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

Audit Finds FATCA Enforcement Failed

Audit Finds FATCA Enforcement Failed

The Internal Revenue Service has spent millions of dollars trying to get taxpayers located in foreign countries to report their holdings for tax purposes. A new federal audit, however, finds the IRS has fallen short in the effort.…

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LTPA on How to Help Multi-Cultural Clients – EP13

LTPA on How to Help Multi-Cultural Clients – EP13

In this episode, Drake Software Vice President John Sapp and I are joined by two representatives from the Latino Tax Professionals Association to discuss issues facing multi-cultural clients: President and CEO of Lopez Tax Service and LTPA Executive Director, Carlos Lopez, EA, and LTPA Vice President of Business Development, Tony Martinez, EA.…

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IRS Now Accepting ITIN Renewals

IRS Now Accepting ITIN Renewals

ITINs that haven’t been used at least once in three consecutive years or contain middle digits 73, 74, 75, 76, 77, 81, or 82 will expire on December 31, 2018—unless, of course, affected ITIN holders renew before the end of the year.…

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So You Got a Letter from the IRS

So You Got a Letter from the IRS

At a time when phishing scams have consistently been in the news, it’s understandable that taxpayers would be cautious about responding to letters from “the IRS.” Luckily, the IRS has suggestions for…

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Postcard-Sized Form 1040 Rumored to Replace 1040A and 1040EZ

Postcard-Sized Form 1040 Rumored to Replace 1040A and 1040EZ

While Treasury Secretary Mnuchin teased the imminent release of the administration’s newly resurrected promise of a postcard-sized Form 1040 last Thursday, a leak seems to have stolen some of his thunder. Namely, it’s rumored that the new Form 1040 is expected to also replace the 1040A and 1040EZ.…

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