Category: Tax for Business

PriorTax keeps you current on the most recent tax for business news from the IRS. There’s no need to decipher confusing IRS lingo because we’ve got you covered when it comes to business taxes. Always check back here for information on new business deductions and credits that you should be claiming for your LLC or Partnership. From claiming deductions to filing your return, we handle your taxes while you handle your business.

If you have questions about your business tax, then leave a comment on our blog posts. Our tax experts will provide you with the answers that you need!

Archive for the ‘Tax for Business’ Category

Property Tax and Tax Deduction

Posted by admin on June 22, 2022
Last modified: June 22, 2022

In general, property tax is assessed by the local government, but there are also considerations from state and federal authorities. In addition, local governments use a variety of methods for calculating the base of their property tax and the assessment levels. Increases or reductions depend on local government budgetary administration, assessed property values, and/or local tax rates, which are based on budget proposals submitted by the local governmental taxing entities providing services in each community. Property tax generally increases when the assessed value of property increases, the local property tax rates increase, or both.

This value is then multiplied by a local tax rate, which may differ from state to county to city or district. Once your property value is certified, your appraisal district provides this information to the local taxing entity.

The Assessors Certificate of Valuation contains your property description, the value of your property, exemptions, and estimates of taxes you may owe. If you did not file an assessment, your property’s assessed value would be based on the assessor’s assessment using a similar type of activity. You have no right to determine what your property is worth, though understanding how your property will be assessed is crucial.

If, for example, your property is worth one-half of what the next-door neighbor’s property is worth (after all exclusions that apply), then your tax bill would have to be one-half of the neighbor’s. For instance, if your home’s latest assessed market value is $200,000 and your effective tax rate is 1%, you would have to budget an annual tax bill of $2,000. On the other hand, if your property is assessed at $300,000 and your local municipality sets its tax rate at 2.5%, then your annual tax bill would be $7,500.

For example, if your property is assessed at $200,000 and your millage rate, also called millage levies in some communities, is one percent, then you will multiply $200K by.01 to come up with $2,000. In concept, calculating a tax bill is pretty straightforward: Multiply your property’s assessed value, after deducting, by the local tax rate, and that is your total tax liability. The property assessed value after deducting the amounts applied to it — $100,750, in this case — is known as your net assessed value and is the value on which your tax bill is calculated.

property tax
property tax

Additionally, some jurisdictions base their taxes on a property’s total assessed value (before deductions and credits), whereas others tax just a portion of assessed value. Assessment limits typically lower a property’s assessed value to less than its true market value and therefore discourage a property’s rapidly rising value from increasing an owner’s tax burden. For example, counties in South Carolina assess taxes only at 4% of the assessed value of an owner-occupied property. Some local jurisdictions also apply different tax rates–or classifications–to different types of properties, most often distinguishing residential from commercial properties.

Requirements and category definitions for property tax reporting by states and localities vary widely from those of the federal income tax, potentially leading to overreporting, duplicative assessments, and assessments for properties that may be exempt or untaxable. Some states, cities, and counties assess property tax on various types of property that generate income, like tools and other equipment. If you pay taxes on personal property and real estate, it can be deducted from your federal income tax bill.

You may be able to take deductions for real estate that lower your tax liability. You may be able to deduct property tax that you paid on your property during the year that you paid them, as long as they were assessed, which is typically the time that the taxpayer becomes responsible for property tax assessed (i.e., presumably, the time you received notice that you were assessed). If you submit your TPP return before Jan. 1, you are entitled to an estate tax exemption of up to $25,000 in assessed value.

Failure to include all TPPs in return will result in a penalty of 15 percent of the assessed value of the excluded properties. Failure to file will result in a 25 percent penalty on the total amount of the tax levied against the property for each year you fail to file. In addition, if you do not file a return by a due date or do not file it at all, you will pay a penalty of 10 percent of the total taxes eventually levied against the property.

This does not apply to taxpayers who are not required to file because a property appraiser has previously assessed their property without a filed return or who have had the requirement waived because their property is worth no more than an exemption. Exceptions include waiving a filing requirement because the assessed value in last year’s return was not more than the exemption, or the property appraiser has previously assessed a taxpayer without a filed return. Section 19 6.011, F.S., requires that a property appraiser estimate and place on the tax records all TPPs.

Because a personal property tax bill does not include an assessed value for the land, the homestead notes and attachments #14 should be checked to show the information from the property tax bill is derived from the mobile home or manufactured home Personal Property Tax Bill. Values in the Homestead search for a given tax year are subject to change before a Notice is sent. If you close a business prior to Jan. 1 of a tax year, please get in touch with PriorTax Tax experts or the office of the County Assessor to inform them of your closing of the business and for instructions to file your final TPP return.

If your property tax is going up because your house’s assessed value is higher, you must verify the numbers are accurate. Your home’s value may even have increased, which would cause higher taxes as soon as your property is professionally reassessed.

Buying a pre-owned, affordable house off of a real estate listing is much different than building a custom house with the amenities you want, particularly in getting ready for property tax. It can be challenging to balance a desire for a nice house with the desire to pay the lowest taxes possible.

Tax Deductions for Real Estate Tax or Property Tax

As a property owner, you may be eligible for certain tax deductions from the IRS. However, it’s important to keep in mind that the IRS views property as a single entity, so your deductions must match your ownership percentage.

For example, if you own a property with two other people and your tenancy agreement states that you have 33% ownership, you can only deduct 33% of the total property tax paid. The only exception to this rule is if the tenancy agreement outlines a different tax responsibility than the ownership percentage.

Different ownership agreements for a given property may qualify the owners for certain tax breaks from the IRS. For example, if a tenancy in common agreement states that the three owners have 40%, 35%, and 25% ownership, they can claim deductions for those same percentage of property tax paid. The only exception is if the tenancy in common agreement outlines a different breakdown of property tax responsibilities than what is laid out in the ownership agreement.

Tax Deductions from Mortgage Interest on Property Tax

There are two basic ways of listing individuals in the mortgage, which dictate your steps to have interest on these payments subtracted from owners. The process is more straightforward when a mortgage is taken out on an owner’s portion of the property. That owner then gets an IRS Form 1098 showing interest paid.

This needs to be reported on the tax return. However, it is not so simple when the mortgage has more than one name or there are owners who are not listed in the mortgage. In both cases, the first name on the mortgage is the person who the IRS recognizes as paying interest on the mortgage.

