IRS Common Mistakes – 2022
UltimateTax is Reposting a good email from the IRS: Common tax return mistakes that can cost taxpayers Tax laws are complicated but the most common tax return errors are surprisingly simple. Many mistakes can be avoided by filing electronically. Tax software does the...
Efile Start Date for 2021 Returns
We are announcing that the IRS will be accepting 2021 returns starting on Monday January 24, 2022. As expected the IRS will begin accepting returns for the 2021 season about the normal time they do each year. As with any start date, we anticipate the first day to be...
Start a Tax Preparation Business Now
The 2022 tax season will begin less than a month from now. If you are going to set up your own tax practice, now is the time to do it! But how do you start a tax preparation business? You've done your research, you've made a plan… what more do you need to do? Here's...
Pre Ack Loans Available Now
If you have applied for bank products and pre ack loans, they are available now. In our online program, the forms are now available. No updates are required. If you have our desktop program you will have to update your program and get module updates. Program Update:...
Keep an Eye on These Expiring Tax Breaks
As 2021 draws to a close, a number of tax breaks are set to expire. Tax preparers need to be aware of which tax breaks will be going away—but also keep in mind the possibility that they could come back. The expiring provisions could be renewed through legislation....
IRS Child Tax Credit Payments – Letter 6419
The IRS will be sending taxpayers who received Advanced Child Tax credit payment/s in 2021, the letter will be sent out January 2022, Notice 6419. This letter will show the total amount of payments received. The client can also see their payments in their CTCUp...
EFC Shut Down
IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2021. To ensure that all business tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Sunday, December 26, 2021, at...
How to Do a Great Tax Client Interview
The tax preparation profession involves more than the processing of income tax returns. This is a client-facing profession, where one's reputation can depend on successful client interactions. Always strive to leave a good impression when you are dealing with clients...
Tips to Improve Client Experience This Year
Tips to Improve Client Experience This Year Every customer counts for your business. Tax preparation is all about delivering a service. You have the tools and the knowledge to do so. But you've got to do more. You've got to set yourself apart from the competition. How...
Prepare for Disaster: Important Tips for Your Financial Safety
Prepare for Disaster: Important Tips for Your Financial Safety One of the most important things you need to discuss with your clients is financial safety. Clients will need to be aware of the possibility of the loss of personal records and the damage that can wreak on...
Recent Posts
Understanding 1041 Distributions to Beneficiaries: The Role of Form K-1
Tax forms can be overwhelming, especially when dealing with estates and trusts. However, understanding the role of Form 1041 and Form K-1 in distributing assets to beneficiaries is crucial. These forms are essential in identifying the taxable income of the estate or...
The Essential Guide to Bank Products for Tax Preparers
As a tax preparer, it's essential to keep up-to-date with the latest banking products available to your clients. Not only will it help streamline your job and improve efficiency, but it can also provide a range of benefits for your clients. From direct deposit to...
Best Tax Software for Accountants in 2023
As we usher in yet another tax season, tax software has become an indispensable tool for accountants in facilitating efficient and accurate tax preparations. In today's fast-paced world, where clients demand quick and reliable financial solutions, a good tax software...
Here’s How to Opt-Out of the Child Tax Credit Payments
As part of the recently signed American Rescue Plan, major changes were made to the Child Tax Credit (CTC). For the 2021 tax year, families will have the option to receive advance payments of up to $300 per child, per month, starting in July. These payments could...
How to Become a Tax Preparer in Texas in 4 Easy Steps
Are you looking to jumpstart a career in the finance industry, particularly in the field of taxation? With the growing demand for skilled tax professionals in Texas, pursuing a career as a tax preparer could be a lucrative choice for you. This career option could be...