Drake Software blog for tax pros, covering tax, IRS news, and more
The tax industry partners who make up the Security Summit are urging practitioners to take a page out of the medical books in order to keep their computer systems healthy: to cure an infection, you first have to know your patient is sick.…
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
The Security Summit is this week broadening the scope of its 2021 “Protect Your Clients; Protect Yourself” campaign to include the different types of phishing scams that taxpayers may see in the coming months. This immediately follows the Summit highlighting recent unemployment compensation scams.…
Read more about Security Summit Shines Light on Phishing Scams
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
The third installment of the Security Summit’s 2021 “Protect Yourself; Protect Your Client” campaign highlights recent scams targeting unemployment compensation. As part of a five-week focus on identity theft prevention, the Summit is once again asking tax professionals to help spread the word to clients.…
Read more about Security Summit Warns of Scams Targeting Unemployment Compensation
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
Some IRS forms are considered “file and forget” documents, meaning once filed they normally don’t require any additional attention. The Internal Revenue Service, though, is reminding that the application for an Employer Identification Number (EIN) isn’t one of them.…
Read more about IRS: Update EIN Responsible Party Information
The Internal Revenue Service has updated its guidance on expanded paid sick and family leave tax credits available to employers who provide the leave to their workers.…
Read more about COVID Paid Leave Credit Clarified for Employers
