Drake Software blog for tax pros, covering tax, IRS news, and more
The humble phishing scam is one of the oldest grifts in the Digital Age. Despite their age, these scams remain remarkably effective. Part of that success is derived from constant evolution, and the…
The Joint Board for the Enrollment of Actuaries is providing enrolled actuaries with some relief when it comes to picking up their continuing professional education (CPE) credits.…
Read more about “Physical Presence” CPE Rule Temporarily Waived for Enrolled Actuaries
A new notice from the Internal Revenue Service gives companies that make and sell sport fishing or archery equipment more time to pay their quarterly excise taxes.…
Read more about IRS Gives Extra Line to Sport Fishing, Archery Equipment Companies
The Internal Revenue Service in recent years has made many advancements in the online service sector, installing helpful applications to aid individual taxpayers. But a new audit shows that if an unauthorized user manages to get into the system, many times the applications are unable to show investigators where those intruders went.…
Read more about TIGTA Says Most IRS Apps Unable to Track Unauthorized Users
Businesses are a favorite target of identity thieves. Reports often cover the theft of customer financial information, like credit cards, debit cards, and bank accounts.…
The Internal Revenue Service is changing the guard in its Criminal Investigation (CI) division. James Lee, the current deputy chief of the division and a 25-year IRS veteran, will take the reins from retiring Chief Don Fort.…
Read more about James Lee to Lead IRS Criminal Investigations
The Internal Revenue Service has good news for taxpayers restoring historic buildings. Last week, the agency announced that they have granted additional time to qualify for the Rehabilitation Tax Credit to mitigate logistical issues arising from the coronavirus pandemic.…
Read more about Taxpayers Get More Time to Qualify for Rehabilitation Tax Credit
Taxpayers can dip into Coronavirus Aid, Relief, and Economic Security Act-specified retirement accounts without suffering a penalty, according to an Internal Revenue Service press release published yesterday. This reminder comes just days after the $600 unemployment benefits included in that legislation expired.…
Read more about CARES Act Allows Penalty-Free Withdrawals from Some Retirement Plans
The Tax Cuts and Jobs Act (TCJA) of 2017 famously adjusted the income tax brackets and lowered the corporate tax rate to 21 percent, but the sweeping legislation contained a host of tax-related changes.…
The Internal Revenue Service has issued new guidance to reconcile advance payments of refundable employment tax credits and recapture the benefit of those credits when needed.…
Read more about IRS Issues Guidance on Recapturing Excess Employment Tax Credits
