Updated Unemployment Compensation Exclusion

The IRS revised their unemployment exclusion worksheet today. The change basically excludes the Unemployment subtraction from MAGI calculation in the forms and worksheets listed in the IRS link listed below. We have applied these worksheet changes to the Wintax – 1040 program and they are available in the latest update.

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New Exclusion of up to $10,200 of Unemployment Compensation for 2020 1040 Returns

The IRS released the following information regarding “The American Rescue Plan”. We have updated our program to reflect those changes. After applying the update, you will need to go into any existing tax returns for calculations to be applied. New tax returns moving forward will be automatic. If your client has unemployment income, and is below the applicable threshold, an automatic entry on line 8 of Schedule 1 “Other Income” with “UCE” as the description and a negative number will be produced. The link below will give you more information on the IRS website.

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IRS, Summit partners issue urgent EFIN scam alert to tax professionals

 

WASHINGTON – The Internal Revenue Service, state tax agencies and tax industry today warned tax professionals of a new scam email that impersonates the IRS and attempts to steal Electronic Filing Identification Numbers (EFINs).

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Important EIP Update

Hello Taxware Clients,

We have received a few questions regarding how to select or set a tax return as an EIP filing only return. We think the confusion comes from the IRS requirements in the 2019 tax year.
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Wintax NextGen Automatic Backups

Starting with the 2020 version of Wintax there is a new file structure for your data that will allow for easier backups of your data and setup information. The biggest change is that your data will no longer be defaulted to be saved in the program folder directly, but instead to a Settings and Data folder that, by default, will be located in your Taxware folder.

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All taxpayers now eligible for Identity Protection PINs

IRS YouTube Video:
Get an Identity Protection PINEnglish | Spanish

WASHINGTON – The Internal Revenue Service today expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities.

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TAXWARE ANNUAL SEMINAR 2020

Although we truly missed seeing everyone at our in-person seminar event, we realize that the benefit of reaching more of our clients in this online platform for 2020 may be one silver lining to the adaptations we have all had to make this year.

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Top 4 Ways to Secure Your Wintax Data

1. Windows Lock Screen – One of the simplest ways to protect your data is to lock your computer after it has idled for a short time. Enabling this is simple. Push your windows start button and type the words ‘Screen saver.’ Then, choose the option for turning on the screen saver, or changing the screen saver. You should see a screen similar to the image below.

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Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize

WASHINGTON – The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year. Read more

Get Ready for Taxes: Get ready now to file 2020 federal income tax returns

WASHINGTON – The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help them file their federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments.

This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on IRS.gov, outlines steps taxpayers can take now to prepare for the 2021 tax return filing season ahead.

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