Drake Software blog for tax pros, covering tax, IRS news, and more
The most common form of EITC noncompliance is the improper claiming of a qualifying child. The error occurs when the taxpayers claim a child who does not meet the age, relationship, or residency requirements.…
At 9:00 am ET on Thursday, February 16th, we will re-enable Mef for the vast majority of our federal returns. IRS has indicated that their issue has been resolved and their backlog has been cleared.…
No matter what the dilemma, business owners sometimes feel they’re against a wall. The key is to make the best of what you have. Like the saying goes - when life hands you lemons, make lemonade.…
On December 20th the IRS announced that a due diligence checklist, Form 8867, will now be required to be filed with any federal return that claims the Earned Income Tax Credit (EITC). This decision will be enacted as of January 1, 2012, and all will affect returns filed after that date that claim the EITC.…
The CPA Practice Advisor has announced their 2012 Readers’ Choice Awards and Drake Software has taken the lead, once again.…
The new year brings promise of great things ahead. People everywhere are making resolutions, looking forward to what the new year may bring, and developing plans to help them reach their goals.…
Currently, the IRS follows a “look back” model of compliance. With this method, the IRS compares third-party information it receives with that submitted on a tax return, often after the return has already been accepted.…
Read more about IRS Welcomes Feedback Concerning New Real-Time Tax System
The countdown has begun. The end of the year is quickly approaching and many business owners are concerned about their tax returns. So, they’re looking to their tax preparers for tax planning tips to help them avoid any financial penalties. Here are a few things to consider when meeting with small business owners:…
Veteran’s Day, a time to step back and remember our service men and women. Whether during a time of war or peace, they deserve a hearty thank you for their service, and commitment to protect our freedom. Thank you to those who have served, are currently serving, and the fallen heroes. We appreciate all you do to support and protect our great nation.…
The IRS believes a new regulation will help ensure the correct credit is given to taxpayers who qualify and has issued a proposition that will require paid tax preparers to file Form 8867 with any federal return claiming the EITC.…
Read more about Proposed Due Diligence Checklist Requirement
