Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service wants taxpayers to know it has revised some of the frequently asked questions (FAQs) surrounding the Recovery Rebate Credit for a second time.The newly updated information…
Read more about 2020 Recovery Rebate Credit FAQs Updated Again
For millions of American taxpayers, all that stands between them and a big tax bill when they file are estimated tax payments.…
Read more about IRS Issues Reminder for Q1 Estimated Tax Payment Deadline
Those who own or control financial or bank accounts that are in a foreign country have some reporting to do, and soon. They have to file an annual Report of Foreign Bank and Financial Accounts—also known as the FBAR—on or before April 15.…
Now that the Internal Revenue Service has mailed Letters 6475 to all the taxpayers who got third-round Economic Impact Payments (EIPs), there’s only one door left open to those who didn’t get the full…
The Internal Revenue Service is going the extra mile to ensure taxpayers have the newest information on the third-round Economic Impact Payment.…
Read more about IRS Updates FAQs on Third-Round Economic Impact Payments
The Internal Revenue Service has issued a new set of frequently asked questions (FAQs) covering the unemployment compensation exclusion for the 2020 tax year.…
Read more about IRS Updates FAQs on 2020 Unemployment Compensation Exclusion
The Internal Revenue Service is cautioning taxpayers with virtual currency not to skip over a small, but vitally important, part of their Form 1040 this year.…
Read more about IRS Issues Virtual Currency Transactions Reminder
It’s often said that computer security is everyone’s business, and now that’s truer than ever. With cybercriminals hatching scams and schemes at every turn, everyone—from taxpayers to tax professionals—has to stay on their guard to secure their computers, tablets, and phones against these cybercrooks.…
The Internal Revenue Service continues to ensure its forms, letters, and other publications are available to the widest number of taxpayers. The agency is now providing many forms and publications not only in Spanish, but in Braille, text, audio, and large print for Spanish speakers.…
Read more about More IRS Content Now Available in Spanish and Other Formats
The Internal Revenue Service is relying on technology to help it keep up with its growing need for taxpayer support.…
