The CPA Journal recently published the results of its “2020 Annual Survey of New York State Practitioners.” The survey asked more than 200 CPAs to answer questions about their practice, including how they would rate the tax preparation software and tax research software they used during the first filing season defined by the coronavirus pandemic.…

Read more about Drake Software Earns Highest Ratings in Survey of New York CPAs

Tax professionals across the country have undoubtedly served clients who lost health insurance due to layoffs, a reduction in work hours, or another issue stemming from the coronavirus pandemic. The one-two punch of reduced income and possible uninsured medical expenses can be devastating for these families.…

Read more about HealthCare.gov Special Enrollment Period Can Help Clients Get Insurance

Today marks the official start of filing season, meaning millions of taxpayers across the country are starting to gather tax-related documents ahead of a visit with their tax preparer. For their part, the Internal Revenue Service is hard at work providing helpful tips about necessary forms and tax credits.…

Read more about IRS Highlights Info About the Credit for Other Dependents

Taxpayers may be aware that the Families First Coronavirus Response Act (FFCRA) includes a refundable tax credit for eligible employers who provide COVID-related sick and family leave. What some might not know is that this credit is also available for self-employed individuals, and a new form from the Internal Revenue Service makes claiming it straightforward.…

Read more about IRS Unveils New Self-Employed Sick Leave and Family Leave Form

The nation has been weathering nearly one million weekly initial unemployment claims since the beginning of the pandemic. For many qualifying Americans, unemployment insurance benefits are the only thing preventing food insecurity and homelessness while trying to find a new job. Unfortunately, some still have not received their benefits.…

Read more about Identity Thieves Targeting Unemployment Benefits, Warns IRS

The Department of Labor reported a staggering 75.9 million initial unemployment insurance benefits claims from January 5, 2020 to January 2, 2021. The number of weekly claims spiked in March, underscoring the devastating financial impact of the COVID-19 pandemic and creating millions of first-time unemployment recipients who might not realize that those benefits are taxable.…

Read more about Unemployment Recipients May Not Know Their Benefits Are Taxable

The Internal Revenue Service closed out the week by reminding taxpayers that receiving a tax refund by direct deposit is faster and more flexible than traditional paper checks, even for those who do not currently have a bank account.…

Read more about IRS Recommends Direct Deposit for Fast and Flexible Tax Refunds

Tax professionals across the country endured a unique set of challenges during filing season in 2020. Normally, preparers worry about things like last-minute changes in tax law, seasonal staff, and procrastinating clients, but a once-in-a-century deadly pandemic added state-mandated social distancing protocols, office PPE supplies, telework, and Economic Impact Payments to an already long list.…

Read more about 2020 Filing Season Statistics

The Internal Revenue Service is reminding taxpayers that today—January 15, 2021—is the deadline for making a tax year 2020 fourth quarter estimated tax payment. The goal of the press release is to prevent taxpayers who did not pay enough tax throughout 2020 from owing tax or a penalty during filing season.…

Read more about Today is the Deadline for Making a TY 2020 Fourth Quarter Estimated Tax Payment

The Internal Revenue Service submitted the Taxpayer First Act Report to Congressional leaders this week. As the name suggests, this 253-page document is required by the 2019 Taxpayer First Act—and it’s an essential step in determining how the IRS will improve the service provided to taxpayers.…

Read more about IRS Report Recommends Improvements for the "Taxpayer Experience"