The Secret to Doubling Your Tax Resolution Business This Tax Season
2 min read
It’s been nine months since the new tax law was passed, and this month Tax Reform 2.0, a series of three bills, was released.
1 min read
It’s been nine months since the new tax law was passed, and this month Tax Reform 2.0, a series of three bills, was released. The House Ways and Means Committee passed Tax Reform 2.0 mid-September and the House of Representatives is set to vote on it this week. According to the Ways and Means Committee, “Tax Reform 2.0 is about locking in tax cuts for middle-class families and small businesses, and changing the culture in Washington so that America never again falls behind it’s global competitors.” Let’s take a look at what the three new bills entail.
The first bill in the series, the Protecting Family and Small Business Tax Cuts Act of 2018, makes the tax rate changes outlined in the new tax law permanent. It would also make several recently changed deductions permanent including:
Additionally, the expanded child tax credit would also become permanent, as would the $10,000 cap to the state and local taxes paid deduction, and the personal exemption would be permanently eliminated. Plus, the medical expense deduction eligibility limit of 7.5% of adjusted gross income would be extended to 2020.
The Tax Foundation estimates that these changes would create 1.5 million new full-time equivalent jobs and cost $113-$166 billion per year.
The second bill of Tax Reform 2.0, the Family Savings Act of 2018, calls for the creation of small tax-deferred, universal savings accounts (USAs) where individuals could contribute up to $2,500. The bill would also make some changes to retirement accounts including:
The third bill, the American Innovation Act of 2017, would allow businesses to deduct up to $20,000 of their start-up costs (or less than $20,000 for businesses with more than $120,000 in expenses).
“Tax Reform 2.0 is a new commitment to improve the tax code each and every year for American families and local businesses…,” stated the Ways and Means Committee. They also said that each year Congress will examine the tax code to ensure it remains “competitive and innovative.”
Need a refresh on what was originally included in the Tax Cuts and Jobs Act? Check out this blog post.
Explore more of our recent Articles, User Stories, and Ebooks.
2 min read
0 min read
Canopy takes the headaches out of client management by offering a way to keep client info organized.
I love how easy it is to setup a new client in this software. Once set up, it's one click to get IRS transcripts downloaded for my review. This saves me at least an hour each week in comparison to the software I used to use.
This makes workflow for tax resolution manageable. This business is a bunch of hurry up and wait. This system helps to refresh my memory while transitioning to different clients.
The ability to securely share documents with clients as well as complete POAs from client contact data already in Canopy. The ability to route workflow between team members with color coded statuses allows us to work efficiently.
Cool features, outstanding customer service, constantly updating to make it better. I love that I can upload files easily to a secure client portal and we don't have to email files anymore. Absolutely can't imagine not having this software.
It's safe and secure. Clients are able to upload documents and the documents are saved their portal which as a result, keeps us better organized. The task feature keeps us organized and we know exactly the status of each client.
Submit this form, and we will be in touch soon to give you a custom demo.
Set a time for one of our product specialists to give you a guided tour practice.
Leave a comment!