Drake Software blog for tax pros, covering tax, IRS news, and more
October is just a month away, so it’s time once again for an important announcement by the Internal Revenue Service: The federal fourth quarter interest rates. Despite the seasons changing, it looks…
As more employers utilize the employee retention credit to keep their workers employed—and as the pandemic continues to be a factor in American business—the Internal Revenue Service continues to issue guidance on who qualifies for the credit and how best to apply it.…
Read more about Employee Retention Credit Gets More Guidance
Impersonating the Internal Revenue Service is big business for identity thieves. These phishing scams often combine fear of the agency with urgency (and threats), and those who fall for them can soon find their information or money stolen. That’s why the IRS this week highlighted how they communicate with taxpayers.…
A new feature just added to the IRS’ Child Tax Credit Update Portal allows users receiving the advance credit payments to change their mailing addresses.…
Read more about Change Address on Child Tax Credit Update Portal
Long-haul truckers and others who own heavy highway motor vehicles are running out of time to file their federal highway use tax return by August 31.…
The Internal Revenue Service says millions of families across the U.S. should see their advance payment of the Child Tax Credit (CTC) in their bank accounts or mailboxes any day now.…
Read more about IRS Announces August Child Tax Credit Payments Now Being Issued
New guidance from the Internal Revenue Service seeks to clear the air on the Work Opportunity Tax Credit (WOTC) for employers and gives relief to them as well.…
Read more about New Notice Includes Work Opportunity Tax Credit Relief
A new safe harbor unveiled by the Internal Revenue Service and the Treasury Department lets employers exclude some items from their gross receipts when figuring if they are eligible for the Employee Retention Credit, or ERC.…
Read more about Gross Receipts Safe Harbor Now Available for Employee Retention Credit
New guidance from the Internal Revenue Service aims to help employers better understand the employee retention credit—and how they can qualify for it.…
Read more about New Guidance Aimed at Employers Claiming Employee Retention Credit
Long-haul truckers now have an extra chore on their August to-do list, right up there with an oil change and a truck wash. It’s time to file Form 2290, Heavy Highway Vehicle Use Tax Return for Tax Year 2021.…
Read more about Truckers Reminded Highway Use Tax Due Aug. 31
