Taxpayers with foreign bank accounts who forgot to file an annual Report of Foreign Bank and Financial Accounts (FBAR) received some good news at the end of February. In Bittner v. United States, the Supreme Court ruled that the penalty for nonwillful failure to file an FBAR should be assessed on a per-report basis—capping fines at $10,000 per year, regardless of the number of accounts.…

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Filing an amended return used to mean completing a paper form, regardless of how taxpayers submitted the original return to the Internal Revenue Service. During the pandemic, paper-filed returns…

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In 2022, millions of Americans received special state-issued payments designed to provide economic relief to residents struggling with financial burdens exacerbated by issues ranging from the pandemic to natural disasters. One week after urging recipients to postpone filing their returns, the Internal Revenue Service has issued official guidance regarding the federal taxability of those payments.…

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As part of the Inflation Reduction Act of 2022, lawmakers made changes to the Clean Vehicle Credit that were meant to encourage the purchase of U.S.-made electric and fuel cell vehicles. Unfortunately, the criteria for qualifying vehicles has proven confusing for some taxpayers.…

Read more about Clean Vehicle Credit Guidance Revises Classifications

Every year, the New York State Society of CPAs surveys its membership to learn what those who prepare tax returns think about the performance of their practice management and tax preparation tools. Unsurprisingly, the authors found that the pandemic continued to cast a shadow over filing season, specifically highlighting trouble resulting from the IRS backlog.…

Read more about Drake Tax® Wins 3 Categories in Survey of New York State CPAs

As we make our way through cold and flu season, maintaining timely service while being sympathetic to clients’ health needs and preferences is crucial. Masking and social distancing can be helpful while indoors, but how do you serve clients who need to meet virtually for their own comfort?…

Read more about Tax Clients Concerned About Germs? Go Virtual with DrakePortals®

In 2022, email inboxes are inundated with phishing scams. For most people, one wrong click can result in a stolen identity or lost access to important files.…

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From initial client setup to posting transactions, professional accountants need simple, efficient software that helps address each client’s unique financial circumstance. Drake Accounting was designed from the ground up to streamline accounting workflow and provide convenient customization options.…

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In 2022, the Internal Revenue Service faced a historic backlog of unprocessed tax returns that the Department of Treasury attributed to underfunding and pandemic-related challenges.…

Read more about 2022 Tax Filing Statistics [Infographic]

Californians have been battered by torrential rains and flooding from a recent series of storms. To help victims recover, the Internal Revenue Service recently announced tax relief for federally declared disaster areas in the state.…

Read more about California Storm Victims Get Tax Relief