Remember your first day as a freshman in high school?

Nervous.

Don’t know what to expect.

Don’t want to get shoved inside your locker.

That’s what most tax preparers were feeling last year as the impact of the Tax Cuts and Jobs Act hit home during Tax Season.

This year, though, most preparers are walking into tax season like BMOCs. Remember that acronym? Big Man On Campus? Anyone? Bueller?

Having a year under your belt and knowing what to expect makes all the difference leading into this year’s Tax Season. However, there are a few things that are new this year that you should note if you are a tax preparer.

According to this article by Accounting Today, you should know that there’s:

• A new W-4 with which to familiarize yourself.
• A system of allowances for dependents that has changed and no longer works based on allowances.
• A new requirement for PTIN renewals. They must have a data and security plan to protect client information.
• A qualified income deduction for business owners that is a hot topic.
• Change to the K-1 forms.

These are just a few of the items that you will want to familiarize yourself with before you get in the thick of the season.

How are you preparing for the upcoming season? Did you participate in any of our CPE classes to help with the upcoming season?

More Tax Season resources There are a ton of resources out there that might make your Busy Season a little less busy. Among them are these:

• MACPA podcast: Preparing for Tax Season 2020
• MACPA podcast: State tax answers from Comptroller Peter Franchot
• MACPA tax resources
• AICPA tax resources