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

Large Businesses Often Escape Accuracy Penalty

Large Businesses Often Escape Accuracy Penalty

A new audit shows large-scale businesses are largely drawing a pass if they under-report their income. The examination revealed that few accuracy-related penalties are proposed by IRS examiners in large-business examinations, and if they are, those penalties are generally not upheld on appeal.…

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Tax Bills are in the Mail

Tax Bills are in the Mail

Some of your clients may have found a tax bill when they opened their mailbox this morning. That’s because the Internal Revenue Service began sending CP14 and CP501 Notices to taxpayers who still owe tax for TY 2018.…

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“How Did Your Filing Season Go?” Survey Results

“How Did Your Filing Season Go?” Survey Results

This filing season was the first to feature almost all changes from to the Tax Cuts and Jobs Act—not to mention the new Form 1040 and Schedules 1 through 6. To learn whether these changes had a significant impact on tax professionals, Taxing Subjects surveyed more than 5,000 preparers.…

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IRS Revamps Form W-4

IRS Revamps Form W-4

The Internal Revenue Service has unveiled a revised Form W-4, issuing a draft of the form for 2020. The changes, they say, will make accurate withholding choices easier for employees.…

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Home Office Deduction Can Help Small Businesses

Home Office Deduction Can Help Small Businesses

It’s no secret that running a successful small business isn’t easy. The Internal Revenue Service reminds small-business owners that they may qualify for a home office deduction that can help their bottom line and give them one less thing to worry about.…

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Taxes and Historic Buildings

Taxes and Historic Buildings

May is National Historic Preservation Month, and plenty of organizations around the U.S. are promoting historic buildings and other important heritage sites around the country.…

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