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

Tax Bills are in the Mail

Tax Bills are in the Mail

Some of your clients may have found a tax bill when they opened their mailbox this morning. That’s because the Internal Revenue Service began sending CP14 and CP501 Notices to taxpayers who still owe tax for TY 2018.…

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IRS Revamps Form W-4

IRS Revamps Form W-4

The Internal Revenue Service has unveiled a revised Form W-4, issuing a draft of the form for 2020. The changes, they say, will make accurate withholding choices easier for employees.…

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Home Office Deduction Can Help Small Businesses

Home Office Deduction Can Help Small Businesses

It’s no secret that running a successful small business isn’t easy. The Internal Revenue Service reminds small-business owners that they may qualify for a home office deduction that can help their bottom line and give them one less thing to worry about.…

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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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