Tax Tips


New Tax Reform: What You Need to Know

The Tax Cuts and Jobs Act of 2017 made several significant alterations to the IRS tax code that could affect you and your clients. While this is nowhere near a comprehensive list of changes, here are some notable modifications you need to be aware of that will have lasting effects.   Certain tax deductions are no longer availableOne of the main objectives…

New Form 1040

In an effort to simplify taxes, the new Form 1040 was introduced in the summer of 2018 for use during the2019 tax season. Smaller than its predecessor and called a “building block” for tax filing, the consolidated form was created with the goal of “simplifying this experience for taxpayers and its partners in the tax industry,” according to the Internal…

529 Plans and Tax Reform

The Tax Cuts and Jobs Act of 2017 made a major impact on 529 savings plans that help families save for their children’s educational expenses with tax-advantaged investments. It’s important for you, as a tax preparer, to stay updated on the new rules so you can help your clients enjoy smarter savings and avoid penalties.So, what’s new?Expanded Eligibility:…

Understanding IRS Form 1120 – U.S. Corporation Income Tax Return

If you are preparing a return for a corporation or a business entity that chooses to be taxed as a corporation, you will use Form 1120 to report their income taxes. Almost all U.S. corporations are required to file a Form 1120, whether they have taxable income or not.You will not need to complete Form 1120 if your client is a nonprofit organization that is exempt…