Drake Software blog for tax pros, covering tax, IRS news, and more
TIGTA Finds IRS Weaknesses in Asset Management Controls Over its IT Assets Weaknesses in asset management controls at the Internal Revenue Service (IRS) leave information technology assets vulnerable…
IRS Adjusts 2014 Tax Benefits, Rate Schedules for InflationLast week, the Social Security Administration announced the 2014 Social Security cost-of-living benefit adjustment to account for (relatively…
Fast Track Settlement Program Now Available Nationwide; Time-Saving Option Helps Small Businesses Under Audit IR-2013-88, Nov. 6, 2013 The Internal Revenue Service today announced the nationwide…
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'Amazon Tax' Invalidated by Illinois Supreme Court A two-year-old Illinois law that required all businesses to collect state sales tax on purchases made by Illinois residents – whether or not the…
IRS Contractor Employees Owe Millions in Tax Debts A report from the Treasury Inspector General for Tax Administration points out that the IRS’s own employees and contract employees are required under…
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Rutgers gets $1M for Accounting Center Three New Jersey brothers, all Rutgers alumni, contributed $1 million in honor of their father to create a center in accounting education and practice to open in…
Form 8967 Now Obsolete – Trick or Treat?We recently wrote a blog to introduce the new Form 8967, Paid Preparer’s Child Tax Credit Checklist. Much to our surprise, the IRS announced today that the…
IRS Warns of Pervasive Telephone ScamIRS YouTube Video: Tax Scams: English | Spanish | ASLWASHINGTON — The Internal Revenue Service today warned consumers about a sophisticated phone scam targeting…
PTIN System Accepting ApplicationsThe Preparer Tax Identification Number (PTIN) system is now ready to accept applications, new and renewal, for 2014.Over the next two months, roughly 690,000 federal…
IRS Wastes Billions in Bogus Claims for Earned Income Tax Credit The Internal Revenue Service paid up to $13.6 billion in bogus claims for the Earned Income Tax Credit last year and as much as $132.6…
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