Drake Software blog for tax pros, covering tax, IRS news, and more
Let’s face it: The COVID-19 pandemic has wreaked havoc for millions of American families. Above and beyond the human toll is the damage done to family finances as people try to keep their heads above the rising floodwaters of unexpected medical costs, job losses, and business closures.…
Read more about COVID and Retirement Funds: Options and Strategies
For some time now, Internal Revenue Service Commissioner Chuck Retting has been declaring 2021 as the year his agency transforms the user experience of the American taxpayer.…
Read more about IRS Creates New Position: Chief Taxpayer Experience Officer
Small and midsize companies have been particularly hard hit over the past year by COVID-19. And while those employers been stretched to their limits by paying out large sums for sick leave and family leave due to the pandemic, some help is available.…
Read more about Employers Can Get Tax Credits for Providing Required COVID-19 Paid Leave
The Department of Labor reported a staggering 75.9 million initial unemployment insurance benefits claims from January 5, 2020 to January 2, 2021. The number of weekly claims spiked in March, underscoring the devastating financial impact of the COVID-19 pandemic and creating millions of first-time unemployment recipients who might not realize that those benefits are taxable.…
Read more about Unemployment Recipients May Not Know Their Benefits Are Taxable
No matter what strategy taxpayers use to get their income taxes filed, gathering critical documents now can help make this tax season headache-free.…
Read more about A Little Preparation Now Means Smooth Tax Filing Later
The Internal Revenue Service closed out the week by reminding taxpayers that receiving a tax refund by direct deposit is faster and more flexible than traditional paper checks, even for those who do not currently have a bank account.…
Read more about IRS Recommends Direct Deposit for Fast and Flexible Tax Refunds
The Internal Revenue Service has issued a notice that seeks to expand relief for funds and investors affected by the COVID-19 pandemic.…
Read more about IRS Notice Extends Relief for Qualified Opportunity Funds and Investors
A recently released notice allows employers who elected to defer certain employees’ taxes to withhold and pay those deferred taxes throughout 2021 - instead of just the first four months of the year.…
Read more about Employers Can Withhold, Make Payments of Deferred Social Security Taxes from 2020
Tax professionals across the country endured a unique set of challenges during filing season in 2020. Normally, preparers worry about things like last-minute changes in tax law, seasonal staff, and procrastinating clients, but a once-in-a-century deadly pandemic added state-mandated social distancing protocols, office PPE supplies, telework, and Economic Impact Payments to an already long list.…
The Internal Revenue Service has set Friday, Feb. 12, 2021, as the start of the nation’s tax season. That’s the day the agency will begin accepting and processing 2020 tax year returns.…
