Drake Software blog for tax pros, covering tax, IRS news, and more
Americans who don’t normally file a tax return now have more time to apply for an Economic Impact Payment (EIP). The Internal Revenue Service this week announced that the deadline for non-filers to send EIP-qualifying information has been extended to November 21, 2020.…
Cybersecurity pioneer and crypto promoter John McAfee can now add another title to his job description: defendant.…
As we’ve mentioned before, the Internal Revenue Service has been fighting abusive tax shelters that use syndicated conservation easements as their main vehicle. More details have now been released on how their prosecution may unfold.…
Read more about IRS Gives Details on Syndicated Conservation Easement Settlements
Achieving a Better Life Experience (ABLE) accounts now have final regulations from the Internal Revenue Service. Published last Thursday, this is the latest in a series of recently published final regulations that address changes to programs and rules affected by the 2017 Tax Cuts and Jobs Act.…
Read more about IRS Announces ABLE Account Final Regulations
The Internal Revenue Service closed out September by announcing the publication of final regulations for the business-related entertainment deductions that were removed from section 274 by the Tax Cuts and Jobs Act.…
Read more about Final Regulations for Business Meals and Entertainment Deductions Now Available
Final regulations for the default rate of individual income withholding for certain periodic retirement and annuity payments that are made in 2021 are now available.…
Taxpayers affected by Hurricane Sally have been given tax relief by the Internal Revenue Service. They now have until Jan. 15, 2021 to file various individual and business returns and make payment of tax due.…
The pandemic has affected everything in American life, even National Small Business Week. This year, the Internal Revenue Service spent all three days of the event highlighting online resources that can help small businesses dealing with coronavirus-related difficulties.…
Read more about IRS Spotlights Online Tax Resources for Small Business Week
The American Institute of CPAs is adding its voice to others calling for an expansion of the Paycheck Protection Program (PPP) and seeks to extend the program’s lifespan.…
Read more about AICPA Renews Call for PPP Extension and Expansion
American agriculture is in the grip of a major drought, with many farmers and ranchers forced to sell off major portions of their herds to avoid starvation.…
Read more about Drought-Stricken Farmers, Ranchers Get Tax Relief from IRS