However, the other owners may still be able to claim a deduction on their share, following some additional steps. First, owners who received 1098 should fill out their Schedule A (IRS Form 1040) and use Line 8A, “Home Mortgage Interest and Points Reported to You on Form 1098”. Then, another owner files the same form but uses line 8b, “Home mortgage interest not reported to you on Form 1098”. Then, the other owners add a statement that includes the names, social security numbers, and addresses of owners that received Form 1098s.

Different Ways to List People on a Mortgage for Property Tax and Tax Deduction

There are two ways you can list people on your mortgage, which will affect how you can deduct the interest from your taxes.

If you only have one name on the mortgage, that person will receive an IRS Form 1098 showing the amount of interest paid. This form must be reported on their tax return.

However, if there are multiple names on the mortgage or if there are owners who are not listed on the mortgage, it becomes more complicated. In these cases, the first name on the mortgage is considered the person responsible for paying the mortgage interest by the IRS. Therefore, even though other owners cannot claim a deduction for their portion, they can still follow a few additional steps.

When multiple people are listed on a mortgage, the primary borrower is recognized by the IRS as paying the interest. Other owners can still deduct their share of the interest, but they need to follow some additional steps. The process is smoothest when only one person is listed on the mortgage. In this case, that person will receive an IRS Form 1098, which itemizes the interest paid. This must be reported on their tax return.

Tax-Deductible Donations to Ukraine

Posted by admin on May 11, 2022
Last modified: May 11, 2022

Maximize Tax Return through tax deductible donations to Ukraine

As the War in Ukraine escalates, appeals have gone out for financial and material support for the refugees who have fled to nearby countries. In response, many people are making generous donations to U.S. charities. To be tax deductible donations, these donations need to follow the rules for contributions to a U.S.-based 501(c)(3) charity for use abroad and gifts to a foreign charity. The Internal Revenue Service publishes a list of all eligible 501(c)(3) organizations on Publication 78. Unfortunately, direct donations to a foreign charity or donations made to a domestic charity that then hands over the funds to a foreign charity are not tax deductible donations to Ukraine.

Unfortunately, there are restrictions when it comes to tax deductible donations to Ukraine charities outside of the U.S. One way around these restrictions is to donate to Friends organizations in the U.S. that raise tax deductible contributions. Many Friends organizations support foreign colleges or universities, and they all have the same downside: you can’t earmark your donation for a specific foreign charity.

Another option is through International Donor Advised Fund. These are funds set up worldwide by certain foundations, mutual funds, and brokerage firms. They have one restriction in common: they can’t give specifically to foreign charities. That restriction is lifted with some International DAF’s like the United Way Worldwide. It’s important that you make sure their screening process for foreign charities is sufficient if you’re setting up a DAF.

The third option for those looking to make a significant gift is to set up a private foundation. The biggest downside of a private foundation is an excise tax on foreign grants. It’s easy to set up a private foundation if you are in the very high income bracket and want ultimate control over where your donations go to Ukraine. If the war ends quickly or drags on, there will be human costs outside of Ukraine and inside. You can create a tax deductible donation to Ukraine and not have to do too much work to help this cause.

New tax preferences to support Ukraine

The Ministry of Finance of Ukraine has come up with some new tax changes to help victims of the ongoing armed conflict. The amendments aim to subsidize the production and purchase cost of goods and rights. Of which are then donations for counteracting the effects of the armed conflict in Ukraine.

The proposed changes include, amongst other things, the deduction of expenses incurred for production or purchase price of goods and rights that are subject to a donation against the effects of an armed conflict on Ukrainian territory made during a period from 24 February to 31 December 2022.

tax deductible donations
tax deductible donations

Here are 4 tax deductions allowed under Ukrainian tax law

Documented tax deductible donations and givings

A registered resident taxpayer may deduct a limited amount of documented expenses for the expenses mentioned below, so long as the total amount does not exceed their annual taxable income. Any amounts not deducted from a taxpayer’s annual income cannot be carried forward to be deducted from future year’s profits. Therefore, all expenses should be properly documented.

Charitable Contributions for Tax Deduction in Ukraine

Caring for others is important. By contributing to registered Ukrainian charities and not-for-profit organizations, you can deduct the money you donate from your taxable income. Unfortunately, you can only deduct a maximum of 4% of your annual taxable income.

Education Expenses for Tax Deduction in Ukraine

Expenses are incurred in the pursuit of higher education or in the pursuit of academic degrees. Parents who educate their children in Ukrainian institutions are eligible for tax deductions. The total amount of the deduction may not exceed 100% of annual general taxable income calculated as a salary.

Insurance Premiums for Tax Deduction in Ukraine

For 2022, the deductible amount on voluntary long-term life insurance or non-state pension insurance for the benefit of a taxpayer and his or her immediate family members has limits. For example spouse, parents, or children is limited to UAH 3,480 per month for the taxpayer. Although this limit may be higher if there are other persons insured from the same policy. The limit for payment related to the taxpayer’s immediate family members is half of the above monthly limit.

Mortgage Interest Expenses for Tax Deduction in Ukraine

Kudos if you’ve read this far. I wanted to make it as clear as possible that I’m not trying to talk down to everyone here. Unfortunately, not everyone will have time to read through full docs, so let’s keep it short and with less mumbo jumbo whenever possible.

Charitable Donations Tax Deductible and Gift Tax Deduction

Posted by admin on May 4, 2022
Last modified: May 4, 2022

What to Know about the Gift Tax Deduction and Charitable Donations Tax Deductible and Under the Jobs Act and Tax Cuts

Here are some important things to know about taking a deduction for charitable gifts. Giving to charity can be one of the most rewarding ways of giving, and with the rise in the standard deduction, more people will be able to take advantage of this new law change.

The itemized deduction is being limited by the Tax Cuts and Jobs Act and you may want to consider doing the same. However, it may be more beneficial for some people to establish that a standard deduction will be taken instead. But remember, this new policy is only on the books until 2025, so you’ll likely want to check back in with an accountant in a couple of years.

The Tax Cuts and Jobs Act was a big change for tax deductions, but there is a good side: charitable donations are tax deductible up to 60% of AGI. The new law provides lots of incentives to give to charity, and it’s likely that you’ll choose to take advantage of the increased deduction. Here are some things you should know when donating gifts to charity.

donations tax deductible
donations tax deductible

To Maximize Tax Return from Charitable Donations can be itemized Tax Deductions.

