Drake Software blog for tax pros, covering tax, IRS news, and more
The latest meeting of the IRS’ Security Summit working group has grabbed a lot of headlines recently. Among the news is that income tax preparers will be expected to secure the taxpayer data under…
Read more about Stepping Up Tax Preparer Security: What Does it Mean?
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
An audit by the Treasury Inspector General for Tax Administration says the Internal Revenue Service isn’t assessing its volunteer income tax preparers as it should.The Volunteer program provides…
Read more about Audit Finds IRS Not Adequately Checking Volunteer Tax Preparer Program
The IRS yesterday issued a reminder to taxpayers who receive premium tax credit (PTC) advance payments, noting that some circumstance changes could result in the household owing additional money next…
Read more about IRS: PTC Payment Recipients Should Report Changes in Income or Family Size
The tax preparation community has joined forces with state tax agencies and the Internal Revenue Service to warn tax preparers that they are the newest targets of identity thieves and other…
Read more about Tax Preparers, States Join IRS in Warning of Data Theft Risk
We’ve come a long way in the fight against identity theft, but we can’t let up now.That was the bottom line from IRS Commissioner John Koskinen to the IRS Security Summit members June 28 in…
Read more about Expect Security Standards for Tax Preparers Next Season: Koskinen
On June 28, private- and public-sector tax administration leaders met to review what had been accomplished in 2016 and plan for next year, concluding that the Security Summit's past efforts reduced…
Read more about IRS Says Security Summit Yields Positive Results
