The IRS has announced new penalty relief totaling around $1 billion to approximately 4.7 million individuals, businesses, and tax-exempt organizations. This relief is aimed at those who did not receive automated collection reminder notices during the pandemic, which were temporarily suspended in February 2022 due to the COVID-19 crisis. The latest blog entry covers the news and its importance to tax preparers.…

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The Internal Revenue Service updated and modified guidance surrounding an assortment of clean energy credits and other provisions over the closing days of 2023. Some of the changes will be in effect next tax season, while other alterations will not be realized for a year or more. Here is a brief overview of what to expect on the clean energy front in the near future.…

Read more about IRS Updates Flurry of Clean Energy Provisions in Closing Days of 2023

As tax season gets closer, providing a tax documents checklist to your clients is extraordinarily helpful. Helping them gather the appropriate information before you begin preparing tax returns saves a good deal of time in the long run, building rapport with your customer base and easing your own workload. Read our blog post to find out more.…

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Tax season can be a daunting time for many individuals and businesses, and the Internal Revenue Service (IRS) understands the importance of providing accessible assistance to address your inquiries. To help you navigate the intricacies of tax matters, we'll guide you through the various channels available for reaching the IRS and obtaining the information you need. Our blog post gives you all the details.…

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Navigating identification numbers may seem complex, but it's essential for tax preparation. This discussion aims to make things clearer, breaking down the terminology and explaining the importance of different tax ID numbers. Read this post to find out more.…

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As tax season approaches, the importance of early access to tax software becomes increasingly evident for tax preparers. Beyond the convenience of having tools at your disposal sooner, there are numerous advantages that can significantly impact the efficiency and success of the tax preparation process. Read our latest blog post for more insight.…

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The IRS delayed the implementation of the new $600 Form 1099-K reporting threshold for third-party payment organizations. They plan a phased-in approach, with a $5,000 threshold set for 2024 to gradually implement the reporting requirements introduced under the American Rescue Plan. Read about the policy in our latest blog post.…

Read more about IRS Delays 2023 Form 1099-K Threshold, Introduces $5,000 for 2024

The IRS and its Security Summit partners from the national tax industry and state tax agencies announced the 8th annual National Tax Security Awareness Week, set to begin November 27. Read more about the education and resources available to tax preparers in the latest edition of the blog.…

Read more about National Tax Security Week Begins November 27

The opportunity to receive a pandemic-driven tax credit is still available to taxpayers who haven’t taken advantage of it during the main Covid outbreak. But the window of time is closing fast, making filing a claim for qualifying taxpayers (tax years 2020 or 2021) a priority. Check out our latest blog post to find out how to file your pandemic tax claim in time.…

Read more about Time Running Out to File for Recovery Rebate Credit

The last few years brought remarkable changes in the individual and corporate tax return space. Our wealth management partner, Avantax, delves into the upcoming tax changes and their implications for tax returns and financial planning. This blog post will help you stay ahead of the curve and better serve your clients.…

Read more about Upcoming Tax Changes: Implications on Tax Returns and Financial Planning