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 link on the left navigation pane of the Welcome page 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 payment 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.
Amended State Returns - State amended returns are supported for electronic filing, this applies to program years 2024 and forward
Bank Product - The max amount of Additional Fees that can be added to bank product applications has increased to $315. Also, State Only bank products are available and do not require a federal bank product to apply.
Client List - Selecting the Social Security number from the Client List will open the return
Client Status - Account Hub's Client Status tool enhanced with dropdown menu to review the amended return information
Direct Debit - Balance due returns include a check reminder when original amount has changed, the message will appear that Direct Debit Doesn't Match, allowing the option to review the balance due amount
Fee Summary - Added feature with a Preparer Fee Lock icon, this allows the preparer to lock the fee inside of the return regardless of the return is Marked Complete. This option is reversible if there are any changes needed, simply select icon to Unlock to make revisions.
Macros & EIN Database - Upgraded functionality EIN database, this will autofill the name payer and address to more menus like Non-Employee Compensation Menu, Miscellaneous Income Menu, and Education Menu,
PrepCheck - Featuring a new artificial intelligence (AI) chatbot to help with federal tax questions, to use this tool select the link on the left navigation pane of the Welcome Page or from within the tax return. Ask it a question, and it will mine IRS instructions and publications for the answer, then present the result along with one or more links to the source of its answer.
Roles and Permissions - Permission added for PrepCheck feature, if unchecked the preparer will not have access to the IRS AI chatbot tool
Scanned Documents - Date and time stamp included for uploaded documents
TaxesToGo - Taxpayers are now able to delete their account from the app
Validation Errors - Icon added on the Welcome Page to view Validation Errors details
Watermark on Tax Return - The font for the watermark on tax return is a much lighter color providing better visibility of the form for reviewal process
Custom Consents - Expanded character entry to 500 characters
Return Notes - Expanded to 500 characters and now includes a character remaining count
Prior Year Comparison - Enhanced to allow manual entry by the user to plug in prior year values when prior year data is not available, includes a comparison between the current year and two prior years
1040 Estimated Payments Calculator - New feature to calculate estimated payments and create vouchers for the upcoming tax year
Injured Spouse Form - Automatically will populate fields based on T/S/J designations instead of requiring manual re-entry of data
MFJ vs MFS Comparison - New comparison tool added in Miscellaneous Forms, allows the preparer to review a comparison chart of the tax scenario when filing MFJ versus MFS
Health Insurance, Form 1095-A - Users entering monthly Advance Premium Tax Credit information now have a total column to improve accuracy
Substitute W-2 or 1099-R - Paper Return is forced when included on a return and eliminates rejection
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 changes to Schedule 3 Part II lines:
- 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 4972 - Added Form 4972, Tax on Lump-Sum Distributions
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