According to the Tax Cuts and Jobs Act, the standard deduction increases from $6,350 ($12,700 married filing jointly) to $12,000 ($24,000 married filing jointly). So, for many taxpayers – maybe you – it will make more sense to take the standard deduction than itemize with all of these changes. But don’t worry about it! If you input all your itemized deductions into e-file, TaxSlayer will automatically choose the best choice for you.

Not every donation counts towards your deduction to Maximize your Tax Return

A lot of people don’t realize this, but not all donations will count towards your donations tax deductible.

There are very specific guidelines to consider when it comes to deductions, and not every donation counts. Here are some guidelines:

-If you donate anything other than cash, you need to determine the Fair Market Value of those items.

– You cannot deduct for food items collected in a drive or given to a food pantry.

– If you donate items such as clothing or certain household supplies to an charitable organizations, you may take a deduction for the value of those things if they are in good, used condition, or better.

– If you participate in a charity run, don’t rush to deduct the cost of the race, travel, and accommodations. Your participation probably won’t count as a charitable donation unless it provides other tangible benefits to the charity.

Plan ahead for Charitable Donations to Maximize your Tax Return.

If you usually use the standard deduction, you can donate to charity and get a tax break. But if you make a significant donation this year, consider saving up that amount throughout the year. Then plan on donating it during a year when you also file a tax return. Overall with hopes to get full advantage of the 60% threshold deduction.

You may not be able to deduct your donations if you don’t itemize them. When taking the standard tax deduction, you can still totally donate to charity — even if it means you won’t get the tax break. But if you usually make a cash donation to your favorite organization, consider saving up your contribution amount over time. Then plan to make a large donation when you also itemize your deductions for a year. This could allow you to take advantage of the 60% threshold.

What if I don’t itemize my deductions? You don’t have to! You still have options! If you usually take the standard deduction and don’t itemize deductions in any given year, that doesn’t mean you can’t donate to charity. Keep in mind that donating means giving something from your own funds.

You need proof of the gift to claim it as an itemized tax deductible on your taxes. Therefore, it’s important to document your charitable giving for your records. If it’s worth $250 or more, you’ll have to ask for a document from the charitable organization stating what the gift was worth. This isn’t always necessary, but it is required when the gift is worth either $250 or more and, if it’s not worth $250, there are all sorts of other conditions which apply, so consult a tax accountant before moving forward with this.

Making a qualifying Charitable Donations for Tax Deductible is easy.

The IRS has a handy-dandy tool that determines what your donations are worth, so all you need to do is enter in the total amount of your gift, and it will tell you the value. For example, if your gift was worth $250 or more, you’ll need to find paperwork from the organization stating the gift’s fair market value and whether or not you received any goods or services in return.

It used to be that you could only deduct up to 50% of your Adjusted Gross Income (AGI) for charitable donations. This year, the limit has increased to 60%. This change is a great incentive to donate to charity and you might want to take advantage of this increased limit.

Tax reform eliminated several tax deductible, but the standard deduction was almost doubled. What this translates to many of taxpayers is that it’s better for them to take the standard deduction instead of itemizing until 2025. If you’re not certain on which method will maximize your tax, don’t worry. You’ll input your itemized deductions when you e-file your taxes, and PriorTax will automatically choose the process that will give you the biggest refund.

Self Employed Tax Forms, E-file and Calculator

Posted by admin on March 14, 2022
Last modified: March 14, 2022

Tax Forms for Filing Self Employed Taxes and How to use Self Employed Tax Calculator

Are you one of the many people across the country who has recently left full-time employment for self employment or taken on a side-job in the past year? Whether your new self employment is now your only source of income or an added boost to your paychecks, there are a few things that may look a bit different when you file your taxes. So, what tax forms and tax regulations should every self employed taxpayer be aware of?

First off when filing self employed tax, who does the IRS consider self employed?

According to the IRS, there are three broad categories of people consider self employed:

  • if you work in a trade or business as a sole proprietor or an independent contractor
  • when you are a member of a partnership that works in a trade or business
  • if you are in business for yourself. (Both full-time and part-time businesses includes here)

When does a self employed person need to file a tax return?

If your net earnings from your self employment are $400 or more, you will need to file a federal income tax return. It is also a good idea to file a return if you are eligible for any of the following credits, including:

  • Earned Income Credit,
  • Refundable Child Tax Credit or Additional Child Tax Credit,
  • American Opportunity Credit,
  • Credit for Federal Tax on Fuels,
  • Premium Tax Credit,
  • Health Coverage Tax Credit,
  • Recovery Rebate Credit,
  • Credits for Sick and Family Leave, or
  • Child and Dependent Care Credit.
Self Employed Tax
Self Employed Tax

What are my self employed taxes obligation?

When you’re self employed, the primary tax obligations are filing an annual tax return and making estimated tax payments to the IRS quarterly. The IRS expects self employed individuals to pay estimated tax payments quarterly if they expect to owe $1,000 or more in taxes. You need to file an annual tax return when your net earnings from your self employment are $400 or more.

When self employed, you are typically responsible for self employment-specific taxes in addition to income tax. These self employment-specific taxes are social security and medicare tax. Which can withheld from your wages if you were an employee. Overall the tax rate is 15.3%: 12.4% for social security and 2.9% for medicare. 

Consider using a self employed tax calculator to get a sense of your tax bill and determine how these regulations relate to your situation. Form 1040-ES, Estimated Tax for Individuals, has a worksheet to help determine your obligations. You can also refer to the IRS’s Pub. 334, Tax Guide for Small Business (For Individuals Who use Schedule C) for further details on figuring your net profit/loss and resulting tax obligations. These and all other tax forms and publications are available as a PDF on the IRS website.

If over the course of the year, your total self employment business expenses are more than your self employment earned income, you aren’t making a profit, and you won’t owe taxes on your self employment income.

What are quarterly taxes, and when are quarterly taxes due?

Quarterly taxes are payments of your estimated tax liability that you pay to the IRS spread out through the year. It is equivalent to withheld taxes on a paycheck for jobs where you receive a W-2. You can use Form 104-ES, Estimated Tax for Individuals, to figure your estimated tax, which will take into account your expected adjusted gross income, taxable income, taxes, deductions, and credits for the year.

Quarterly tax payments to the IRS are due as follows:

  • For January 1 to March 31: April 15
  • In case for April 1 to May 31: June 15
  • For June 1 to August 31: September 15
  • and September 1 to December 31: January 15 of the following year

The payment due dates move to the next business day when the designated date falls on a Saturday, Sunday, or legal holiday.

