Tax

Tax (1026)

TurboTax Gets Assisted Offering

Intuit has moved into assisted tax preparation with its TurboTax Live Full Service. The newly introduced product enables taxpayers to connect with tax experts who will prepare and file their returns.

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Surgent Parent Buys Income Tax School

The KnowFully Learning Group parent to Surgent and other educational businesses, has acquired The Income Tax School. Terms were not disclosed.

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Regulations Issued on 1031 Like-kind Exchanges

The Internal Revenue Service has issued final regulations regarding section 1031 like-kind exchanges. The define real property under section 1031 and also provide  a rule addressing the receipt of personal property that is incidental to real property received in a like-kind exchange.

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Taxaroo Offers Integrated Video, Texting

Taxaroo has added integrated chat, texting and video calls to its practice management software suite. The system now also has bult-in Spanish language workflows.

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AICPA: Tax Penalty Relief Needed

 The American Institute of CPAs has renewed its request for penalty relief for the 2019 tax year filing season. In its letter to the Department of the Treasure and the Internal Revenue Service, the AICPA cited the difficulty the coronavirus pandemic has created for taxpayers to file returns and pay taxes due.

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Onvio Tax Testing Next Season

Thomson Reuters has a limited test of its Onvio Tax scheduled for 2020 tax returns.  That statement was made at the company’s recent Synergy conference.

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  Intuit Outlines Pro Tax Enhancements

Intuit has outlined enhancements to its three professional tax software packages, Lacerte, ProSeries and its online ProConnect application. ProConnect's additions feature extended import functionality, including depreciation and pass-through entity members, and Schedule D dispositions.

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IRS: Economic Impact Scam Circulates

 A scam designed to trIck people into disclosing bank account information in order to receive the $1,200 Economic Impact Payment has surfaced. The Internal Revenue Services and its partners in the Security Summit said criminals are utilizing a text message to convince taxpayers they need to disclose bank or identity information.

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Blucora Working on Its Technology

The need to improve technology used by its financial professionals and provide services to tax and wealth management clients emerged as a major theme during this week’s earning webcast for Blucora’s third quarter ended September 30. Meanwhile, the shift of the federal income tax filing deadline to July 15 from April 15 shifted tax preparation revenue from the second quarter to the third quarter, while the inability for advisors to meet in person were a factor in a 27-percent decline in transaction-based commission revenue.

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IRS Eases Collection Procedures

The Internal Revenue Service has launched a plan to help taxpayers who may be struggling to pay their tax because of the COVID-19 pandemic.  The IRS Taxpayer Relief Initiative is designed provide flexibility in payment plans, including installment agreements.

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