Intuit ProConnection Tax Articles

Tax Court Eases Innocent Spouse Rules

Thu, 18 June 2009 08:00:00 PST

CHANGE IN RULES: Sometimes when a joint return results in liabilities in the form of penalties, tax, and interest, one spouse may be innocent. It used to be that an innocent spouse had only two years to apply for relief in such cases. Now a recent Tax Court decision loosens the restrictions in some circumstances. Tax specialists Terry Myers and Dee DeScherer bring us up to date on the current landscape around innocent spouse rules.

Brought to you by Intuit® ProConnection®.

Clients May Need to Take a Second Look at Form W-4

Thu, 18 June 2009 08:00:00 PST

TIME-SENSITIVE: It’s always prudent to do an annual review of your clients’ Form W-4s. While such a review would typically take place at the end of the year, we now live in more complicated times. Developments since the beginning of 2009 may require withholding adjustments.

Brought to you by Intuit® ProConnection®.

Last-Chance Opportunity: 22 Tax Breaks That Expire in 2009

Thu, 18 June 2009 08:00:00 PST

TIME-SENSITIVE: Nothing lasts forever—and the Internal Revenue Code is filled with examples. It’s difficult enough for tax professionals – let alone their clients – to keep track of precisely how long a given tax break is scheduled to last. So we’ve prepared a rundown on 22 provisions due to expire in 2009, plus a letter you can send to clients to encourage them to start tax planning now.

Brought to you by Intuit® ProConnection®.

Will Your Client Qualify for the New Sales Tax Deduction for Automobiles?

Thu, 14 May 2009 08:00:00 PST

For 2009 Tax Year: The recently enacted American Recovery and Reinvestment Tax Act of 2009 (P.L. 111-5) provides a new deduction for qualifying motor vehicles taxes. You will likely be getting questions from clients wanting to know whether they qualify for the new deduction, and other questions. Here are answers to 11 common questions plus a letter you can send to clients or prospects on the topic.

Brought to you by Intuit® ProConnection®.

Helping Clients Reduce College Costs through Tax Savings

Mon, 11 May 2009 08:00:00 PST

TIME-SENSITIVE: For clients with dependents entering college, most will be scrambling to figure out how they will be able to pay for tuition. Knowledge of some tax options can trim that overall payment; here are tips for reducing those costs, plus a client letter you can send as needed.

Brought to you by Intuit® ProConnection®.

The IRS to Get Nosier

Mon, 11 May 2009 08:00:00 PST

TIME-SENSITIVE: The IRS will be gathering even more information about your business clients' income under two massive reporting requirements. The two new requirements have big implications for tax practitioners, and accountants and bookkeepers too.

Brought to you by Intuit® ProConnection®.

New Tax Landscape with the American Recovery and Reinvestment Act of 2009

Wed, 25 Mar 2009 08:00:00 PST

Affects 2009 Tax Year. The American Recovery and Reinvestment Act of 2009 spells changes in income and payroll taxes that affect the current year, creating new obligations and new opportunities for your clients. We’ve collected several resources and links so you can learn more, including analysis of the effect of the new law on individuals and businesses, and sample letters to adapt for income tax clients.

Brought to you by Intuit® ProConnection®.

Take Credit for More Profit (Limited Offer)

Fri, 23 Feb 2009 08:00:00 PST

TIME-SENSITIVE: Tax preparers can significantly improve collecting for their tax work if they take credit cards, according to Intuit Payment Solutions. The Intuit group wants to help tax preparers make the 2009 tax season their most profitable yet, so they are announcing a special limited discount: Lacerte® and ProSeries® users can save $125.

Brought to you by Intuit® ProConnection®.

New Tax Changes for 2009—and More on the Way

Fri, 23 Feb 2009 08:00:00 PST

TIME-SENSITIVE: This article is being shared in the midst of 2009 as most preparers are working on 2008 returns. But when you discuss clients’ 2008 returns, with them, you will also want to point out any 2009 changes that will affect their tax plans. So here’s a quick look at the changes already on the books for 2009. Plus a client letter.

Brought to you by Intuit® ProConnection®.

Good News on Preparer Penalties

Fri, 06 Feb 2009 08:00:00 PST

TIME-SENSITIVE: Recent developments now ease tax preparer penalties. A tax law enacted at the end of 2008 and follow-up guidance from the IRS have made the tax return preparer penalty rules a little less onerous for preparers as they deal with returns for the 2008 tax year. And portions are retroactive back to tax year 2007. Learn more.

Brought to you by Intuit® ProConnection®.

IRS Issues Important Guidance on First-Time Homebuyer Credit

Fri, 06 Feb 2009 08:00:00 PST

TIME-SENSITIVE: Affects 2008 and 2009 returns. The IRS has released a notice clarifying how the new first-time homebuyer credit is handled when a home is purchased by two or more people who are not married. Learn more here and find our client letter you can adapt as needed.

Brought to you by Intuit® ProConnection®.

Help Clients Take a Fresh Look at Estimated Taxes and Withholding

Mon, 12 Jan 2009 08:00:00 PST

TIME-SENSITIVE: Advice on changes in estimated taxes or withholding are most effective early in the year. For many of your clients, the economic downturn may be putting their income outlook for 2009 into a tailspin. You can help your clients by pointing out that their changed income situation may require a fresh look at their tax situation. Your clients won’t want to compound their troubles by overpaying their taxes when their incomes are falling. Includes sample client letter.

Brought to you by Intuit® ProConnection®.

What’s New on the Old 1040 (Tax Year 2008)

Mon, 12 Jan 2009 08:00:00 PST

TIME-SENSITIVE [Affects 2008 Returns.]: Several new tax laws enacted in 2008 drive changes in the Form 1040 you will soon be filing for clients. And some tax law changes in prior years have delayed effects that show up for the first time on the 2008 form. Tax specialists Terry Myers and Dee DeScherer walk through important updates.

Brought to you by Intuit® ProConnection®.

Tough Times for IRAs

Wed, 07 Jan 2009 08:00:00 PST

TIME-SENSITIVE [Affects 2008 Returns and Tax Planning in 2009]: Editor's Note. Over the last year, many Americans have lost a third of the value of their retirement accounts. This loss can hurt twice if taxpayers don't understand their options for handling the tax consequences. But you can demonstrate your value by showing clients the choices they still have for possible relief. Includes sample client letter.

Brought to you by Intuit® ProConnection®.

Important Deadline Looms for One-Owner LLCs

Fri, 05 Dec 2008 08:00:00 PST

TIME-SENSITIVE [Affects calendar year 2009 filing, payment of employment taxes]: Beginning January 1, 2009, solo owners of limited liability companies (LLCs) will no longer be able to file employment tax returns and pay employment taxes in their own names. Tax specialists Terry Myers and Dee DeScherer discuss the new rules in detail and provide a client letter that could be adapted to affected clients.

Brought to you by Intuit® ProConnection®.