Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service currently suffers from both the animosity many citizens bear toward the government’s collection agency and a series of political, legal, constitutional, and public…
If you have certain kinds of debt, including federal and state back taxes, child support, and student loans, then the Bureau of the Fiscal Service (BFS) – part of the Department of Treasury – can use…
Business leaders in the finance and accounting industries are taking a cautious view of their expectations for profit, revenue, and expansion in the coming year. That’s the major finding of the first…
One of the most critical errors in managing a tax preparation firm is failure to properly insure the business against losses and lawsuits. There are a number of reasons why tax preparers might…
Read more about Essential Business Insurance for Tax Preparation Firms
April 15 is just around the corner, but there is still time to make sure clients have submitted the proper forms to secure the credits they are due. The IRS recently published a tax tip checklist to…
This week, the IRS began sending letters to tax return preparers who have violated PTIN rules, targeting two groups in particular. Preparers who receive Letter 4732 filed tax returns using their…
The Centers for Medicare & Medicaid Services (CMS) recently published a blog discussing reissued Forms 1095-A by the Treasury. In February, Forms 1095-A containing inaccurate information were sent to…
Read more about Relief for Recipients of Inaccurate Forms 1095-A
In a matter of weeks, the 2015 tax season will be over. The federal individual and most state returns will be filed by mid-April (the exceptions are Hawaii, which has a filing deadline of April 20;…
BBC News reported yesterday that by 2020 the UK will replace physical, mailed tax returns with online accounts. Government-issued logins will allow taxpayers to submit tax details all year long, and…
Given recent reports of ID theft-related tax fraud, it's no wonder that some taxpayers are wary after receiving what appears to be a letter from the IRS requesting personal information. You might have…
