Tax Practice News

Tax preparers may get a break this year from last minute law changes. It’s not unheard of for Congress to pass last minute tax changes but it doesn’t seem likely as we approach the end of 2023. The government narrowly missed another shut down a little over a week ago when, yet another temporary budget was passed that will...

Health Savings Accounts (HSA) are an under-utilized tax planning tool. Especially with rising costs of health insurance premiums and medical care. These pre-tax accounts allow for a lot of flexibility compared to their distant cousins, the flexible savings account. The catch with HSAs is that they can only be used by someone enrolled in a high deductible health insurance plan....

New Statements on Standards for Tax Services (SSTS) take effect January 2024. The new standards include not only revisions but additional new compliance rules in the most significant update to the standards in over a decade. The most significant change was the reorganization of the standards by the type of work performed. The prior SSTS No. 1 addressing tax positions...

Canopy recently announced the launch of Canopy Engagements, a customizable and seamless solution that enables accountants to elevate and automate their client experiences with professional engagement letters and proposals right from within the Canopy suite.  See the full story.

https://youtu.be/-lfLbsAlROA?si=q9r-3ukTVxKWiutp A WISP (Written Information Security Plan) is required for tax and accounting professionals. Lucky for you, Christine Gervais did a webinar on this topic a few months ago and we're bringing it back around for your viewing. It's never too late to get your WISP in place.........technically, I suppose it is late, so you better check out this webinar...

Tax season efficiency ahead? Even if you have a love/hate relationship with Intuit, you’re going to have a hard time not being intrigued by new software features dedicated to making tax season easier! With data entry always a pain point for preparers, Intuit’s new roll out of features is sure to please.   For starters, ProConnect Tax users will now have...

To file their clients’ federal tax returns electronically, a tax professional needs to become an authorized e-file provider. The process takes only a few steps. E-filing is the most secure and accurate way to file returns, and it saves time. The IRS has provided a step by step list of instructions for TaxPros who want to become authorized efilers. Submit an...

The Internal Revenue Service will hold a free webinar at 1 p.m. ET on Thursday, Nov. 16, to update employers, tax professionals and others on the most recent developments of the e-file requirements for information returns that take effect Jan. 1, 2024. The hour-long session will explain the changes mandated by the Taxpayer First Act (TFA) provision 2301, how they affect taxpayers...

Post COVID, more people than ever are freelancing, finding remote work, or maybe they started a fashion blog, but no matter what the newest trend, the gig economy is here to stay. Tax preparers can help clients be better prepared this tax season by providing planning and education unique to gig work. Even clients who have full time jobs are...

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