Drake Software blog for tax pros, covering tax, IRS news, and more
Guidance issued by the Internal Revenue Service shows tax reform legislation that took effect in 2018 pushes the caps on contributions to higher levels in 2019.…
Read more about Tax Reform Expands Retirement Contribution Limits
A study by the Government Accountability Office shows that whistleblowers may not be getting the reward money they’re entitled to after alerting the IRS to illegal foreign bank accounts.…
Read more about GAO Finds IRS May be Shortchanging Whistleblowers
The Internal Revenue Service says it is expanding the role of one of its advisory committees, by combining it with two other advisory panels.…
In a recent Tax Tip, the IRS reminded taxpayers that the Tax Cuts and Jobs Act (TCJA) lowered the backup withholding rate for 2018 to 24 percent.…
Residents of eight Wisconsin counties who fell victim to recent severe weather events there have been granted tax relief measures by the IRS.…
Five members of a criminal ring that posed as IRS agents to extort money from taxpayers have been sentenced to federal prison. Their sentences ranged from over 11 years to nearly 4 years.…
Read more about IRS Impersonators Sentenced to Federal Prison Terms
Now that the 2018 tax season is officially over, it’s time for tax professionals to renew their Preparer Tax Identification Number, or PTIN. All current PTINs will expire on Dec. 31.…
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.…
