Drake Software blog for tax pros, covering tax, IRS news, and more
Much has been made recently of the Child Tax Credit. And what’s not to like? This refundable credit could be worth thousands of dollars in refund and recent legislation allows advance payments to qualified taxpayers.…
The Internal Revenue Service is instituting a user fee for estates seeking an estate tax closing letter. At the same time, however, the agency is reminding estates there’s another path that avoids the fee altogether.…
Farmers and ranchers hard-hit by drought in parts of the U.S. have gotten a little help from the Internal Revenue Service.…
Taxpayers now know the private firms that could come calling to collect tax debt after September 23, 2021. This latest announcement from the Internal Revenue Service marks the fifth year the agency has used private debt collectors for overdue taxes.…
Read more about IRS Announces Contracts with Debt Collectors
The American job market is a changing landscape these days. A year ago, the big push was to retain workers in the midst of the COVID-19 pandemic. Now the need is to find new workers to staff a growing economy.…
Read more about Work Opportunity Credit Helps to Counter Hiring Crunch
Recent changes in the tax regulations to help ease the burdens of the pandemic could lead to lower tax bills at filing time for some Americans. The new benefits allow taxpayers who do not itemize to take advantage of donations to charity—at least for a while.…
The Drake Software Tax Year 2021 Desk Reference Guide includes information that tax pros need to get ready for filing season. From a preseason checklist and due diligence requirements to standard deduction information and MACRS recovery periods.…
This time of year, filing our income taxes may not top the other concerns of the day. Fall weather, school days and football all tend to take center stage.…
To help compensate for a shortage of diesel fuel in the wake of Hurricane Ida in Louisiana, the Internal Revenue Service has extended its relief measures basically allowing dyed diesel fuel to be temporarily sold and used for highway purposes.…
Choose wisely; that’s the message from the Internal Revenue Service to business owners when it comes to deciding whether people who provide services to the company are employees or independent contractors.…
