Drake Software blog for tax pros, covering tax, IRS news, and more
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
The Internal Revenue Service on Tuesday released its Fiscal Year 2019 Lapsed Appropriations Contingency Plan, a document that has been eagerly awaited ever since it started looking like the partial federal government shutdown would extend into tax season.…
Read more about IRS Publishes FY2019 Lapsed Appropriations Contingency Plan
The partial federal government shutdown is in its nineteenth day, and it seems some federal services will be unavailable for the foreseeable future.…
Read more about Government Shutdown Causes Cancellation of IRS Public Hearing
Late yesterday afternoon, the Internal Revenue Service issued a press release revealing that January 28 will officially kick off the 2019 filing season.…
