Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service has set Friday, Feb. 12, 2021, as the start of the nation’s tax season. That’s the day the agency will begin accepting and processing 2020 tax year returns.…
The Internal Revenue Service is reminding taxpayers that today—January 15, 2021—is the deadline for making a tax year 2020 fourth quarter estimated tax payment. The goal of the press release is to prevent taxpayers who did not pay enough tax throughout 2020 from owing tax or a penalty during filing season.…
Read more about Today is the Deadline for Making a TY 2020 Fourth Quarter Estimated Tax Payment
The Internal Revenue Service submitted the Taxpayer First Act Report to Congressional leaders this week. As the name suggests, this 253-page document is required by the 2019 Taxpayer First Act—and it’s an essential step in determining how the IRS will improve the service provided to taxpayers.…
Read more about IRS Report Recommends Improvements for the "Taxpayer Experience"
The Internal Revenue Service is expanding just who is eligible for an Identity Protection PIN. In fact, the IRS has thrown open the gates and now says any taxpayer who can verify their identity can now get an IP PIN.…
Read more about All Taxpayers Now Eligible for Identity Protection PINs
It’s a busy time for the Treasury Department and the Internal Revenue Service. They’re sending out some 8 million second-round Economic Impact Payments (EIPs) by prepaid debit card.…
Read more about Treasury Issuing Millions of EIPs by Debit Card in Second Round
The Internal Revenue Service this afternoon announced it was working with the tax and financial industry to redirect Economic Impact Payments that were direct deposited in closed, inactive, or “unfamiliar” bank accounts.…
Read more about IRS, Tax Industry Working to Redirect Some EIP Direct Deposits
The Internal Revenue Service has eased the cost of participation in the Paycheck Protection Program (PPP) by allowing deductions for the payment of eligible expenses.…
Ask most people what they thought of 2020, and the response is likely to be something like, “disastrous,” “catastrophic” — even “unprecedented.”…
Read more about Annual Report Finds IRS Rose to Challenges of an “Unprecedented” Year
The Internal Revenue Service is reminding tax professionals and taxpayers that employers need to file Form W-2 and other wage statements by Feb. 1, 2021.…
Read more about IRS Reminds Employers of February Wage Statement Deadline
The second set of Economic Impact Payments are already showing up in eligible Americans’ bank accounts, but some may encounter problems with their direct payment. Rather than picking up the phone, the Internal Revenue Service today advised taxpayers to instead visit the IRS website for answers since “IRS phone assistors do not have additional information beyond what’s on IRS.gov.”…
