Drake Software blog for tax pros, covering tax, IRS news, and more

Taxes and Historic Buildings

Taxes and Historic Buildings

May is National Historic Preservation Month, and plenty of organizations around the U.S. are promoting historic buildings and other important heritage sites around the country.…

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IRS Fixes Error in Schedule D Worksheet

IRS Fixes Error in Schedule D Worksheet

The Internal Revenue Service says it has corrected a calculation error in its 2018 Schedule D Tax Worksheet. The worksheet should have taxed capital gains at a lesser rate, as mandated by the new tax reform package, the Tax Cuts and Jobs Act, passed in 2017.…

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Hurricane Preparedness Week Advice from the IRS

Hurricane Preparedness Week Advice from the IRS

Last week may have been National Small Business Week, but the IRS also reminded taxpayers that it was Hurricane Preparedness Week. To help taxpayers who might get caught in a natural disaster, the agency issued a series of tips to help them develop an emergency plan and preserve important documents.…

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IRS Tightens EIN Regulation

IRS Tightens EIN Regulation

The Internal Revenue Service says getting a tax ID number for a business is going to be a little tougher after May 13. After that date, the IRS will require the taxpayer listed as the “responsible party” on the EIN application to have a Social Security number (SSN) or an individual taxpayer identification number (ITIN) in order to receive an Employer Identification Number (EIN) from the IRS.…

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It's Small Business Week at the IRS

It's Small Business Week at the IRS

It’s National Small Business Week at the Internal Revenue Service! All this week the IRS will be emphasizing the many online resources it has available for small business owners and self-employed individuals.…

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