As we bid farewell to another dynamic year in the tax industry and prepare for 2024, it’s only fitting we pause and reflect on the top stories and information gained over the last year.
From navigating complex financial landscapes to staying ahead in the ever-evolving tax landscape, the NATP blog has been a go-to resource for tax professionals seeking knowledge and guidance. Join us in this year-end retrospective as we unveil the top five most popular blog posts that resonated with our dedicated community of tax practitioners.
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NATP 2023 Software Survey results >>
No one ever said choosing the perfect tax preparation software was easy. You may have tried one package; you may have tried several. Over the years, you’ve learned that the must-have features for one preparer may not matter much to another.
We can all agree, however, that what’s important is having software that satisfies both your business needs and your budget. Finding the balance is key, but for many small practice owners, the increasing cost of tax software is a major concern.
Tax implications of the Silicon Valley Bank and New York’s Signature Bank collapse >>
On March 10, 2023, Silicon Valley Bank (SVB), one of the leading lenders to the tech sector, was shut down by regulators over concerns about its solvency. Then on March 12, regulators announced that New York’s Signature Bank had also collapsed.
Treasury Secretary Janet Yellen pointed to rising interest rates as the core problem for SVB. The bank invested heavily in government bonds and mortgage-backed securities when interest rates were low. As interest rates climbed, many of the bank’s assets lost market value. Signature Bank made large investments in cryptocurrency and digital assets.
Tax season 2023 tips and tricks >>
The IRS announced on Jan. 12 that it will begin accepting individual returns beginning Jan. 23, 2023, marking the official opening of this year’s tax season. Tax Day is April 18, 2023, and the deadline to file for those who requested an extension on their 2022 tax returns is Oct. 16, 2023.
How to answer client questions about recent tax data leaks >>
With the recent news of data leaks from some of the country’s best-known online tax preparation software providers, tax preparers can expect questions from their clients about what happened and what steps are being taken to protect their sensitive tax information. Preparers also must be ready to answer questions from clients who used the affected software in the past or are concerned about friends and family members who use the software.
Tax treatment of homes used for personal and rental purposes: a comprehensive guide and chart >>
There’s no going back to a world without property rental platforms like Airbnb and Vrbo. However, the complex topic of tax treatment for properties that are used for both personal and rental purposes, such as homes listed on short-term rental platforms, can be difficult to understand. This topic requires careful consideration and understanding, as it navigates the fine line between personal and business use of a property and often trips-up unwary taxpayers.
