Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service has set the optional standard mileage rates for 2020. These rates are used to figure the deductible costs of operating a vehicle for business, charitable, medical or moving purposes.…
IRS Commissioner Chuck Rettig promises that the Internal Revenue Service will continue to go after those involved in “aggressive syndicated easement transactions.”…
Read more about IRS Promises to Go After “Aggressive Syndicated Easement Transactions”
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
