Version 1.16 for 1040, versions 1.10 for 1120 & 990, and versions 1.09 for 1120S & 1065 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
Removed 80% taxable income limitation on Form 1045, Schedule B
Updated maximum days for long-term care insurance contracts on Form 8853
Updated picklist selections for Form 5471, Schedule I
Updated print placement for Form 8283
Updated officers worksheet calculation for Schedule J (Form 990)
Fixed print bug on grants worksheet for Schedule F (Form 990)
Other minor bugs and enhancements
...
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TaxAct 2019 Professional Federal Editions Update (Version 1.28 for 1040)
Version 1.28 for 1040 is available for TaxAct 2019 Professional Federal Editions. This update includes:
Updated Schedule D reconciliation adjustment for spouse casualty loss
Other minor bugs and enhancements.
You can also check for updates at any time by clicking the Online –> Check for Updates menu.
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TaxAct 2020 Professional Federal Editions Update (Version 1.15 for 1040 and Version 1.09 for 1120-S & 990)
Version 1.15 for 1040 and versions 1.09 for 1120 & 990 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
Increased field length for taxpayer and spouse driver’s license number on Basic Info Worksheet
Updated disaster distributions not subject to penalty calculation on Form 5329
Updated SE Tax Deferral Worksheet per revised Form 1040 instructions
Added new line to Charitable Contributions Worksheet for charitable contributions subject to 25% limitation
Updated Form 990-T, Schedule A, Other Deductions Worksheet for specific deductions
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TaxAct 2020 Professional Federal Editions Update (Version 1.14 for 1040 and Version 1.08 for 1041, 1065, 1120, 1120-S, & 990)
Version 1.14 for 1040 and versions 1.08 for 1041, 1065, 1120, 1120-S, & 990 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
Added print for Basic Info Worksheet
Added PDF attachment option for K-1 Basis Worksheet
Added checkbox to shut off Form 8958
Updated Form 8915-E to print when the 3-year distribution is not elected
Updated Schedule D reconciliation adjustment for spouse casualty loss
Updated print placement on Form 3468 & Form 8938
Added Form 990-T to amended options
Added FFCRA to Form 990-T Other Income
Update...
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TaxAct 2019 Professional Federal Editions Update (Version 1.27 for 1040)
Version 1.27 for 1040 is available for TaxAct 2019 Professional Federal Editions. This update includes:
Updated mailing addresses for paper filed Forms 1040 and 1040-X
Other minor bugs and enhancements.
You may also want to ensure the “If already connected to the internet, automatically check for updates on program startup” checkbox is checked in the Tools –> Options menu. You can also check for updates at any time by clicking the Online –> Check for Updates menu.
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TaxAct 2020 Professional Federal Editions Update (Version 1.13 for 1040 and Version 1.07 for 1041, 1065, 1120, 1120-S, & 990)
Version 1.13 for 1040 and versions 1.07 for 1041, 1065, 1120, 1120-S, & 990 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
Updated calculations on Form 8962 to shut off Part III repayment of excess Premium Tax Credit
Updated calculations on Form 8606 Part I and Part III when qualified disaster distributions exceed $100,000
Added 2nd stimulus payment field on Client Organizer
Updated print position on Form 56 for checkboxes 1D and 1E
Updated Form 5471 supporting schedules accessibility
Updated calculations on Form 5471, Schedule E...
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TaxAct 2020 Professional Federal Editions Update (Version 1.12 for 1040)
Version 1.12 for 1040 is available for TaxAct 2020 Professional Federal Editions. This update includes:
Updated Form 8962 with a checkbox to allow PTC calculation changes provided by the American Rescue Action Plan.
Note: The IRS is currently not ready to accept returns affected by this change and another update will be provided once the IRS has disabled the business rules/rejection codes to allow these to be e-filed.
Other minor bugs and enhancements.
You may also want to ensure the “If already connected to the internet, automatically check for updates on program startup” ...
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TaxAct 2020 Professional Federal Editions Update (Version 1.11 for 1040 and Version 1.06 for 1041, 1065, 1120, 1120-S, & 990)
Version 1.11 for 1040 and versions 1.06 for 1041, 1065, 1120, 1120-S, & 990 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
Added a link to Form W-2 to import your client's W-2's directly from payroll providers.
Updated due dates for IRS extension to May 17, 2021
Updated unemployment compensation exclusion worksheet per final IRS guidance
Updated Form 1120, line 27 calculation to allow negative values
Updated PDF attachment requirement for certain donated vehicles reported on Form 8283
Updated print position for Form 8804, line 6a...
