Payment Processing and Reminder Notice Updates – Taxware Systems

Taxware Systems Family,

We are thrilled to announce that we will be taking balance due payments through our new payment processing systems. HYFIN, a division of Heartland, is the credit card processing company that will generate emails and text links to process your account payments. Your account will be updated within 1 business day to reflect your payment. You will receive a receipt immediately after completing transactions. Read more

IRS provides tax inflation adjustments for tax year 2023

WASHINGTON — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments. Read more

Highlights from the Summer 2022 Tax Security Summit

The IRS, state tax agencies and the tax industry – working together as the Security Summit recently concluded its summer series, Protect Your Clients; Protect Yourself. This campaign was a reminder for tax pros to focus on fundamentals of security and watch out for emerging issues when using cloud-based services for their practice. Read more

Security Summit: Tax pros can help clients battle identity theft risk

WASHINGTON — The Security Summit partners today concluded a special summer education campaign by outlining steps tax professionals can take to help clients from becoming statistics in identity-theft related tax-fraud scams. Read more

Security Summit: Tell-tale signs of identity theft tax pros should watch for

WASHINGTON — With identity thieves continuing to target the tax community, Internal Revenue Service Security Summit partners today urged tax professionals to learn the signs of data theft so they can react quickly to protect clients. Read more

E-file Federal Amended Returns

We’ve all had clients that forget to bring in a form or two and then we are faced with the seemingly arduous task of completing an amended tax return.

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Latest spearphishing scams target tax professionals

WASHINGTON – With tax season in full swing, the Internal Revenue Service, state tax agencies and tax industry today warned tax professionals of new email scams that attempt to steal their tax software preparation credentials.

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Basic 8915-F Instructions for 2021

Basic 8915-F Instructions for reporting 1/3 of the 2020 Gross Distribution in 2021. 

Typical scenario: 

In 2020 the Taxpayer took a distribution of 60,000 from a Non IRA retirement account and he also took a 30,000 distribution from an IRA. For 2020 form 8915-E was filed and 1/3 of these distributions were included in the 2020 tax return. 

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IRS begins 2022 tax season; urges extra caution for taxpayers to file accurate tax returns electronically to speed refunds, avoid delays

WASHINGTON – The Internal Revenue Service today kicked off the 2022 tax filing season with an urgent reminder to taxpayers to take extra precautions this year to file an accurate tax return electronically to help speed refunds.

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IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments; taxpayers should hold onto letters to help the 2022 Filing Season experience

WASHINGTON — The Internal Revenue Service announced today that it will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of January. Using this information when preparing a tax return can reduce errors and delays in processing.

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