What special tax forms should I be aware of when self employed?

  • Tax Form 1099-NEC and 1099-MISC: Since 2020, Tax Form 1099-NEC has been used to report independent contract income (previously included on Tax Form 1099-MISC). You should receive a 1099-NEC form from clients who paid you $600 or more in a year.
  • Tax Form 1099-K: You may receive a Tax Form 1099-K from payment processors, such as PayPal, Venmo, or other third-party networks. The threshold for Form 1099-K filing requirements changes from 2022, so you may begin receiving them when you didn’t before starting in 2023.
  • Tax Form 1040-ES: This form is used to figure out and pay your estimated tax. It includes a worksheet to calculate your estimated tax obligations.
  • Tax Form W-9: If you are paid $600 or more by a client, they may ask you to complete a Tax Form W-9, which they will use to prepare your 1099 form.

Need a self employed tax calculator?

Make use of the comprehensive free tax calculators on the PriorTax.com website to get a sense of the tax refund or outstanding tax bill you can expect. If you were self employed in 2021, 2020, 2019 or 2018, the sections most relevant as someone who was self employed using the tax calculator would be the “Business” section under “Income” and the “Payments” section under “Deductions and Credits.”

What information do you need as someone who was self employed when using the tax calculator?

If you were self employed for part or all of tax year 2021, 2020, 2019, or 2018, when using the Tax Calculator on Free Tax Calculator at PriorTax. Go to the most relevant sections to your self employment would be the “Business” section under “Income” and the “Deductions and Credits” section under “Payments.”

The “Business” section is where you will enter any income you earned from self employment and your own business(es). In this section, you can enter your net business income. Your gross income from self employment minus your business expenses will be the number you use here. You are also able to note in this section if you have an income or a loss from K-1 tax forms. As a member of a partnership.

The “Payments” section is where you will enter any pre-payment of estimated federal or state income taxes. This includes payments for social security and Medicare taxes and income tax. Which you may have made when filing quarterly estimated tax payments to the IRS.

Looking for more tax tips and information to help you this tax season? Keep PriorTax.com bookmarked to keep up to date with current and prior-year tax news on our Tax News Blog and learn more about our full range of tax filing services.

Easy Tax Filing

Posted by admin on March 7, 2022
Last modified: March 7, 2022

Easy Free Tax Filing and Simple Tax Filing on PriorTax.com

When tax documents start to appear in our inboxes and pile up in our mailboxes, that can only mean one thing – the 2022 tax season is upon us. The 2022 tax filing season began on January 24th, when the IRS began to accept 2021 tax returns, so what can you do to ensure a simple and easy tax filing season this year through PriorTax.com?

What to prep in advance for easy tax filing and simple tax filing with PriorTax.com ?

PriorTax simplifies your tax filing, making easy tax filing possible. Otherwise you’ll want to have all of the relevant documents close to hand – either hard copies or PDFs will work, whichever is easier for you. So, do be sure to save all of those documents that you have been receiving via email and regular mail.

Remember that the primary purpose of gathering up all these documents is to ensure that you have all of your income information for 2021 to hand in order to accurately prepare your tax returns. This helps to minimize your tax bill and maximize your tax refund if you are owed one.

easy tax filing
easy tax filing

Depending on your financial and employment situation, your relevant documents should include two broad categories:

  • W-2 Forms that will detail information concerning your salaries, wages, and tips that you earn as an employee
  • 10099 Forms that will detail information concerning other sources of income. These are self-employment income and earnings like interest or dividends from banking and investment accounts

In addition to paperwork and information related to your income and expenses last year..

You’ll want to make sure that you have the following personal information:

  • Social Security and/or Taxpayer Identification Numbers as well as Birthdates for yourself, your spouse, and, if you have any, your dependents
  • Your Bank Account Number and Routing Number to receive your tax refund via direct deposit. (The IRS recommends filing electronically with direct deposit details to ensure an accurate return and quick refund processing.)

Easy Free Tax Filing for Single Filers Under 21

For those under 21 years old who need to prepare tax returns and are either single filers or married and filing separately, PriorTax.com offers a Free Basic Package for current year filing. This package can be an excellent choice for those who may be new to needing to file their tax return. Whether because you recently started your first job and/or started college.

The Basic Package uses PriorTax.com’s easy-to-use web application to help guide you through the process of submitting information about your

  • Wages,
  • Unemployment,
  • Interest,
  • and/or Dividends.

In addition, if applicable, this package can help you claim the Education Credit and/or Earned Income Credit (for filers without dependents). This ensures that you take advantage of credits available to you. This will help minimize your tax bill and maximize any tax refund you might receive.

If you’re currently in higher education, the Education Credit can help to reduce your tax bill. As an added benefit, if claiming the credit reduces your tax bill to less than zero, you may receive a refund on any taxes that were withheld from your paychecks in 2021.

You can claim an Education Credit when filing if you fulfill these requirements:

  • You or the 3rd party (family or friends) pay expenses related to your education (tuition, mandatory enrollment fees, and required course materials)
  • Enrolled at an eligible educational institution
  • The eligible student is listed on your tax return

The IRS doesn’t allow you to claim an Education Credit if you are listed as a dependent on someone else’s tax return. (Although they may be eligible to claim the credit on their return). College students can benefit from this credit by preparing and filing their tax return as single filers. PriorTax has a process that the Basic Package web application was designed to guide you through. 

More Simple Free tax filing options when you have easy tax filing obligations.

Even if your financial situation doesn’t allow you to take advantage of PriorTax.com’s Basic Package, don’t worry. There are still free tax filing options available to you. Visit the IRS’s website to take advantage of two options from the IRS Free File program.

If your adjusted gross income in 2021 was $73,000 or less, you could qualify for free guided tax preparation offers that will help you to prepare and file your federal tax return. And sometimes your state tax return too, for free. Use the PriorTax Customer Service to either inquire this year’s offers or to answer a few questions. IRS also provides Online Lookup Tool to receive a list of relevant offers. (Please note, with complicated IRS filing remember to create your account by accessing the IRS Free File provider’s website from the IRS website. This is to take advantage of the IRS Free File offer. The Free File program and commercial tax preparation offers from these providers are separate and not interchangeable.)

