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