As the year winds down, tax practitioners are encouraged by more than the usual holiday cheer as they foresee both a pain-free and a profitable tax season ahead.

"It looks smoother than last year," said Alan J. Strauss, CPA, J.D., a Chestnut Ridge, N.Y.-based preparer. "There shouldn't be as many revised K-1s and 1099s. I still have one or two returns that have revised K-1s that I have to amend from last year."

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