Pronto Tax School

Month: September 2021

Price Inflation in the Tax Industry and Tax Software

We are seeing–and you probably are, too–pretty high levels of price inflation across the tax industry and the economy in general. I fully support tax pros RESTING and RELAXING heavily this month and next month, if at all possible.  I plan to take a good amount of time off myself, as well. BUT, I don’t want that to mean […]

$500 Child Tax Credit for College Kids

Wanted to give you a quick heads up about a “secret” that I discovered:  Your clients who claim college kids age 18 – 24 as dependents will (*generally speaking) qualify for a “one time” Child Tax Credit payment of $500, paid to them as an advance. So, if you have clients who get an “extra” […]

“Creative” SALT Workarounds

I wanted to give you a quick heads up on some interesting developments with regard to the “SALT” (State and Local Income Taxes) $10,000 limitation on Schedule A. As you know, this limitation on deducting State and Local Income Taxes created a rather large increase for higher income clients in higher tax states.  Many higher income clients went […]

PPP Forgiveness Deadlines & Methods

First, the “not as good” news about PPP loan forgiveness: The deadline for obtaining PPP forgiveness is “10 months from the end of the covered period.”  For PPP loan recipients who received loans in calendar year 2020, that means the deadline to apply for forgiveness is approaching fast. The SBA has said they won’t make any “exceptions” […]

Tips on Reducing Stress for the Tax Professionals

Do you sometimes feel you’re in a hurry to try to get through your emails or online courses?  Does social media and the fast pace life of rush, rush, rush have you rushing through things that sometimes you end up missing things, feeling like you can’t remember things anymore. Here are some suggestions to slow your pace. […]