Drake Software blog for tax pros, covering tax, IRS news, and more
The Treasury Inspector General for Tax Administration (TIGTA) released a report on October 4 that found the IRS needs to do a better job when investigating section 501(c)(4) organizations suspected of engaging in “impermissible political activity.”…
Read more about TIGTA Audit Finds IRS Needs to Improve 501(c)(4) Examinations
To help tax return preparers get ready for the first filing season featuring the majority of the changes brought about by the Tax Cuts and Jobs Act, Drake Software has issued its updated annual desk reference guide.…
The Internal Revenue Service has scheduled three national webinars giving tax professionals an overview of the tax reform changes they’ll face in the coming 2019 tax season.…
The “Future State” initiative debuted in 2014 and featured an online portal that allowed taxpayers to communicate with the IRS and to deal with their taxes online.…
Read more about IRS Future State Shifted to Part of Five-Year Plan
According to NOAA, we are well into the worst part of hurricane season—a fact punctuated by two significant storms making landfall less than one month apart. While emergency workers brave treacherous conditions to restore shattered communities, other state and federal agencies help the recovery effort in other ways.…
Read more about Tax Relief Coming for Taxpayers Affected by Hurricane Michael
The Taxing Subjects Podcast sat down with two tax analysts from Drake Software to discuss the new Section 199A qualified business income (QBI) deduction that will affect some pass-through entities this filing season.…
Read more about Bob Nolan, CPA EA and Olena Romanchuk, CPA on QBI - EP18
While too much rain due to tropical storms and hurricanes has been the big news in the eastern U.S. recently, out west, the problem has been not enough rain. Many farmers and ranchers have had to sell off their herds of livestock because of the dry conditions.…
Read more about More Time to Replace Livestock due to Drought
While the Tax Cuts and Jobs Act removed the deduction for entertainment that many businesses enjoyed in years past, the IRS announced Notice 2018-76, which outlines when business owners can deduct half of the price tag for business meals.…
A revamped tax transcript is now available for individual taxpayers and tax professionals. The IRS previously announced the improvements to the transcript design, which is aimed at making the product more secure.…
The Inspector General for Tax Administration (TIGTA) has found that the numerous changes put forth in the tax cut legislation pose a risk of delaying the 2019 filing season.…
Read more about Tax Changes Pose Risk of Delayed Tax Season, Study Finds
