A Comprehensive Guide to Filing Business Income Tax Returns
A business income tax return is a crucial document that sole proprietors, corporations, partnerships, and limited liability companies must file each year. This guide aims to provide tax preparers who primarily file individual tax returns with the knowledge and tools to expand their services to include business tax return preparation.
IRS Reopens Registration Process for Certified Acceptance Agent Program
On January 19, 2024 the IRS officially ended the moratorium on the Certified Acceptance Agent (CAA) program, signaling the reopening of applications for both new participants and renewals. Read more to learn how to apply or renew your application.
Child Tax Credit Expansion: Tax Relief Act for American Families and Workers Act of 2024
The Tax Relief Act for American Families and Workers Act (HR 7024) successfully passed the House on January 31, 2024. It is currently awaiting consideration and potential voting by the Senate in the near future. Learn more:
Reminder: Include Form 8962 (Premium Tax Credit) with Your Federal Return if You Received a Health Insurance Subsidy
A reminder to include Form 8962 with your federal return if you received a health insurance subsidy. Learn more:
Clean Vehicle and Residential Energy Tax Credits 2024 – What To Know
There are a few things to be aware of about clean vehicle and residential energy tax credits for the upcoming 2024 filing season.
Encourage Taxpayers to Obtain an Identity Protection PIN (IP PIN) For Extra Protection
The IRS is reminding tax preparers to recommend their tax clients to sign up to get an IP PIN. Beginning last year, the IRS made this program available to all taxpayers who can verify their identity. By obtaining an IP PIN, a taxpayer can get extra protection when filing their 2023 federal tax return.
2023 IRS National Tax Security Awareness Week
This year’s National Security Awareness Week focused on ways that taxpayers and tax preparers can protect themselves from evolving scams and schemes that are designed to steal personal, financial, and tax information.
2024 Reporting Requirements Under Corporate Transparency Act
Understand the new reporting obligations under the Corporate Transparency Act starting in 2024. Find out which companies are affected and what information needs to be reported to ensure compliance.
IRS Delays Form 1099-K Reporting for 2023
Following feedback from taxpayers, tax professionals and payment processors, the IRS announced on November 23 that the requirement that was enacted in the American Rescue Plan Act of 2021 that lowered the reporting threshold from $20,000 to $600 for third-party networks that process payments for transactions that involve the selling of goods or services will be delayed until 2024.
2023 State Tax Law Changes
Most States enacted legislation in 2023 or have tax provisions that go into effect in 2023 due to legislation passed in previous years.