New IRS publication helps taxpayers Get Ready for tax reform

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The IRS issued a new publication to help taxpayers learn about tax reform and how it affects their taxes. Taxpayers can access Publication 5307, Tax Reform Basics for Individuals and Families, on IRS.gov/getready.

While last year’s Tax Cuts and Jobs Act includes tax changes for both individuals and businesses, this publication is specifically geared to individual taxpayers. It breaks down the law in easy-to-understand language. The publication highlights the changes that taxpayers will see on their 2018 federal tax returns they file in 2019.

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Here’s how tax reform changed accounting methods for small businesses

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The Tax Cuts and Jobs Act – better known simply as tax reform – allows more small business taxpayers to use the cash method of accounting. Tax reform now defines a small business taxpayer as a taxpayer that has average annual gross receipts of $25 million or less for the three prior tax years and is not a tax shelter.

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Business Owners Can Claim a Qualified Business Income Deduction

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Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates.  The deduction may also be claimed on certain dividends.  Eligible taxpayers can claim the deduction for the first time on the 2018 federal income tax return they file in 2019. This provision is the result of tax reform legislation passed in December 2017.

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Use Text Marketing to Grow and Win Amazon Echo

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Taxware Systems is always looking to provide information and technology that could benefit and improve the tax practices of our clients.

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Protecting Your Client Data

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As the 2019 tax year approaches, we at Taxware Systems would like to remind tax preparers that protecting taxpayer information is extremely important. This includes protection from environmental risks (e.g. fire, water, tornado, earthquake), business resources (e.g. equipment failure, supply chain disruption, employees) and hostile actors (e.g. hackers, criminals, nation-state actors). The latter has been […]

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Taxware Systems Client Benefit: Special Offer on TheTaxBook

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As a client of Taxware Systems you are entitled to receive 10-25% off all TheTaxBook products and free shipping year-round!

Excitement is in the air for the 2018 Tax Year! Your clients want to know how the changes in tax law affect their tax return and financial situation. TheTaxBook has three publications to help you understand and master all of the updated provisions from the Tax Cuts and Jobs Act!

When ordering, be sure to use Taxware’s Promo Code 785 to ensure you receive the negotiated discount.

Order at: www.thetaxbook.com/TaxwareSystems

Taxware Promo Code: 785

Taxware Systems clients receive 5 free services with any order from TheTaxBook:

  • Tax Industry News
  • Free Online Credit Hours
  • Tools for Tax Pros
  • Message Board
  • TheTaxBook Updates!

Tech Tips – Acknowledgements

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With the NextGen Wintax program, you can reprint and reprocess “rehang” your previously electronically filed acknowledgements whenever you may need them.

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A Comprehensive Look at EFINs and PTINs

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Electronic Filing Identification Numbers (EFINs):
An EFIN is a six digit number assigned by the IRS for identifying tax firms.
Anyone filing more than 10 returns in a tax year must do so electronically through their firm’s EFIN.

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Congratulations on a successful tax season!

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Congratulations! You made it!

The high pressure of an even more compact tax season has come to an end. All of us at Taxware Systems congratulate you on making it through and hopefully having a great tax season. The IRS made it interesting at the end with their servers going down on the last day but they are back up now and the systems should get caught up tonight with acknowledgements.

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Step-by-Step Instructions for Using the IRS Withholding Calculator

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The IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup.”  This is even more important this year because of recent tax law changes.

Results from the calculator will include a recommendation of whether or not users should consider submitting a new Form W-4, Employee’s Withholding Allowance Certificate, to their employers. Before beginning, taxpayers should have a copy of their most recent pay stub and tax return.

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