Drake Software blog for tax pros, covering tax, IRS news, and more
Last week, the IRS released the final regulations for Qualified Opportunity Zones, which received additional proposed regulations earlier in the year.…
Read more about The Final Regulations for Opportunity Zones Are Here
Taxpayers who don’t pay enough tax during the tax year frequently get a nasty surprise when it comes time to do their returns, in the form of a larger-than-expected tax bill.…
Read more about IRS Wants Taxpayers to Avoid “Tax-Time Surprises”
The IRS recently published “Certain Employee Remuneration in Excess of $1,000,000 Under Internal Revenue Code Section 162(m).”If any of your clients are officers in a corporation, last week’s IRS…
Read more about Corporate Compensation Deduction Gets Proposed Regulations
The Internal Revenue Service has come up with a new online tool that’s designed to help employers—especially those in small business—easily determine the correct amount of income tax to withhold from workers’ pay.…
Read more about New Downloadable Tool Helps Small Business with Employee Withholding
Jim Lowe, EA, joined us on the Taxing Subjects Podcast to discuss the “How Do Your Tax Prep Fees Stack Up?” infographic.…
The Internal Revenue Service is reminding tax-exempt organizations that recent changes in the law now require them to file information returns and other forms electronically.…
Read more about Tax Exempt Organizations Now Required to File Electronically
Whistleblowers who provided information to the Internal Revenue Service may soon have an easier time collecting their reward.…
Read more about IRS and TTB Improving Whistleblower Claims Process
An annual report from the Internal Revenue Service credits cutting-edge data analytics and “good, old-fashioned police work” for achieving a 91% conviction rate on cases probed by the IRS Criminal Investigations division.…
Read more about IRS Says 91% of Criminal Investigation Cases Get a Conviction
The Internal Revenue Service has announced that the final regulations have been issued on the revamped Foreign Tax Credit, which was modified as a result of tax reform in 2017.…
Read more about Final Regulations Issued for Revamped Foreign Tax Credit
As we move into the holiday season, scammers are finalizing their plans to swindle taxpayers out of their money.…