If your adjusted gross income in 2021 was more than $73,000 or you prefer to fill out and file taxes yourself, you can use the IRS’ Free File Fillable Forms. This option is available to all income levels. It provides free electronic forms for you to file out and file yourself. However, you’ll need to be comfortable using IRS forms, instructions, and publications as this option won’t offer any tax preparation guidance and only limited calculations.

PriorTax Top Tax Professional Support and Tax Packages for Easy Tax Filing

Looking for more assistance with your tax returns than Free File Fillable Forms can provide? If you don’t qualify for an IRS Free File Offer, consider one of the affordable and easy-to-use tax filing options at PriorTax.com. Like those free tax filing options, the easy-to-use web application works by asking you to answer simple questions regarding your work and financial situation and doing all the math for you. In addition to several different tiers of packages, you can either choose Complete Additional Services as a package. Or individually select additional services so that you only pay for what you need.

This tax season, visit PriorTax.com for easy tax filing and essential tax tips. We’re here to help with a range of resources and services to help you file your taxes. We can help whether you’re a student with simple tax filing obligations in need of our Basic Package to claim education credits on your return this year or you have a wide portfolio of business. It can also be personal income that could benefit from our Platinum Package and for any tax situation in between.

Free Tax Filing

Posted by admin on February 28, 2022
Last modified: February 28, 2022

PriorTax Free Online Tax Filing and Free Tax Calculator

As preparations begin for the IRS to start accepting our 2021 tax returns and the 2022 tax season gets underway, we’re here to help you navigate your options to find the best free tax filing and online tax filing options for your needs at PriorTax

Why is online tax filing a good option?

The IRS has already put out advice that they encourage all taxpayers and tax professionals to opt for online tax filing this year because of staffing issues. They warn that paper tax returns could take several additional weeks to process. This is additional weeks beyond the estimated 3-week turnaround they quote as typical for getting tax refunds to American taxpayers opting for online tax filing with E-File.

Opt for free online tax filing with E-File as the faster, easier, and more accurate option. You’ll be able to benefit from built-in accuracy checks, faster acknowledgments of receipt (in near real-time), and faster processing times of your tax returns.

free tax filing 2021
free tax filing 2021

I owe the IRS money for my 2021 taxes. Why is online tax filing a good option for me too?

Doesn’t online tax filing just mean that the money will disappear from my account faster?

Whether you owe the IRS money or the IRS owes you money, all taxpayers can benefit from the addition of accuracy checks and more timely acknowledgment of receipt for their returns. 

If you have a tax bill this year and owe the IRS money, you can take advantage of EFW. Electronic Funds Withdrawal (EFW) is for when using an online tax filing option with E-File. EFW allows scheduling the withdrawal of funds from your bank account. As a result, you can schedule your payments for any future date up to the tax return deadline.

Want to know if you’re due a tax refund when you file your taxes this year?

On the PriorTax.com website, you can take advantage of our comprehensive and free tax calculator. And see what’s in store for you this tax season. Visit today to use our free tax calculator to calculate your tax bill or the refund you can expect from the IRS this year.

In addition to our free tax calculator for the 2021 tax year, we offer a full suite of free tax calculators. Our Free tax calculator includes prior year taxes. You can find a free tax calculator for each prior tax year going back to 2011.

Take advantage of our prior year free tax calculators before online tax filing in 2022, and you won’t be going into the online tax filing process blind this year.

Where can I get reliable information about free tax filing options for the 2022 tax season?

If you need to file your taxes this year, the IRS website is an excellent place to start. On their website, they maintain pages on IRS Free File where you can find free tax filing options to prepare and then file your federal taxes for free. For simpler filing process is done more easily and streamlined with PriorTax for maximum tax return with the best customer service.

For taxpayers with an Adjusted Gross Income (AGI) of $73,000 or less, the IRS offers a range of Free File Online Offers in conjunction with external providers.

This free online tax filing option allows taxpayers to prepare their 2021 federal tax returns with commercial tax preparation companies for free. These are guided preparation tools where you answer questions about your income and financial situation in 2021, and your tax return will be prepared for you. You can visit the IRS website to use their IRS Free File Online Lookup Tool and find the free tax filing offer for your needs.

Depending on the IRS Free File Program you choose, you may be able to receive free state tax returns too. Each offer is a bit different, so it’s essential to review the offers of each provider and determine and verify your eligibility. You will also need to create an account after accessing your chosen tax preparation provider from the IRS. Accounts made when visiting their website directly are separate from the IRS Free File program. So, to take advantage of these offers, you will need to access your chosen tax preparation provider via the IRS. The filing process can be easier and more streamlined filed with PriorTax for maximum tax return.

And for taxpayers with any AGI, the IRS offers Free File Fillable Forms.

This online tax filing option involves electronic forms that you can fill out and file yourself by making an account with the IRS. However, it lacks the guidance of the commercial tax preparation company offers mentioned above. So, you’ll need to be prepared to follow the IRS instructions, publications, and forms for yourself and, in some cases, make your own calculations to complete the free electronic forms offered.

In addition to these two resources, two IRS programs offer free assistance and e-filing for qualifying taxpayers: the Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly (TCE) programs. These programs are offered in local communities across the country. You can visit the IRS website to use their VITA/TCE Locator Tool and to learn more information.

How can I find good online tax filing options with support beyond the IRS’s Free File Program?

The information above should poise you to take advantage of your free online tax filing options this year. Unfortunately, these resources cannot cover all scenarios. However, there are online tax filing options for the rest of us too!

If your financial situation is more complicated than can be served to your liking with the free providers, you’ll need to branch out to paid options for tax filing. Just make sure to do your due diligence. Check that you are working with a registered tax preparer. You can use the IRS’s Directory of Federal Tax Preparers to find well-qualified tax return preparers in your area, including enrolled agents, certified public accounts, and tax lawyers with unlimited representation rights to represent you before the IRS when needed.

Consider taking advantage of the peace of mind offered by the seasoned tax professionals and CPAs behind our easy-to-use online tax filing services. Visit PriorTax.com to begin your 2021 tax return today. You’ll have the support of our free phone, email, and live chat throughout the process. And for our clients with more complex returns, the option to add a Professional Review or CPA Review for less than working with an in-person tax preparation company from the comfort of your own home or office.

