Drake Software blog for tax pros, covering tax, IRS news, and more
With just a few weeks until the end of filing season, Drake Education Tax Team Lead Amanda Watson appeared on the Taxing Subjects Podcast to explain the Child Tax Credit and Other Dependent Credit. We discussed Tax Cuts and Jobs Act-related changes, due diligence requirements, and more.…
Read more about Amanda Explains the Child Tax Credit and Other Dependent Credit - E23
Abusive trusts, abusive micro-captive insurance shelters and abusive syndicated conservation easements are three variations on the same theme, using existing tax structures to extract rewards the taxpayer doesn’t qualify for.…
Read more about Dirty Dozen: These Tax Scams Leave the Taxpayer Bruised
The Internal Revenue Service has issued a warning to taxpayers and tax preparers not to use frivolous tax arguments as a basis for not paying taxes.…
Read more about Dirty Dozen: Frivolous Tax Arguments Mean Trouble
In recent years, the federal government has tried varying strategies to entice wealthy individuals and corporations to report and retrieve funds squirreled away in offshore accounts.…
Read more about Dirty Dozen: Hiding Funds Offshore is Still a Crime
The Internal Revenue Service is warning taxpayers and tax professionals against improperly claiming various business tax credits, which has become a common tax scam.…
Read more about Dirty Dozen: Avoid Improper Claims for Business Credits
Scammers posing as relief organizations are ready and willing to take your donation for disaster relief—and put it into their pockets.…
Read more about Dirty Dozen: Donate Cautiously to Disaster Relief
Let’s face it: It’s never a good idea to be anything but truthful when it comes to filling out an income tax return. It’s a warning the Internal Revenue Service is making to taxpayers and tax preparers alike.…
Read more about Dirty Dozen: Resist Temptation to Pad Deductions
The Internal Revenue Service is reminding taxpayers just to think inside the box when it comes to completing their tax returns. In other words, steer clear of any schemes that falsify income or create fake Forms 1099.…
Read more about Dirty Dozen: Bogus Income but Very Real Refunds
When someone who claims to be a tax professional tells a customer he or she can guarantee otherwise unbelievable refunds, red flags should be immediately hoisted and alarm bells rung.…
Read more about Dirty Dozen: Why It Sounds Too Good to be True
The incidence of tax-related identity theft has decreased in recent years, largely due to the hard work of the Internal Revenue Service and its Security Summit partners. However, identity theft is still serious enough to be included on this year’s “Dirty Dozen” list of scams from the IRS.…
Read more about Dirty Dozen: Identity Theft Down, But Far From Out
