Drake Software blog for tax pros, covering tax, IRS news, and more
Last week, draft copies of the new Form 1040 that is also rumored to be a replacement for the 1040A and 1040EZ began circulating. By the end of the week, the IRS confirmed several rumors when it issued a press release outlining the pending changes in broad terms.…
Read more about IRS Says New 1040 to use “Building Block Approach”
While tax professionals across the country are aware that tax year 2018 is when the majority of the Tax Cuts and Jobs Act changes take effect, they may not be entirely certain what those changes…
Read more about CPA LaDonna Keener on C Corporation Changes - EP12
While Treasury Secretary Mnuchin teased the imminent release of the administration’s newly resurrected promise of a postcard-sized Form 1040 last Thursday, a leak seems to have stolen some of his thunder. Namely, it’s rumored that the new Form 1040 is expected to also replace the 1040A and 1040EZ.…
Read more about Postcard-Sized Form 1040 Rumored to Replace 1040A and 1040EZ
Taxpayers of Puerto Rico, the U.S. Virgin Islands or American Samoa who were affected by last year’s hurricanes or tropical storms are reminded they face a deadline to file their 2017 federal income tax returns—and pay any tax due.…
Read more about Hurricane Victims Who Moved Face Filing Deadline
Look for big changes in the look of Form 1040. The tax code behind it, however, won’t be all that different.According to a published report in Accounting Today, Treasury Department officials plan to…
The Internal Revenue Service is reminding tax professionals that they don’t have much longer to attend the IRS Nationwide Tax Forum event held in Atlanta, GA on July 10-12.…
Read more about Don’t Miss the Deadline for the IRS Tax Forum in Atlanta
More than 2 million Individual Taxpayer Identification Numbers (ITINs) are due to expire by the end of this year, and the Internal Revenue Service is urging taxpayers to apply for renewal.The…
Read more about IRS Warns Millions of ITINs to Expire This Year
A review by the Taxpayer Advocacy Service has found that private debt collection agencies working on the IRS’ behalf may be forcing many taxpayers into payment plans they cannot afford.Accounting…
Read more about Survey Finds IRS Collections Target Low-Income Taxpayers
Trade groups are asking Congress to make some tweaks to last year’s Tax Cuts and Jobs Act that provided tax cuts to individuals and businesses. Critics of the legislation asserted it was drafted in…
The tax legislation pushed through Congress at the end of 2017 wiped out some deductions for individuals and changed some others, particularly those relating to moving, mileage and travel.Here’s a…
Read more about New Tax Law Changed Allowable Expense Deductions