Stimulus Update

Posted by admin on January 25, 2022
Last modified: February 17, 2022

How to Update Bank Info for Stimulus Check &

How to Update Direct Deposit for Stimulus Check

Stimulus Update: 

With 2022 now underway but the pandemic ongoing, where do things stand with the U.S. government’s stimulus checks? Let’s break down things with a stimulus update and state of play. So that if you were eligible but haven’t received one or more of the stimulus checks, you’ll know what your next steps are.

stimulus check tax
stimulus check tax

How to get a stimulus check update for the first stimulus payment

You can log in to your individual IRS account on the IRS website to view a copy of Notice 1444. It will confirm information about the first stimulus payment issued. It appears under “Economic Impact Payment Information” on the Tax Records page with the IRS EIP letters for the second and third stimulus payments.

How to get a stimulus check update for the second stimulus payment

You can log in to your individual IRS account on the IRS website to view a copy of Notice 1444-B. It will confirm information about the second stimulus payment issued. It appears under “Economic Impact Payment Information” on the Tax Records page with the IRS EIP letters for the first and third stimulus payments.

How to get a stimulus check update for the third stimulus payment

The Get My Payment application on the IRS website is available to check the status of your third stimulus payment. Or you can log in to your individual IRS account on the IRS website to view a copy of Notice 1444-C. It will confirm information about the third stimulus payment issued. It appears under “Economic Impact Payment Information” on the Tax Records page with the IRS EIP letters for the first and second stimulus payments.

How to update address info for stimulus check

Did you incorrectly enter your address info or has your address changed and now need to know how to update your address info for stimulus check payments? Your address info for your stimulus check cannot be changed at this stage since the last payments have already been issued. If you didn’t receive your stimulus check.. You will need to claim the Recovery Rebate Credit on your 2021 tax return to claim your payment.

So, if you were wondering how to update your address info for stimulus check payments. Now you know that the IRS is no longer accepting corrections to your address for any of the three stimulus check payments from the federal government.

How to update bank info for stimulus check

Did you not have the correct information to hand and now need to know how to update your bank info for stimulus check payments? Your bank info for your stimulus check cannot be changed at this stage since the last payments have already been issued. If your bank info on file is invalid or the account closed, the bank will have returned the payment to the IRS. You may have had a check mailed to the address the IRS has on file for you. However, if you didn’t receive your stimulus check this way.. You will need to claim the Recovery Rebate Credit on your 2021 tax return to claim your payment.

So, if you were wondering how to update your bank info for stimulus check payments. Now you know that the IRS is no longer accepting corrections to your bank info for any of the three stimulus payments from the federal government.

How to update direct deposit for stimulus check

Did you not have the correct information to hand and now need to know how to update your direct deposit info for stimulus check payments? If your direct deposit info on file is invalid or the account closed, the bank will have returned the payment to the IRS. You may have had a check mailed to the address the IRS has on file for you. However, if you didn’t receive your stimulus check this way.. You will need to claim the Recovery Rebate Credit on your 2021 tax return to claim your payment.

So, if you were wondering how to update your direct deposit info for stimulus check payments. Now you know that the IRS is no longer accepting corrections to your direct deposit info for any of the three stimulus payments from the federal government.

To summarize, if you are still waiting on stimulus checks from the IRS, in most cases, you can’t make any changes or update the information the IRS has. With the end of the 2021 calendar year, the IRS has now issued the last of the stimulus checks for the first, second, and third Economic Impact Payments. Although you can no longer request stimulus checks or the reissuing of missing stimulus checks.. You CAN claim your missing payments by claiming a recovery rebate credit on your 2021 or 2021 tax return.

How to claim the first and/or second stimulus check payments

If you didn’t receive a first and/or second stimulus check or received less than the full amount. You may be able to claim the Recovery Rebate Credit by filing your 2020 prior-year tax return. Visit PriorTax.com to prepare and file your 2020 prior-year tax return today to take advantage of this tax credit and receive your missing stimulus payments. Before filing, you can use our comprehensive Prior Year 2020 Tax Calculator to see how you may be able to benefit from the Recovery Rebate Credit. As well as any other credits or deductions available to you.

If your 2020 tax return has already been processed, you can amend your 2020 tax return. We offer tax return amendment services for both current and new PriorTax customers.

How to claim the third stimulus check payment

If you didn’t receive a third stimulus check or received less than the full amount, you may be able to claim the Recovery Rebate Credit when you file your 2021 tax return. Visit PriorTax.com today to prepare and file your 2021 tax return, including claiming the Recovery Rebate Credit to claim your missing third stimulus payment. Before filing, you can use our comprehensive 2021 Tax Calculator. See how you may be able to benefit from the Recovery Rebate Credit as well as any other credits or deductions available to you.

2019 Tax Tables and Tax Forms

Posted by admin on January 17, 2022
Last modified: January 17, 2022

Guide to Tax Form and Tax Tables for 2019 Tax Refund and Late Tax Filing

When filing 2019 Federal Tax Return, there are two main types of paperwork from the IRS that you will find helpful: their 2019 Tax Tables and their 2019 Tax Forms. These are published each year by the IRS, and copies of all of them can be found on their website. 

These documents can feel like a lot of complicated paperwork and additional pressure in addition to your own financial paperwork, especially when filing your back taxes. However, if you needed to file a return for the 2019 tax year but haven’t yet. It is a good idea to get on top of things and sort this out. So, let’s break things down so that you’re familiar with all the basics and ready to tackle your 2019 taxes.

What are tax tables for?

When we talk about tax tables, we’re referring to the tables created by the IRS that outline the total amount of tax that taxpayers owe. There are different tables and rates for different types of taxable income for both individuals and businesses.

For individual income tax returns, the relevant tables are based on three things: your filing status, income range, and applicable tax rate or rates.

Tax tables can help you figure your tax based on your filing status and your taxable income amount.

This information can also help you to adjust your tax withholding from your paychecks – the amount of money your employer puts aside from your take – home pay each paycheck.

  • If you’re withholding more than you need to, you will be able to get that amount back as a refund when you file your tax return. You could also consider adjusting your tax withholding to keep more of each paycheck throughout the year.
  • If you’re not withholding enough and the amount underpaid works out to more than 10%, you may be liable for an underpayment penalty.

Are the 2019 Tax Tables different from tax tables for other years?

Yes. The 2019 Tax Tables will be different from those for tax years both before and after. Each year new tax tables are published, usually during the fourth financial quarter of the year.

This is because the income range brackets for the tables are indexed each year to take inflation into account. Since 2017, the government has used something called “the chained consumer price index”. It adjusts the tax brackets and other parts of tax law annually to account for changes to the cost of living in the country.

