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On June 30, 2008, the IRS issued a temporary, proposed regulation that reduces the
extension time from six months to five months for 1065s, 1120Ss and 1041s.
Since individuals need the K-1 information from partnerships, S corporations, estates,
and trusts to complete their tax returns, the IRS is reducing the six month extension
times for these entities to five months so that individual 1040 filers have a month
to prepare their taxes.
Prior to this adjustment the extension due date for these entities and for individuals
fell on the same date, usually October 15.
This will be effective for extensions on tax returns due on or after Jan. 1, 2009.
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Effective July 1, 2008 through December 31, 2008, the new mileage rate is 58.5 cents
a mile for business miles driven, and 27 cents a mile for medical and moving miles.
Charitable mileage rate remains unchanged at 14 cents a mile.
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The Mortgage Relief Act of 2007: You may want to amend returns for last year to
take advantage of these three provisions.
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To help you build your e-filing business, the IRS offers authorized e-file providers
FREE promotional materials. The materials include such items as posters, brochures,
fliers, desktop signs and more, and explain the many benefits of e-filing. They're
a great way to help you attract and keep e-filing customers. To order the materials,
call 800.829.3676.
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Drake Software was awarded 5 Stars in the Support/Training & Help System, and Relative
Value categories in The CPA Technology Advisor's Review of Professional Tax Preparation
Systems (April/May 2007). Overall, Drake Software achieved a rating of 4.5
Stars.
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Change can be unsettling. Are you contemplating a switch to Drake Software, but
are concerned about the side effects of the change?
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Over 6,000 CPA’s respond when asked about their tax software.
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NATP surveys over 3,000 tax preparers about their software.
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