When the Bipartisan Budget Act was passed in February, some early filers needed to submit amended returns to take advantage of the retroactive tax extenders that were included in the legislation.
The IRS and tax software companies had to first make changes to software and systems to provide tax professionals with the ability to prepare and file with these extended provisions.
Knowing that their customers were anxiously awaiting these changes, Drake Software developers worked diligently to bring Drake Tax into compliance with the extenders. Today, Drake customers can prepare returns claiming any of the retroactive tax incentives.
In late February, Drake Software and the IRS quickly updated their systems to be able to process three of the most common early season credits. Since all extenders are now available, taxpayers can take advantage of these four energy-related tax incentives:
- Non-Business Energy Property Credit (Form 5695)
- Alternative Motor Vehicle Credit (Form 8910)
- Qualified Plug-in Electric Drive Motor Vehicle Credit (Form 8936)
- Qualified 2-Wheeled Plug-In Electric Drive Motor Vehicle Credit (Form 8936)
Keep checking Taxing Subjects for tax industry news and updates.