The Internal Revenue Service is increasing the interest rates it can charge taxpayers for under- or overpayments, starting July 1. This follows the trend of interest rates for consumer loans and other financial transactions.…
![How Did Your 2022 Filing Season Go? [Infographic]](/media/3042/how-did-your-2022-filing-season-go-infographic.png?anchor=center&mode=crop&width=1024&height=576&rnd=132974445690000000)
More than 5,700 tax professionals responded to Drake Software’s fourth annual How Did Your Filing Go? Survey. This group of attorneys, CPAs, EAs, and preparers were asked about a number of issues from the 2022 filing season, including…
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It’s a tight job market out there, and many employers are struggling to recruit and retain qualified employees to maintain operations. While tax pros can't provide employees for their clients' businesses, they can explain tax benefits like the Work Opportunity Tax Credit (WOTC). This credit is designed to reward employers who hire long-term unemployment recipients or those who face employment challenges.…
As localized natural disasters continue to wreak havoc on a more global scale, it seems Mother Nature is finding new and frightening ways to disrupt our daily lives. From hurricanes and floods to droughts and forest fires, it’s no wonder we must think about how these “outdoor” occurrences might affect “indoor” living. May observes National Hurricane Preparedness Week in preparation for hurricane season, June 1 through November 30. Surviving these storms isn’t always about just physical survival, but one’s economic survival as well.…
With the deadline for filing individual tax returns come and gone, tax professionals everywhere are enjoying well-earned downtime. However, taking a little time with business-return clients to get a jump on planning for next filing season could bring unexpected savings. Now is the perfect opportunity to help your business-return clients qualify for deductions—some common and some expiring.…
It's National Small Business Week, and this year's theme is “Building a Better America Through Entrepreneurship.” Fittingly, the Internal Revenue Service is observing the occasion by providing free, tax-related resources to entrepreneurs entering the big world of small business.…
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Choosing tax-preparation software is a critical part of your pre-filing season checklist. Whether you renew or switch providers, the ritual rarely changes: purchase your software, review new features, and train staff. But did you know that you might not have to pay up front?…
Taxpayers may not be aware, but they have rights when it comes to working with the Internal Revenue Service. The Taxpayer Bill of Rights lists 10 fundamental tax-related rights, ranging from the right to be informed to the right to a fair and just tax system.…
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The Internal Revenue Service says the 2022 Nationwide Tax Forum will kick off July 19, with the classes and online festivities going for more than five weeks.…
Now that the filing season for personal income tax returns has closed, tax professionals everywhere can take a much-deserved breather.…
