Advanced Client Information Screen Tips & Tricks
Do you know about the advanced client information screen? It is a tool already included in the program that has many frequently used features all in one place. It allows you to:
Security Summit marks 4th National Tax Security Awareness Week
IRS announces new dates, social media effort and partner toolkit to highlight identity theft precautions.
WASHINGTON – The Internal Revenue Service, state tax agencies and the nation’s tax industry today announced that the 4th Annual National Tax Security Awareness Week will take place between Dec. 2 and Dec. 6.
Online seminars from 2019 IRS Nationwide Tax Forums now available
Tax professionals can earn continuing education credits online by taking seminars recorded at the 2019 IRS Nationwide Tax Forums.
The 15 new self-study seminars are now available on the IRS Nationwide Tax Forums Online website. Self-study seminars provide information to participants using interactive videos, PowerPoint slides and transcripts.
Need a copy of the Tax reform publication in a different language?
TAX REFORM PUBLICATION TRANSLATED INTO DIFFERENT LANGUAGES
Taxpayers who filed an extension can find resources on IRS.gov that can help them file their tax return. One of these resources is Publication 5307, Tax Reform Basics for Individuals and Families. This publication is now available in several different languages.
What out-of-pocket expenses can teachers deduct on their taxes?
What teachers should know about deducting out-of-pocket classroom expenses
Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses they paid in 2019 when they file their tax return in 2020.
Have you received a letter threatening an IRS lien? If you have then read this first!
Taxpayers should beware of property lien scam
With scam artists hard at work all year, taxpayers should watch for new versions of tax-related scams. One such scam involves fake property liens. It threatens taxpayers with a tax bill from a fictional government agency.
Tax Planning for 2019 is here!
You can take the mystery out of your client’s future tax return today; using our Tax Planning Tool built into Wintax.
Today we want to make you aware of one of our powerful tools called “Tax Planning”. This is a tool that is embedded inside your program so there is nothing to add or install. Simply make sure your Wintax program is up to date and you are ready to use it.
ID theft: Here’s what to look for and what to do when it happens
Tax-related identity theft occurs when a thief uses someone’s stolen Social Security number to file a tax return and claim a fraudulent refund. The victim may be unaware that this has happened until they e-file their return. Even before the victim files their return, the IRS may send the taxpayer a letter saying the agency identified a suspicious return using the stolen SSN.
Updated pub helps taxpayers understand an offer in compromise
The IRS just issued an updated publication with information for individual taxpayers and business owners unable to pay their taxes. This electronic pub, Offer in Compromise Booklet, helps people understand how an offer in compromise works.
An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax debt for less than the full amount owed. An offer in compromise is an option when a taxpayer can’t pay their full tax liability. It is also an option when paying the entire tax bill would cause the taxpayer a financial hardship. The ultimate goal is a compromise that suits the best interest of both the taxpayer and the agency.
When reviewing applications, the IRS considers the taxpayer’s unique set of facts and any special circumstances affecting the taxpayer’s ability to pay as well as the taxpayer’s:
- Income
- Expenses
- Asset equity
The booklet covers everything a taxpayer will need to know about submitting an offer in compromise, including:
- Who is eligible to submit an offer
- How much it costs to apply
- How the application process works
The booklet also includes the forms that taxpayers will complete as part of the offer in compromise process.
More information:
*This message was distributed from IRS Tax Tips. For more information on federal taxes please visit IRS.gov.
5 Tips To Close The Tax Season
1. Back-Up and Protect Your Data
As the tax preparer, backing up and protecting your data should be a primary concern. Making regular backups to an external storage device at a minimum of once per week is important. Imagine next week your hard drive fails. The returns you’ve done, acknowledgement reports, PDF copies, and scanned documents are gone. Without a backup, your only hope is to take your computer to a technician who is going to charge hundreds of dollars to attempt to recover data and there is no guarantee they succeed. If they can’t recover the data, hopefully you had paper copies, but it could take hundreds of man hours reinputting data. If you don’t have paper copies, well, we hope you are lucky enough to never get audited. If you have a backup, you would only need to spend a couple hours bringing your data over and you’d be ready to go. Taxware does NOT store a copy of your data. Seek competent technical advice to keep your computers and data protected.
As the tax preparer, backing up and protecting your data should be a primary concern. Making regular backups to an external storage device at a minimum of once per week is important. Imagine next week your hard drive fails. The returns you’ve done, acknowledgement reports, PDF copies, and scanned documents are gone. Without a backup, your only hope is to take your computer to a technician who is going to charge hundreds of dollars to attempt to recover data and there is no guarantee they succeed. If they can’t recover the data, hopefully you had paper copies, but it could take hundreds of man hours reinputting data. If you don’t have paper copies, well, we hope you are lucky enough to never get audited. If you have a backup, you would only need to spend a couple hours bringing your data over and you’d be ready to go. Taxware does NOT store a copy of your data. Seek competent technical advice to keep your computers and data protected.
2. Don’t Forget to Pull in Acknowledgements
As a security measure we purge acknowledgement records every 30 days. This means after 30 days we will only be able to tell if the return was accepted or rejected, however we will not be able to read the reason why the return was rejected. If you have returns that are awaiting acknowledgement for longer than 5 days, call technical support and a technician will investigate why your acknowledgements have not come through.
3. Have Last Minute Rejects?
Don’t stress, if you get a rejected return on April 15th the IRS gives you a 3 day grace period to fix it!
Don’t stress, if you get a rejected return on April 15th the IRS gives you a 3 day grace period to fix it!
4. Start your Free Trial with Textellent.com
Do you want to grow your business for the 2019 Tax year? Now is the time to evaluate and start your free trial with Textellent, the text marketing and appointment scheduling platform that is fully integrated within your Wintax program. Just one short on-boarding appointment and you will be up and running. Doing this in the off-season should help you have the time to really delve into the many benefits and options this additional program could provide you and your business.
5. Celebrate!
Last but not least, plan and go on vacation! You deserve it! TripAdvisor is one of our favorites.
