Drake Software blog for tax pros, covering tax, IRS news, and more

IRS Fixes Error in Schedule D Worksheet

IRS Fixes Error in Schedule D Worksheet

The Internal Revenue Service says it has corrected a calculation error in its 2018 Schedule D Tax Worksheet. The worksheet should have taxed capital gains at a lesser rate, as mandated by the new tax reform package, the Tax Cuts and Jobs Act, passed in 2017.…

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Sara Explains GruntWorx - E27

Sara Explains GruntWorx - E27

Filing season may be in the rear view, but tax professionals still have to deal with extension returns and finish preparing for next season. Some may already have started looking at CPE opportunities…

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Hurricane Preparedness Week Advice from the IRS

Hurricane Preparedness Week Advice from the IRS

Last week may have been National Small Business Week, but the IRS also reminded taxpayers that it was Hurricane Preparedness Week. To help taxpayers who might get caught in a natural disaster, the agency issued a series of tips to help them develop an emergency plan and preserve important documents.…

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IRS Tightens EIN Regulation

IRS Tightens EIN Regulation

The Internal Revenue Service says getting a tax ID number for a business is going to be a little tougher after May 13. After that date, the IRS will require the taxpayer listed as the “responsible party” on the EIN application to have a Social Security number (SSN) or an individual taxpayer identification number (ITIN) in order to receive an Employer Identification Number (EIN) from the IRS.…

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2019 Filing Season Statistics

2019 Filing Season Statistics

In the 2019 Filing Season Statistics infographic, Drake Software breaks down some of the key takeaways, like the total number of returns filed, how many returns were filed by tax professionals, and more.…

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