The IRS has announced it will take steps to automatically refund money this spring and summer to people who filed their tax returns with unemployment compensation. They will take steps to make the appropriate change to the returns, which may result in a refund. The first refunds are expected to be made in May and will continue into the summer.
Click here for more information from the IRS.
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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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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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Unemployment Compensation Exclusion Worksheet – Software Update
We will have a software update the morning of 3/18 to update the TaxAct Professional for the new Unemployment Compensation Exclusion Worksheet, allowing you to file returns with this new exclusion.
State Conformity
We will be updating most states with how the state agencies plan to address the new federal tax law. After the updates, you can use this FAQ to track the latest information for your state's conformity: American Rescue Plan - Unemployment Exclusion
Previously Filed Returns with Unemployment Compensation
At this time, the IRS is strongly recommending amended returns for the Un...
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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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TaxAct 2020 Professional 1040 Editions Version v1.04 Update
TaxAct 2020 Professional 1040 Editions Version v1.04 is now available. This update includes:
"Do Not File" watermarks were removed from the following forms:
4136
4835
6765
8889
8911
8960
8995
A bug fix for Form 8867 to allow more characters to be entered on Line 5
A bug fix for Form 1099-K to prevent a program crash
Other minor bugs and enhancements.
State Editions will continue to be released over the next weeks. Visit the State Release Dates page to see the current anticipated release date for each State Edition (by form).
You may also...
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52 States Now Available!
The following TaxAct Professional 2020 States are now available:
1040
NM
OH
1041
KY
1065
AL
AR
AZ
CO
CT
IL
KS
MD
MO
MS
NC
ND
NM
NY
OK
OR
RI
VA
1120
AL
AR
AZ
CT
CO
IL
KS
MD
MI
MO
MS
NC
ND
OR
OK
RI
VA
1120S
AR
AZ
CO
CT
IL
MD
MS
NC
ND
NM
OK
OR
RI
VA
If you’ve already purchased your 2020 State Edition(s), you will be able to install all available states by going to the Online –> Install State...
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4 States Now Available
The following TaxAct Professional 2020 States are now available:
1040
NE
1065
KY
1120
KY
1120S
KY
If you’ve already purchased your 2020 State Edition(s), you will be able to install all available states by going to the Online –> Install State menu option. From there, you can use the Auto Install Method by checking the box next to the available state(s) and clicking the Auto Install button.
See the State Program Release Dates page for the entire list of available states and anticipated release dates.
If you need to purchase State Edi...
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IRS Update: 2021 Tax Filing Season Begins February 12th
The IRS announced that the tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.
Note: The IRS anticipates a first week of March refund for many EITC and ACTC taxpayers if they file electronically with direct deposit and there are no issues with their tax returns.
Please visit the IRS's News Release for more information.
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8 States Now Available
The following TaxAct Professional 2020 States are now available:
1040
ID
KY
LA
MA
MT
NY
WV
1041
MN
If you’ve already purchased your 2020 State Edition(s), you will be able to install all available states by going to the Online –> Install State menu option. From there, you can use the Auto Install Method by checking the box next to the available state(s) and clicking the Auto Install button.
See the State Program Release Dates page for the entire list of available states and anticipated release dates.
If you need to purchase State Editions...
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5 States Now Available
The following TaxAct Professional 2020 States are now available:
1040
DE
IL
1065
MN
1120
MN
1120S
MN
If you’ve already purchased your 2020 State Edition(s), you will be able to install all available states by going to the Online –> Install State menu option. From there, you can use the Auto Install Method by checking the box next to the available state(s) and clicking the Auto Install button.
See the State Program Release Dates page for the entire list of available states and anticipated release dates.
If you need to purchase Sta...
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