Drake Software blog for tax pros, covering tax, IRS news, and more
It won’t be long until it’s Back-to-School time in many states – and that could mean a sales tax holiday for many shoppers. At least 17 states will have some sort of sales tax holiday period this…
Read more about Analysis Claims Sales Tax Holidays May Not Deliver What They Promise
If your clients bought health care coverage through the Health Insurance Marketplace for this year, they may have chosen to have advance payments of the premium tax credit paid directly to the…
Read more about Tweaking Your Clients’ Advance Premium Tax Credit Payments
Members of the U.S. Armed Forces deserve the thanks of the nation for their service, and one small way we can show our thanks is by giving those who serve a small measure of tax relief.In some cases,…
Drake Software surveyed more than 8,500 tax professionals in April to determine what they thought about regulation of the tax industry. This infographic breaks down those responses according to…
Read more about Tax Preparer Regulation Survey - Responses by Credential
The Internal Revenue Service has gone to court to face Facebook to cooperate with its investigation into the transfer of assets to an Irish subsidiary. The probe, first detailed on CNN Money, is…
Read more about Facebook Under IRS Scrutiny for Questionable Transfer of Assets to Ireland
The Massachusetts State Senate is looking at a bill that would install a tax on rooms rented through AirBnB to help the state pay for an increase in its Earned Income Credit.According to MassLive, the…
Read more about Massachusetts Senate Considers AirBnB Tax to Help Finance Earned Income Credit
When we change jobs, we normally lose access to the buildings and electronics we may have used for our former employer. However, a new audit report from the Treasury Inspector General for Tax…
What is a Trade or Business?Simply put, a trade or business must satisfy the need to make a profit. If you don’t plan to make a profit, then this is not a business, it is a hobby. The reason for…
Read more about Business or Pleasure: Determining if Your Hobby is Considered a Trade
The IRS Future State Plan features prominently in the first volume of yesterday’s Fiscal Year 2017 Objectives Report to Congress from National Taxpayer Advocate Nina Olson. Three subjects of the…
The Government Accountability Office (GAO) has issued a report that says IRS measures still fall short when it comes to protecting the personal information of taxpayers. While the 50-page report…
Read more about GAO Finds IRS Should Do More to Protect Taxpayer Information
