Drake Software blog for tax pros, covering tax, IRS news, and more
New guidance from the Internal Revenue Service tries to clear up questions some transportation companies may have about pandemic-related federal grants.…
Read more about New Guidance Makes Road Ahead Clearer for Transportation Firms
For self-employed taxpayers and household employers, it’s time, as they say, to pay the piper. The CARES Act—also known as the Coronavirus Aid, Relief and Economic Security Act—gave these specific taxpayers permission to defer paying certain Social Security taxes for tax year 2020.…
New guidance from the Internal Revenue Service and the Treasury Department is aimed at keeping the lights on at renewable energy projects delayed by the COVID-19 pandemic.…
Read more about New Guidance Lights Up Renewable Energy Projects
Monthly Advance Child Tax Credit payments are set to begin in two weeks. While it’s too late to change the bank account that will receive the July 15 payment, qualifying taxpayers can now use a tool on IRS.gov to update their information before the August payment is issued.…
Read more about Update Bank Info for Advance Child Tax Credit Payments on IRS.gov
Taxpayers who aren’t required to file a federal income tax return don’t need to file to get advance payments of the Child Tax Credit. They will, however, have to register with the IRS if they haven’t filed a return lately.…
Read more about Registration Might Be Required for Advance Child Tax Credit Payments
The latest publication from the Internal Revenue Service is getting all the sendup worthy of a new best-seller. The Data Book for 2020 recounts the agency’s effort to deal with tax season during the time of the coronavirus.…
Read more about 2020 Data Book Spotlights IRS’ Work During Pandemic
The Internal Revenue Service has unveiled a pair of new tools to help families manage and monitor advance monthly payments of the Child Tax Credit, made possible by the American Rescue Plan.…
Read more about New Online Tools Help Families Manage Monthly CTC Payments
Most times, businesses pay their employees for the work they do, and set aside a portion of those wages to in turn, pay Uncle Sam. But what if the business has to pay someone who isn’t technically an employee?…
Read more about IRS Reminds Businesses About Nonemployee Compensation and Backup Withholding
The American Rescue Plan, or ARP, excluded up to $10,200 in unemployment compensation from each taxpayer’s taxable income. But some people filed their returns and paid taxes on the full amount of their unemployment benefits before the ARP became law, so the IRS is working to send those taxpayers a refund.…
Read more about Refunds Could Be Issued for Overpayment of Tax on Unemployment
The IRS announced that it is now also offering online tax information in Spanish, Chinese (simplified and traditional), Korean, Russian, Vietnamese, Haitian-Creole, and more.…