What information do you need to know when looking at the 2019 Tax Tables?

When reading the 2019 Tax Tables to prepare your federal income tax return, you should know your filing status and your taxable income.

Your taxable income is your adjusted gross income (all income you received in 2019 minus any adjustments that you qualify for). Of course, with any qualified business income deductions and either standardized or itemized deductions subtracted.

There are seven rate brackets for federal individual income tax, and where each bracket falls will depend on filing status. Everyone filing a federal personal income tax return will fall into one of five categories:

  • Single
  • Married, filing jointly
  • Head of Household
  • Married, filing separately
  • Surviving Spouse/Widow(er)

Not confident which filing status applies to your circumstances? You can visit the IRS website and use their Interactive Tax Assistant to determine your status based on their guidelines.

Got your filing status and your taxable income to hand? You can now use that information to identify the applicable tax rates for your income and filing status.

2019 Tax Tables

It’s important to know that the tax system is progressive. This means that you pay the lowest tax rate (10%) on your income up to the first threshold. The next tax rate (12%) on your income between the first and second thresholds. The next tax rate (22%) on your income between the second and third thresholds, and so on.

Now that you know how the 2019 Tax Tables work let’s turn to the 2019 Tax Forms.

What 2019 Tax Forms do I need to file my 2019 Tax Return?

Form 1040 ‘U.S. Individual Income Tax Return’ is the main tax form that you will be filling out. This is the form used to add up your income and any and all deductions you are qualified for. If you are 65 years old or older, there is a variation known as Form 1040-SR U.S. Tax Return for Seniors is available. It is designed to be easier to read and fill out for seniors.

The other main category of 2019 Tax Forms to be aware of are the attachments to Form 1040, known as a group as Schedules. Again, requirements will depend on your circumstances. There are both numbered and lettered schedules that you may need to fill out. These documents are used to record things such as additional income and compensation, any deductions or credits you wish to claim. Any prior tax payments. You can use our free 2019 Tax Calculator to have a better sense of your return.

All 2019 Tax Forms are available to be downloaded from the IRS and come with instructions to follow that direct you to all the forms relevant to your situation that you need to fill out.

If you’re not confident making your way through the IRS forms on your own, using an online tax application is a great alternative. You can prepare your tax return with simple prompts to guide you through the process.

Are you ready to take the next step and get started filing your 2019 tax return? Then, visit our website and get in touch today. Our online tax application and experienced team of tax professionals can help you get caught up on your filing obligations today.

Stimulus Check and Recovery Rebate Credit

Posted by admin on January 10, 2022
Last modified: January 18, 2022

Let’s Talk about 2nd Stimulus Check, 3rd Stimulus Check and Recovery Rebate Credit

Who is Eligible for Stimulus Checks

Since the pandemic’s start on March 11, 2020 (the date the World Health Organization declared the COVID-19 outbreak a pandemic), to date, the U.S. government has made three rounds of stimulus payments to American taxpayers. 

I’ve heard about “Stimulus Check,” “Economic Impact Payment,” and “Recovery Rebate Credit.” Are they all the same thing? How are they related?

Since the pandemic began, Congress has passed two economic stimulus bills that have included direct payments to American taxpayers.

  • The CARES (Coronavirus Aid, Relief and Economic Security) Act of 2020 included a round of one-time payments of $1,200 per adult and $500 per dependent child.
  • The Consolidated Appropriations Acts of 2020 included a second round of one-time payments of $600 per adult and $600 per dependent child.
  • The American Rescue Plan Act of 2021 included a third round of one-time payments of $1,400 per adult and $1,400 per dependent child.

The exact amount received varied depending on income. Many received these one-time cash payments as 1st, 2nd, and 3rd stimulus checks. Or debit cards sent to their addresses or direct deposits to their bank accounts in 2020 and 2021.

Economic Impact Payments

The IRS refers to these payments as economic impact payments which is why you see that term being used on their website, including their “Get My Payment” tool.

Recovery Rebate Credit

The stimulus checks were, in fact, advance payment of a federal tax credit known as the recovery rebate credit. Eligible taxpayers who didn’t receive their payments must file their tax returns to take advantage of this credit and claim their missing stimulus payments. You may also be eligible to claim this credit on your tax return if you received less than the full amount.

You’ll need to file your 2020 tax return to receive the Recovery Rebate Credit equivalent to the 1st and 2nd stimulus checks/economic impact payments. And you’ll need to file your 2021 tax return to receive the Recovery Rebate Credit equivalent to the 3rd stimulus check/economic impact payment.

stimulus check and recovery rebate credit
stimulus check and recovery rebate credit

Who is eligible for the 1st stimulus check?

All U.S. citizens, permanent residents, and qualifying resident aliens with a social security number could receive payments. There was no age requirement, but taxpayers could not be someone else’s dependent. For taxpayers with dependents, dependents had to be under 17 years old to be eligible for the $500 payments for dependents.

Stimulus checks were not dependent on employed status. However, there were income limits to qualify for the full amount. As a result, the stimulus check amount began to phase out in steps. Incomes above $75,000 for single filers, $112,500 for head of household filers, and $150,000 for married filing jointly filers.

The 1st stimulus check, like all three economic payments, is not counted as income for means-tested government benefit programs like Medicaid, SNAP, and TANF.

Who is eligible for the 2nd stimulus check?

All U.S. citizens, permanent residents, and qualifying resident aliens with a social security number. Married couples where one spouse had an individual taxpayer identification number could also receive payments. There was no age requirement, but taxpayers could not be someone else’s dependent. For taxpayers with dependents, dependents had to be under 17 years old to be eligible for the $500 payments for dependents.

Stimulus checks were not dependent on employed status. However, there were income limits to qualify for the full amount. As a result, the stimulus check amount began to phase out in steps. Incomes above $75,000 for single filers, $112,500 for head of household filers, and $150,000 for married filing jointly filers.

The 2nd stimulus check, like all three economic payments, is not counted as income for means-tested government benefit programs like Medicaid, SNAP, and TANF.

Who is eligible for the 3rd stimulus check?

All U.S. citizens, permanent residents, and qualifying resident aliens with a social security number or individual taxpayer identification number could receive payments. There was no age requirement, but taxpayers could not be someone else’s dependent. For taxpayers with dependents, dependents can be any age and be eligible for the $1,400 payments for dependents.

