Drake Software blog for tax pros, covering tax, IRS news, and more
A government audit says that allowing taxpayers to electronically correct their returns is more than just good customer service—it’s good business.…
Read more about Expansion of E-file Self-Correction Could Cut Taxpayer Hassle and Costs
The Internal Revenue Service has issued Revenue Ruling 2021-01, which lays out the prescribed rates for various income tax purposes.…
Read more about Guidance Released for Some Debt Instruments Issued for Property
The Internal Revenue Service has issued Notice 2020-86, addressing certain parts of the SECURE Act that affect safe harbor plans—including safe harbor 401(k) plans and some 403(b) plans.…
Read more about New IRS Guidance Eases Burdens on Certain Safe Harbor Plans
Final regulations have been issued on the deduction for qualified transportation fringe and commuting expense.…
The tax-filing season will be upon us before we know it, so the Internal Revenue Service is urging taxpayers to take actions now to help ensure they can file timely and accurate returns in 2021.…
Read more about What’s New, What to Consider When Filing in 2021
While it seems our world is on the edge of big changes for the coming year, the IRS is keeping some things status-quo for now. The Internal Revenue Service says interest rates will be the same for the calendar quarter that starts Jan. 1, 2021.…
Read more about Interest Rates the Same for 2021’s First Quarter
The Internal Revenue Service is giving employers a friendly nudge to remind them that their Forms W-2 and other wage statements have to be filed by Feb. 1, 2021, to avoid penalties.…
Read more about 2021 Deadline for W-2s Closer Than You Think
The Internal Revenue Service and the Treasury Department have issued their final regulations on section 1031 like-kind exchanges. The regulations clarify the definition of real property under section 1031, while providing a rule governing the receipt of personal property incidental to real property in a like-kind exchange.…
Read more about Final Regulations Clarify Section 1031 Like-Kind Exchanges
The Internal Revenue Service is pairing up with a Virginia research firm in an effort to improve the agency’s procurement operations.…
Read more about IRS Teams with Research Firm to Smooth Procurement Process
The Internal Revenue Service Advisory Council, also known as IRSAC, has come out with its annual report for 2020. The 195-page report includes recommendations to the IRS on new and continuing issues in tax administration.…
Read more about IRS Advisory Council Issues 2020 Annual Report
