone, chat, email)
Why it matters:
A delay in resolving issues can ripp...
Read More
IRS Late Filing & Payment Penalties: What Tax Professionals Need to Know
It remains essential for tax professionals to stay current on IRS penalties for late filing and payment. A clear understanding of these penalties helps you guide clients effectively and minimize unnecessary financial consequences.
Failure-to-File Penalty
If a taxpayer does not file their federal tax return by the due date (typically April 15), the IRS may impose a failure-to-file penalty.
Rate: 5% of unpaid taxes for each month (or part of a month) the return is late, up to a maximum of 25%
Minimum Penalty: For returns filed more than 60 days late, the minimum penalty is th...
Read More
Missing Tax Docs? File Now or Fix It with Amended Returns Later
Every filing season, tax preparers encounter clients who are missing key documents such as W-2s, 1099s, or other income statements. While the IRS provides general guidance, tax professionals need a more strategic approach: balancing compliance, deadlines, and client expectations.
Here’s how to handle missing tax documents and when to file an amended tax return .
Start with Due Diligence: Confirm What’s Actually Missing
Before taking action, verify whether documents are truly missing or simply delayed. Encourage clients to:
Check online payroll portals or financial accounts
Confirm...
Read More