Drake Software blog for tax pros, covering tax, IRS news, and more
The IRS is expanding the Identity Protection Personal Identification Number (IP PIN) pilot program, so taxpayers in seven additional states will be able to add an extra layer of security to their federal tax return.…
The Internal Revenue Service is reminding the nation’s tax professionals that, by the end of 2019, the IRS’ Cincinnati Tax Processing Center will be closed.…
Read more about Cincinnati Tax Processing Center to Be Closed
In 2017 the IRS embarked on a familiar quest: to collect outstanding taxes from delinquent taxpayers. Some members of Congress thought private industry could succeed where the IRS had fallen short previously, and inserted language into a highway funding bill that mandated the IRS use private debt collection firms to recover the back taxes.…
Read more about Private Debt Collectors Recovered Just 2 Percent of Owed Taxes
As we get into the 2019 income tax filing season, an audit of the previous filing season has good news and bad news for the Internal Revenue Service.…
Read more about TIGTA Finds Successes and Shortfalls in IRS 2018 Filing Season
A lot has been said and written about the tax reform legislation that went into effect in 2017. Termed the Tax Cuts and Jobs Act, the new law made some big changes to the tax code aimed at helping business. But despite the press attention, the law’s bottom line for business isn’t always easy to predict.…
Read more about IRS Adds Tax Reform Resources for Businesses on its Website
The president announced he would sign a stopgap spending bill reopening the government until February 15, and given the shutdown had stretched into 35 days—the longest in US history—it raised a question about Tax Court: when will it reopen?…
The IRS is in the middle of its EITC Awareness Day outreach campaign, partnering with members of the tax industry to spread the word about the Earned Income Tax Credit, which IRS Commissioner Chuck Rettig says can be extremely helpful for qualifying taxpayers.…
Monday is the official start of filing season, but there are still some tax professionals looking to get a professional tax preparation package. Keeping that in mind, we invited Drake Software…
Read more about Amanda and Christine on What's New in Drake Tax - EP20
The Internal Revenue Service released a notice and final regulations clarifying a number of issues, including whether rental property would be considered eligible for QBI.…
Read more about IRS Clarifies Whether Rental Real Estate Qualifies for QBI
The IRS announced it would waive the penalty for insufficient estimated tax payments and withholding.…
Read more about IRS Has Good News for Taxpayers Who Under-Withheld
