Drake Software blog for tax pros, covering tax, IRS news, and more
Let’s face it: higher education is expensive, whether it’s community college, a trade school, a four-year university or an advanced degree. That’s where higher education tax credits come in.…
Read more about What Taxpayers Need to Know About Higher Education Credits
The Internal Revenue Service has long allowed educators to deduct part of the cost of supplies and other expenses from their taxes. The total deduction allowed may not sound like much, but educators all over the U.S. have come to depend on this tax break for a little relief.…
The Internal Revenue Service is continuing to move individual income tax features into the digital age. The agency’s latest move gives taxpayers digital control over who can represent them or view their tax records.…
Read more about New Tax Pro Account, Other Services Launch on IRS.gov
New guidance from the Internal Revenue Service attempts to shine a little light on multiemployer qualified retirement plans that got financial help from the Pension Benefit Guaranty Corporation (PBGC), while explaining what that assistance means for participants and beneficiaries.…
Read more about Multiemployer Retirement Plans Get IRS Guidance for PBGC Assistance
After a dismal winter made darker by the COVID-19 pandemic, millions of American families are getting a little sunnier disposition thanks to advance payments of the Child Tax Credit.…
Read more about Taxpayers Now Receiving the Advance Child Tax Credit Payments
The IRS is reporting a rise in successful scams targeting tax professionals. This news comes on the heels of a second filing season defined by the pandemic: Preparers and taxpayers again relied on digital communication and file exchange, and legislators passed legislation providing advance payments to qualifying Americans.…
Read more about Security Summit Announces 2021 Awareness Campaign
Every year, the Electronic Tax Administration Advisory Committee (ETAAC) sends a report to Congress that includes recommendations for improving tax administration.…
Read more about ETAAC Report Recommends Better IRS Funding, Improving the "Taxpayer Experience"
The Internal Revenue Service is welcoming the newest member of its Spanish-language features into the clan. The Child Tax Credit Eligibility Assistant that helps families determine if they qualify for the Child Tax Credit and its special advance payments is now available in Spanish.…
Read more about IRS Announces Spanish-Language Child Tax Credit Assistant Tool
Time is quickly running out to register for the 2021 IRS Virtual Nationwide Tax Forum. To fully register for all the events—including access to all 30 webinars and IRS Commissioner Chuck Rettig’s keynote address—registration must be completed by Tuesday, July 13.…
Read more about Last Call to Register for the Full Virtual Tax Forum
The IRS Tax Withholding Estimator on IRS.gov does just what it says: help taxpayers determine whether their employer is withholding enough tax or if they need to fill out a new Form W-4.…
