Pronto Tax School

Month: October 2021

Latest IRS News on the Child Tax Credit

The IRS announced on October 29th, that they will be updating their Child Tax Credit Portal to allow families receiving Child Tax Credit payments to update their income. The IRS has also announced that it will launch a new Spanish-language version of the Child Tax Credit Portal in late November. Updating their income will help […]

Tax Credit For Schedule C Clients

I forgot to claim a BIG tax credit for one of my own Schedule C clients and now I need to file an amended return.  That’s why I wanted to drop a quick note to make sure none of your clients miss out on this somewhat “hidden” tax credit. The Sick Pay and Family Leave Wages credits are claimed […]

New Rules for Cryptocurrency inside The Infrastructure Bill

We are all still waiting on whether or not Congress is about to pass another huge new law, this one is around 3,000 pages, known as “The Infrastructure Bill.”   The biggest change I’m seeing in this new bill, in terms of the effect on us as tax professionals, would be the new rules for “information reporting” […]

The “Tax Preparer Apocalypse” Has Been Canceled

Although this whole COVID-19 Crisis has been brutal in so many different ways, there are some silver linings for tax professionals. Expert tax professionals who have been truly “there” for our clients through these hard times are enjoying much higher levels of appreciation from clients. And more earning power in our careers than ever before. […]