Small Business Credits & Deductions

Posted on by Julie Brown
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...
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Small Business Tax Best Practices Every Tax Professional Can Share with Clients

Posted on by Meghen Ponder
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...
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Trump Accounts

Posted on by Julie Brown
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...
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Introduction to Client Portals

Posted on by Julie Brown
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. 
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Help Clients Beyond Filing Season with Audit Defense, Powered by Drake Software™

Posted on by Meghen Ponder
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...
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Estate Planning After OBBBA …Turning Theory into Practice

Posted on by Julie Brown
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...
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Answering Client Questions About Trump Accounts

Posted on by Meghen Ponder
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...
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5 New Client Portal Features That Help Tax Professionals Work Smarter

Posted on by Meghen Ponder
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...
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Social Security & Medicare Update

Posted on by Julie Brown
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...
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The Hidden Factor in Tax Software: Customer Support That Delivers

Posted on by Meghen Ponder
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...
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IRS Late Filing & Payment Penalties: What Tax Professionals Need to Know

Posted on by Meghen Ponder
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...
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Missing Tax Docs? File Now or Fix It with Amended Returns Later

Posted on by Meghen Ponder
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...
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The Busy Tax Season Is Over: What’s Next for Tax Pros?

Posted on by Arlette Hanania
The deadline has passed. The long nights, constant filings, and endless client calls are finally behind you. For many tax professionals, this moment brings relief, but also a critical question: What should you be doing now to set yourself up for an even better next season? The post-tax-season window is one of the most valuable (and underutilized) opportunities to improve efficiency, strengthen client relationships, and grow your practice. Here’s how to make the most of it. 1. Conduct a Post-Season Review Before shifting gears, take time to evaluate what worked and what didn’t. As...
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How Tax Professionals Can Navigate the IRS During Peak Season

Posted on by Arlette Hanania
How Tax Professionals Can Navigate the IRS During Peak Season For preparers, knowing the right IRS resources and when to use them can help you save time and keep returns moving through the pipeline. Below is a guide to the most useful IRS contact options and strategies tax professionals rely on during the busiest part of the filing season.   Start with the Practitioner Priority Service (PPS) The Practitioner Priority Service (PPS) is typically the fastest way for tax professionals to resolve account-related issues with the IRS. Practitioner Priority Service Phone Number: 866-8...
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