1099R – 10% Penalty – 3 Year Averaging
We have gotten a few questions with the tax code change this year. (There are many.) Cashed out Retirement they receive a 1099R. They can avoid the 10% penalty if they took the money out because of the pandemic. Also they can choose to average the tax treatment over...
Tax Software Update
We are just a couple days away from the IRS opening e-file for everyone. Though you may have started seeing acks yesterday. The IRS is Hub testing now. Acks will be slow in coming. Pre-Acks are now just regular advances now. You must get an IRS ack before you can get...
Stimulus Payments EIP payments and forms
Looks like this season is going to get off to a crazy start. The Economic Recovery Payment 2 paid end of December 2020 / First of January 2021. WILL BE reconciled on their 2020 tax return. So the “$600” payment will be paid on their tax return as a...
IRS Announced e-file start date
IRS announced today, that e-file will start on February 12th to accept 2020 tax returns. The start of the season has been delayed due to the tax law changes on Dec. 27th. You can transmit returns now. They will be held until February 12th and assuming the volume will...
Software Update 1/4/21
We would like to give you a couple reminders for the season: The links for all software is at online.ultimatetax.com. Pre-Ack loans are have started if you are offering them. This year the system is emailing codes and password resets. The email comes from...
Add a Mobile option to your office
Mobile is Here! With the new operating environment changes constantly, utilize our new mobile app to retain and grow your business. Now you can prepare returns without in-office visits. The new Mobile interface is all about convenience – for you and your clients. The...![[UltimateTax] – E-Filing Shutdown](https://ultimatetax.com/wp-content/smush-webp/2022/11/Tax-Prep-Software-with-Bank-Products-Ultimate-Tax-blog-post-header-9-1080x675.jpeg.webp)
[UltimateTax] – E-Filing Shutdown
We are informing you that the IRS intends to shut e-filing on November 21st. We will stop accepting returns on November 18th. This includes individual returns for all years. No returns will be accepted until the IRS turns e-file back on in early January 2021. This is...
Essential Tools For Your New Tax Preparation Business
Setting up your tax preparation office means purchasing the right tools. The right equipment can help you finish your tasks efficiently and let your business processes work smoothly. Of course, buying equipment is not cheap. You will have to invest in getting the...