Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service is making a pitch about the Advance Child Tax Credit payments that smacks of the spiel for sale pricing from used car dealers: “When it’s gone, it’s gone!”…
In October, we told readers about IRS relief measures that applied to some 19 Mississippi counties impacted by Hurricane Ida. That relief has now been expanded to add 63 other counties, covering the…
The Internal Revenue Service says tax professionals spoke—and the agency listened. After getting comments from tax pros, the IRS has now increased the number of transcripts a professional preparer can get on any one client.…
Read more about IRS Announces Increased Transcript Limit for Tax Pros
The Internal Revenue Service is doing a little extra to help those taxpayers who have suffered from the wildfires in California. The agency is pushing back the deadlines for filing and paying various individual tax returns to January 3.…
As the economy warms up in recovery mode, inflation starts to raise its ugly head. Everything—from baby food to new cars—costs more.…
The Internal Revenue Service is pushing out more information for taxpayers interested in the Child Tax Credit and its advance payments.…
Taxpayers contributing to a 401(k) plan for their retirement have gotten some good news from the Internal Revenue Service: they can now put more money into their plan for 2022.…
A new provision in the tax code lets more taxpayers deduct up to $600 in donations to qualified charities—even if they don’t itemize.…
Read more about Some Non-Itemizers Can Deduct Charitable Donations
Taxpayers in Connecticut are getting a little extra time to file their taxes, courtesy of Hurricane Ida and the IRS. Ida tore up coastal areas in the southern US, and went on to batter the Northeast with flooding and other damage.…
Families who have significant income changes to report for the advance Child Tax Credit payments are running out of time to pass those changes on to the Internal Revenue Service.…
