Drake Software blog for tax pros, covering tax, IRS news, and more
Before the ink dried on the latest COVID-relief legislation, tax pros and small business owners alike had questions about the Paycheck Protection Program Flexibility Act. Despite being designed to expand access to the PPP loan, the bill included a change that seemed to eliminate partial loan forgiveness.…
While the pandemic has led the IRS to temporarily allow its employees to accept e-signatures on documents related to examination and collection of tax liabilities, AICPA believes the IRS should expand e-signature relief and make it permanent.…
Read more about AICPA Seeks Permanent Guidance on e-Signatures
If any of your clients are one of the 4 million filers set to receive their Economic Impact Payment as a Visa prepaid debit card, they may be interested in one of the latest Internal Revenue Service press releases.…
Read more about IRS Has Answers for Taxpayers Getting EIP Cards
Individual taxpayers and corporations have some extra breathing room for paying their 2020 estimated taxes. The IRS reminds individuals and corporations alike that the estimated tax payments normally due on April 15 and June 15 have been pushed back to July 15, without penalty.…
Read more about Estimated Tax Deadlines Pushed Back to July 15
The American Institute of CPAs (AICPA) is encouraging small businesses to apply for Paycheck Protection Program (PPP) loans ahead of the June 30th deadline.…
Read more about PPP Loans for Small Businesses Boosted by AICPA
The Internal Revenue Service is temporarily allowing taxpayers who participate in certain retirement plans—or their beneficiaries—to make participant elections electronically.…
Read more about Retirement Plan Participants Can Now Sign Elections Remotely
The Internal Revenue Service recently announced more than two dozen upcoming webinars that will replace the in-person IRS Nationwide Tax Forum events.…
Read more about What Did Tax Pros Say About Virtual Tax Forums?
This audit looked specifically at whether the IRS is effectively addressing high-income nonfilers and if the agency’s new nonfiler strategy includes wealthy nonfilers.…
Read more about TIGTA Finds Lapse in High-Income Nonfiler Audits
The Internal Revenue Service and the Treasury Department have issued proposed regulations to help businesses navigate new carbon capture credits.…
Read more about IRS Unveils Proposed Regulations for Carbon Capture Credits
If you would prefer to electronically file the stack of Forms 1040-X sitting on your desk, the Internal Revenue Service has some good news.…
Read more about IRS Announces E-File Support for Form 1040-X
