Drake Software blog for tax pros, covering tax, IRS news, and more
The IRS recently released information about early retirement distributions that could prove useful to tax preparers, covering additional taxes on early withdrawals, nontaxable withdrawals, check…
Read more about IRS Tax Tips: Key Points to Know About Early Retirement Distributions
WASHINGTON — The Internal Revenue Service recommended and the Department of Treasury approved the selection of 29 new members to serve on the nationwide Taxpayer Advocacy Panel (TAP). The TAP is a…
Read more about IRS Press Release: Taxpayer Advocacy Panel Members Selected
WASHINGTON — The Internal Revenue Service warned return preparers and other tax professionals to be on guard against bogus emails making the rounds seeking updated personal or professional information…
WASHINGTON – Senate Finance Committee Chairman Orrin Hatch (R-Utah) penned a letter pressing the Centers for Medicare and Medicaid Services (CMS) for information on an opt-out provision crafted to…
Read more about Press Release: Hatch Presses CMS on Opt-Out for Insurers on Federal Exchanges
WASHINGTON — Almost 40 million tax refunds worth nearly $125 billion have been issued as of Feb. 20, according to Internal Revenue Service statistics released yesterday. The average refund is…
If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income and your income for the year is more than certain…
Read more about IRS Press Release: How to Determine if the Net Investment Income Tax Applies to You
WASHINGTON — The Internal Revenue Service says more taxpayers are visiting its Web site this year to get tax help and information.According to the IRS, the number of visitors to IRS.gov is up almost…
Read more about Press Release: More Taxpayers Using IRS.gov in 2015
If a taxpayer is enrolled in a policy with a person not in the taxpayer’s tax family (a shared policy), the taxpayer may have to allocate the items on Form 1095-A (the enrollment premium, the premium…
Read more about ACA Basics – Did the Taxpayer Share a Marketplace Policy?
Even if you’ve never paid the Alternative Minimum Tax, before, you should not ignore this tax. Your taxes may have changed so that this may be the year that you need to pay AMT. You may have to pay…
Read more about Press Release: What You Should Know about the AMT
WASHINGTON — The Internal Revenue Service reports that using abusive tax shelters and structures to avoid paying taxes continues to be a problem and remains on its annual list of tax scams known as…