Stimulus checks were not dependent on employed status. However, there were income limits to qualify for the full amount. As a result, the stimulus check amount began to phase out in steps. Incomes above $80,000 for single filers, $120,000 for head of household filers, and $160,000 for married filing jointly filers.

The 3rd stimulus check, like all three economic payments, is not counted as income for means-tested government benefit programs like Medicaid, SNAP, and TANF.

I didn’t receive one or more of the stimulus checks. Can I still claim my payments?

The IRS recently finished issuing all 3rd-round stimulus checks; they were sent out by December 31, 2021. All 1st- and 2nd-round stimulus checks went out in 2020. However, if you were eligible but didn’t receive one or more of your stimulus checks. It’s not too late to get the money the U.S. government made available to help people out during the pandemic. 

You still have time to claim your payments if you didn’t receive one or more of the stimulus checks despite being eligible. You will need to file a tax return where you will claim your payments as a tax credit. And then you will receive your payments as part of your tax refund.

Are you one of the people missing their 1st, 2nd, or 3rd stimulus check, or did you receive less than the full amount for these payments? In that case, take action today to claim this additional money. Visit PriorTax.com today to get started.

Missing your 1st or 2nd stimulus check?

Then, get started filing your 2020 tax return to claim your 2020 Recovery Rebate Credit. Take advantage of PriorTax.com’s simple tax preparation software to ensure that you don’t leave any of your eligible tax credits on the table.

Missing your 3rd stimulus check?

The IRS has announced that they will begin processing 2021 tax returns on February 12th. But you don’t need to wait until then to start preparing your 2021 tax returns. If you already have the information you need, you can get started today. PriorTax.com’s easy-to-use web-based tax preparation software is up and running for 2021 tax returns.

Online CPA Services

Posted by admin on January 4, 2022
Last modified: January 18, 2022

Online CPA Tax Services and Professional Tax Services with PriorTax

Getting started filing your tax returns when you have prior year returns that you need to do can be a daunting task. All the more reason, it’s essential to get reliable, professional assistance available. That way, you can be sure that you’re navigating the IRS and your state’s tax filing requirements and regulations.

The seasoned tax professionals and CPAs are the backbones behind our easy-to-use online tax filing services at PriorTax.com. But who are these people, and how can you benefit from CPA services?

What online CPA tax services does PriorTax.com offer?

When you prepare your prior year tax return with PriorTax.com, you will use our step-by-step, easy-to-use website to provide your basic information and income statements. Our web service then guides you through the process of collecting information to determine your deductions and credits. Finally, we use this information to provide you with a printable version of your tax return to download, print, sign, and then mail to the IRS. And based on the information you provide, PriorTax.com works to ensure that if you’re due a refund, you’ll get the largest refund you can get.

Sometimes financial situations and tax returns are more complicated. And PriorTax.com is available to help in those cases too.

Included with all of our tax return packages, we offer basic free tax filing advice. That means if you’re confused and questions arise before your tax return is finalized. You can reach out to us via our website’s live chat feature, gives us a call, or send us an email.

Beyond this, we also offer more in-depth reviews. We offer for purchase both a Professional Tax Return Review service and an Online CPA Review service.

Professional Tax Return Services

With a Professional Tax Return Review, one of the agents on our senior staff will be assigned to perform a review of your prior year tax return after you submit your information on PriorTax.com’s web tax program. These agents are tax professionals trained in tax accounting and have been advised by our Online CPAs and Enrolled Agents for a minimum of two years.

Your assigned tax agent will be reviewing your tax return for two main things. First, they are looking for any errors or oversight issues that could increase your risk of an income tax audit by either the IRS or a state agency. Second, they will also look for any deductions or credits that may have been missed in preparing your tax return.

You will receive an appointment by phone to walk through your return after their review. Your assigned tax agent will be able to provide advice on accuracy and any ways that you can maximize your tax refund.

Your return will then be filed on your behalf by your agent. You will have direct access if you need to follow up on anything regarding your prior year tax return.

Online CPA Services

With an Online CPA Review, one of our Online CPAs will provide a personalized consultation addressing your specific tax situation. Including paying close attention to the credits and deductions you may qualify for to help you to boost your tax refund or to reduce how much tax you owe.

When you choose our Professional Tax Return Review service or CPA Review service for online CPA services, all returns are both thoroughly reviewed and audit protected. We take pride in our work and want to ensure you get peace of mind. In the unlikely event of an IRS audit, we will represent you and your case before the Examination Division of the IRS.

As an established tax preparation service and open all year round, we will always be around should you ever need a follow-up.

PriorTax CPA Review
PriorTax CPA Review

What does a CPA do?

CPA-specific services, however, fall into two main categories related to the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS).

All accountants, whether CPAs or not, essentially work keeping and interpreting financial records for people, companies, and institutions. This includes accounting, auditing, tax, and consulting services related to financial records.

CPAs can prepare audited or reviewed financial statements file a report of these with the SEC, a requirement for all public companies.

And more relevant for individual tax filers, CPAs are able to represent their clients in front of the IRS. Again, this is something that accountants without CPA licenses are not able to do. 

How much do PriorTax.com’s Professional Tax Review services cost?

Adding a Professional Review to your tax return package costs $59.95. This can provide the peace of mind of a tax professional on your side through this process. Without the costs more commonly seen when visiting a tax preparation company. By opting to add a Professional Review, you will be avoiding costs that are usually $150 to $200 but many times even over $400.

How much do PriorTax.com’s Online CPA Tax Services cost?

Adding a CPA Review to your tax return package costs $99.95. If you need to file prior year tax returns for multiple years you can request a CPA Review for more than one. In which case, the cost for the second year of online CPA Review service will be $89.95.

Ready to catch up and file your prior year tax return or returns? Visit PriorTax.com today to get started using our easy-to-use website and our suite of optional add ons. Including our online CPA tax services, to help you get up to date with your filing requirements. Do this with ease from the comfort of your own home or office.

About our PriorTax Professionals and CPAs

CPAs are certified, public accountants. They are public accountants who have passed the Uniform CPA Examination, a four-part exam, to qualify for their CPA certificate. In addition, to work as CPAs, they also need to fulfill their local jurisdiction’s number of years of experience requirements before they receive their license.

PriorTax in-residence CPAs must follow a strict code of professional conduct and ethics in relation to objectivity, independence, and disclosure. Independence and conflict of interest; commissions and referral fees; and fiduciary standard of care.

PriorTax CPAs also have annual continuing professional education requirements to ensure that they are up-to-date with current and best practices.