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When Your Client Files Taxes Will Affect Their Stimulus Payment. Here’s How.
Turns Out, it is Not A Normal Year
In a normal year, it’s a good idea to nudge your clients to file their taxes early. It helps to reduce fraud risk, gets your clients a refund sooner, and eliminates the frantic rush mid-April.
This year things are a little different. Depending on when your client files their 2020 tax return — and when the IRS processes their third stimulus check —can affect how much money they receive as a stimulus payment.
With $1,400 checks for qualifying taxpayer and their dependent(s) going out as this third stimulus payment, filing early or later can have a big im...
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TaxAct 2020 Professional Federal Editions Update (Version 1.10 for 1040)
Version 1.10 for 1040 is now available for TaxAct 2020 Professional Federal Editions. This update includes:
Updated Form 1040 and Form 1040-NR for unemployment compensation exclusion provided by the American Rescue Action Plan
Updated Schedule H, line 2c calculation for total social security tax
Other minor bugs and enhancements.
You may also want to ensure the “If already connected to the internet, automatically check for updates on program startup” checkbox is checked in the Tools –> Options menu. You can also check for updates at any time by clicking the Online –&...
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TaxAct 2020 Professional Federal Editions Update (Version 1.09 for 1040 and Version 1.05 for 1041, 1065, 1120, 1120-S, & 990)
Version 1.09 for 1040 and versions 1.05 for 1041, 1065, 1120, 1120-S, & 990 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
Enabled print for Form 1045 – Application for Tentative Refund
Enabled print and e-file for Form 5471 – Information Return of U.S. Persons With Respect to Certain Foreign Corporations
Enabled print and e-file for Form 8990 – Limitation on Business Interest Expense Under Section 163(j)
Enabled print and e-file for Form 965 – Inclusion of Deferred Foreign Income Upon Transition to Participation Exemption System...
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TaxAct 2020 Professional Federal Editions Update (Version 1.08 for 1040 and Version 1.04 for 1041, 1065, 1120, 1120-S, & 990)
Version 1.08 for 1040 and versions 1.04 for 1041, 1065, 1120, 1120-S, & 990 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
Updated additional income calculations due to Form 8915-E changes (Form 1040)
Updated Schedule K (Form 1065) - Other Information Worksheet for business interest expense and IRC section 448(c) changes
Updated Schedule K (Form 1120S) - Other Income Worksheet for IRC section 951A income changes
Updated Schedule K (Form 1120S) - Foreign Transactions Worksheet for IRC section 951A income changes
Fixed prior-yea...
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TaxAct 2020 Professional Federal Editions Update (Version 1.07 for 1040)
Version 1.07 for 1040 is now available for TaxAct 2020 Professional Federal Editions. These updates include:
Updated penalty rate calculation on Form 2210-F
Updated retirement income calculation due to Form 8915-E changes
Updated Form 1042-S withholding calculation on Form 1040-NR
Other minor bugs and enhancements.
You may also want to ensure the “If already connected to the internet, automatically check for updates on program startup” checkbox is checked in the Tools –> Options menu. You can also check for updates at any time by clicking the Online –> Check fo...
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TaxAct 2020 Professional Federal Editions Update (Version 1.06 for 1040)
Version 1.06 for 1040 is now available for TaxAct 2020 Professional Federal Editions. These updates include:
Adding the ability to send the IRS direct deposit information for clients who owe taxes or have a zero balance due
The bank account information could be used for any future stimulus payments from the IRS.
Click here for more information.
Enabling Form 8915-E for e-filing.
Enabling Form 1040-ES for e-filing and printing.
Other minor bugs and enhancements.
State Editions will continue to be released over the next weeks. Visit the State Release Dates ...
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TaxAct 2020 Professional Federal Editions Update (Version 1.05 for 1040 and Version 1.03 for 1041, 1065, 1120, 1120-S, & 990)
Version 1.05 for 1040 and versions 1.03 for 1041, 1065, 1120, 1120-S, & 990 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
Client Manager Enhancements (Click here for a demo video)
A new design to make it easier to scan and find the information (plus the ability to change the font size).
A return status filters to help focus on the returns that need your attention.
A column for "Quick Actions" to help you know precisely where to go to complete basic tasks.
Other links for changing assigned preparer, return status, and paymen...
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