Drake Software blog for tax pros, covering tax, IRS news, and more
It was a wise man indeed who first warned us to “hope for the best, but prepare for the worst.”…
Read more about IRS Reminds Taxpayers to Prepare for Natural Disasters
Sometimes, taxpayers find themselves with a tax bill they just can’t satisfy. The taxpayer is willing to pay, but the bottom line is more than they can afford.…
Read more about IRS Reminds Taxpayers About Offer in Compromise Program
Partnerships and S corporations that will have to report “international tax matters” in 2022 can now review the new draft releases for Schedules K-2 and K-3. The IRS today announced the early release drafts, noting that instructions would follow sometime in the summer.…
Read more about New Draft Schedules K-2 and K-3 Announced by IRS
This tax season, like so many before, a lot of filers could use a little extra time to get the job done.…
Read more about These Taxpayers Don't Have to Do Anything to Get an Extension
The Internal Revenue Service has kept taxpayers’ mailboxes busy for months now, sending out notices to taxpayers about the various Economic Impact Payments that have been issued.…
Read more about Navigating Notices About Economic Impact Payments
The Internal Revenue Service has released guidance that hikes interest rates and other inflation-adjusted items due to changes driven by the American Rescue Plan Act of 2021 (ARPA).…
Read more about IRS Issues Guidance for American Rescue Plan Changes to the CTC, EITC, and APT
The early bird gets the worm.We’re taught that punctuality and working ahead leads to success. While generally holding true, there are obviously some exceptions—like when Congress passes retroactive…
Read more about IRS Announces Safe Harbor for First-Round PPP Deductions
The American Rescue Plan Act of 2021 (ARP) allows small and midsize employers—even certain governmental employers—to claim tax credits that reimburse the cost of providing paid sick and family leave related to COVID-19 to their workers.…
The Internal Revenue Service has issued guidance aimed at employers who claim the employee retention credit (ERC).…
The nation’s Taxpayer Advocate wants taxpayers to know there’s a downside to having too much of a good thing. In this case, it refers to making excessive or improper claims to qualify for a number of tax credits.…
Read more about TAS Warns of Ban for Improperly Claiming Some Credits
