New Tax Law Comparison Summary - The program includes a summary of the new tax provisions effecting 2024 tax returns, comparing 2024 to both 2023 and 2022. The Tax Law Comparison can be viewed by selecting the Help menu at the top of the program, then Tax Provisions Comparison or click here.
Renewal Process - Renewal clients have the option to select program package. In the payment section, there is a new option to save the card for future purchases. Users that have saved a card for future payments have the option for Auto-Renewal Discount Enrollment, this provides the best price guarantee and allows you to sign up for automatic renewal price for next year. Unenrollment is available at any time.
Bank Product - The max amount of Additional Fees that can be added to bank product applications has increased to $315
Client Status - Account Hub Client Status tool enhanced with dropdown menu to review the amended return information
TaxesToGo - Taxpayers are now able to delete their account from the app
Form 1040 - IRS has included a new election checkbox to the filing status for treating a non-resident alien or dual-status alien as a U.S. Resident. This election is commonly for dual status taxpayers married to a U.S. citizen or to a U.S. resident to elect to file a joint income tax return with their spouse.
Schedule 1, Additional Income and Adjustments to Income - IRS has made a few changes:
- New entry field for Form 1099-K amounts included in error or for personal items sold at a loss
- Included a new line, 8V for Digital Assets being treated as Ordinary Income
Schedule 2, Additional Taxes - IRS included significant changes to Part 1 of the Schedule that includes repayment requirements for the following:
- Transfer of vehicle credits to dealerships for both new and used vehicles
- The recapture of investment tax credits
Schedule 3, Additional Credits and Payments - IRS made changes to Schedule 3 Part II:
- Line 13b will report IRC 1341 Repayment Claim of Right
- Line 13c will report cover Net Payment Election which are made on Form 3800
Form 172, Net Operating Losses (NOLs) - New IRS form added to the program
- Replaces Schedules A & B (Form 1045) and Worksheets 1 & 2 (Pub 536)
- Retiring Pub 536, NOLs for Individuals, Estates, and Trusts
Form 1045, Application for Tentative Refund - Eligible for e-file
Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts - Schedule AI added to Form 2210
Form 3468, Investment Credits - Newly added Part V for clean electricity investment credit, sections added:
- Section for credit based on investment in qualified clean electricity facilities under Section 48E
- Section for credit based on investment in qualified energy storage technology
- Section to determine totals and phaseouts
Form 3800 - IRS form has significant changes due to taxpayers now being allowed (including tax-exempt entities) to make an elective payment election for applicable credits rather than carryover towards some future tax liability. Additionally, IRS added two credits reported on Form 3800
- Form 7211 - New IRS form added to the program, Form 7211 Clean Electricity Credit (IRC 45Y)
- Form 7218 - New IRS form added to the program, Form 7218 Clean Fuel Production Credit (IRC 45Z)
Form 4136, Credit for Federal Tax Paid on Fuels - Revised the caution statement to deter fraudulent claims
Form 4255, Certain Credit Recapture, Excessive Payments, and Penalties - Significant form changes that includes more than investment credits
- Recapture of IRA or general business credits
- Paybacks of excessive elective payment elections
- Prevailing wage/apprenticeship penalty amount reporting
Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts - Restructured Part IX and new exceptions to the 10% penalty additional tax for early distributions:
- Emergency personal expense distributions
- Domestic abuse victim distributions
Form 6765, Credit for Increasing Research Activities - Additional sections added:
- Section E - Other Information
- Section F - Qualified Research Expenses Summary
- Section G - Business Component Information
Form 8908, Energy Efficient Home Credit - IRS changes to form:
- Two new lines added above Part I
- New Part II including Certifier Information
Schedule A (Form 8911), Alternative Fuel Vehicle Refueling Property- Restructured lines from 2023 Form 8911 to create Schedule A. Schedule A used to figure the credit amount for each qualified alternative fuel vehicle refueling property.
Form 8933, Carbon Oxide Sequestration Credit - Changes to form include:
- Converted model certificates into schedules
- Added new lines for certain activities and prevailing wage and apprenticeship requirement
- Pre-filing registration process to elect payment or transfer
Form 8936, Clean Vehicle Credits - IRS changes to Form 8936 and Schedule 2
- Modified Adjusted Gross Income (MAGI) cannot exceed the income threshold for the current and prior year
- Allowed credit can be transfer to the registered dealers, in which taxpayer can receive cash payment or use as down payment. This credit will be reconciled on the tax return, meaning any excess advance credit received will need to be repaid.
Additional Information:
Disaster Relief for Hurricane Helene & Milton Extended Filing Information