Drake Software blog for tax pros, covering tax, IRS news, and more
Millions of families have been receiving monthly advance payments of the Child Tax Credit. Provided by the American Rescue Plan that was passed earlier this year, these payments have been going to eligible households since July.…
Everyone likes more choices nowadays, and the Internal Revenue Service is set to deliver. They’re serving up a batch of new self-study seminars for tax professionals.…
Taxpayers with foreign bank or financial accounts are being reminded that time is running out to file the yearly report of their holdings.…
Much has been made recently of the Child Tax Credit. And what’s not to like? This refundable credit could be worth thousands of dollars in refund and recent legislation allows advance payments to qualified taxpayers.…
The Internal Revenue Service is instituting a user fee for estates seeking an estate tax closing letter. At the same time, however, the agency is reminding estates there’s another path that avoids the fee altogether.…
Farmers and ranchers hard-hit by drought in parts of the U.S. have gotten a little help from the Internal Revenue Service.…
Taxpayers now know the private firms that could come calling to collect tax debt after September 23, 2021. This latest announcement from the Internal Revenue Service marks the fifth year the agency has used private debt collectors for overdue taxes.…
Read more about IRS Announces Contracts with Debt Collectors
The American job market is a changing landscape these days. A year ago, the big push was to retain workers in the midst of the COVID-19 pandemic. Now the need is to find new workers to staff a growing economy.…
Read more about Work Opportunity Credit Helps to Counter Hiring Crunch
Recent changes in the tax regulations to help ease the burdens of the pandemic could lead to lower tax bills at filing time for some Americans. The new benefits allow taxpayers who do not itemize to take advantage of donations to charity—at least for a while.…
This time of year, filing our income taxes may not top the other concerns of the day. Fall weather, school days and football all tend to take center stage.…
