Drake Software blog for tax pros, covering tax, IRS news, and more
Choosing software for the upcoming filing season is only one part of the equation. Knowing how to use it is the difference between success and failure when you’re in the middle of the January-to-April crunch.…
Read more about Lori and Jenny Talk Drake Accounting Classes - E29
An organization that tracks charitable giving in the U.S. says it appears the new tax reform measures were a factor in decreasing donations to America’s charities.…
Read more about Charitable Giving Down in Wake of Tax Reform
The Internal Revenue Service has issued its final regulations that require taxpayers to reduce charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return.…
The Internal Revenue Service and the Treasury Department have issued their legal guidance on certain deductions to cooperatives and their patrons.…
The April filing deadline is long gone, but that doesn’t stop scammers from attempting to swindle American taxpayers out of their hard-earned money.…
A new audit shows large-scale businesses are largely drawing a pass if they under-report their income. The examination revealed that few accuracy-related penalties are proposed by IRS examiners in large-business examinations, and if they are, those penalties are generally not upheld on appeal.…
Read more about Large Businesses Often Escape Accuracy Penalty
Some of your clients may have found a tax bill when they opened their mailbox this morning. That’s because the Internal Revenue Service began sending CP14 and CP501 Notices to taxpayers who still owe tax for TY 2018.…
We invited Jim Lowe, EA to the Taxing Subjects Podcast studio to discuss how his filing season went. This episode coincides with the “How Did Your Filing Season Go?” survey that we sent to more than 5,000 tax professionals around the country.…
Read more about Jim Lowe, EA Discusses the 2019 Filing Season – E28
This filing season was the first to feature almost all changes from to the Tax Cuts and Jobs Act—not to mention the new Form 1040 and Schedules 1 through 6. To learn whether these changes had a significant impact on tax professionals, Taxing Subjects surveyed more than 5,000 preparers.…
Read more about “How Did Your Filing Season Go?” Survey Results
The Internal Revenue Service has unveiled a revised Form W-4, issuing a draft of the form for 2020. The changes, they say, will make accurate withholding choices easier for employees.…
