Drake Software blog for tax pros, covering tax, IRS news, and more
An audit into the IRS electric plug-in car credit has found that ineligible vehicles have been able to get the credit, costing the agency nearly $74 million.…
Read more about Audit Finds Ineligible Vehicles Still Get Electric Car Credit
The IRS has released draft forms for revised versions of Form 1065, Form 1120-S and Schedule K-1 for tax year 2019. The Internal Revenue Service says the changes aim to improve “quality of the information reported by partnerships, both to the IRS and the partners of such entities.”…
Read more about IRS Releases Drafts of Revised Forms 1065, 1120-S, and K-1
The Internal Revenue Service on Friday announced that it is ending the Form W-2 Verification Code pilot program.…
We asked Drake Software Vice President of Internal Operations Jami Gibson back to the Taxing Subjects Podcast studio to discuss the Security Six, data security plans, the signs of data theft, and more.…
Read more about Jami Gibson on Taxes-Security-Together Checklist – E33
Taxpayers interested in taking the section 199A qualified business income deduction (QBI) for their rental property will be happy to learn that the IRS announced a finalized safe harbor rule this week.…
Read more about Safe Harbor Clarifies QBI Deduction for Some Rental Properties
While current weather patterns point to an active hurricane season, the IRS wants taxpayers to know that disaster assistance and tax relief measures are in place should a natural disaster strike.…
The Senate Finance Committee last week announced the publication of a report by its Health Tax Policy Taskforce, which was assigned with looking at the impact of expiring health-related tax extenders.…
Read more about Finance Committee Unveils Another Tax Extenders Taskforce Summary
The Internal Revenue Service is offering a limited-time settlement for certain taxpayers under audit who took part in an abusive micro-captive insurance scheme. By participating, qualified taxpayers can escape tax evasion charges, but must pay back tax owed plus penalties.…
Read more about IRS Offers Settlement for Micro-Captive Insurance Schemes
The IRS last Friday announced the publication of final and proposed regulations for the 100-percent depreciation deduction. The agency said that this would finalize and expand upon proposed regulations from last August.…
Read more about IRS Publishes Section 168(k) Depreciation Regulations
The Taxpayer Advocate Service recently released the Taxpayer Roadmap 2019, a visual representation of the tax return filing process.…
Read more about Amanda on the Taxpayer Advocate Service Roadmap – E32
