Drake Software blog for tax pros, covering tax, IRS news, and more
The CARES Act removes an ACA limitation on using FSA, HSA, and HRA funds to pay for over-the-counter medication.…
Read more about Can I Buy OTC Medication with FSA, HSA, and HRA Funds?
Accounting Today highlights a number of recurring client mistakes.…
The IRS announced that today’s “Economic Impact Payment Discussion” webinar has been postponed.…
The Internal Revenue Service yesterday published a release outlining tax-relief measures that the agency is taking for individuals and businesses whose tax residency could be affected by coronavirus-related travel restrictions.…
Read more about IRS Outlines Tax Relief for Individual, Business Travel Disrupted by COVID-19
A recent audit is pointing up the need for additional attention from the IRS on just how taxes are collected from an emerging sector of the economy: the marijuana industry.…
Read more about What will Keep Marijuana Taxes from Going up in Smoke?
Social Security Administration (SSA) and Railroad Retirement Board (RRB) beneficiaries with dependents need to report that information to the IRS before April 22 at noon to receive $500 for each qualifying child at the same time as their $1,200 EIP.…
Read more about EIP Alert: April 22 Deadline for SSA and RRB Beneficiaries with Dependents
The Internal Revenue Service announced that the Centralized Authorization File (CAF) service will be unavailable “until further notice" due to the coronavirus epidemic.…
The Federal Register from Thursday, April 16 included proposed rulemaking that would reduce the cost of applying for and renewing a Paid Tax Identification Number from $33 with a $17 third-party fee to $21 with a $14.95 third-party fee.…
The Economic Impact Payment (EIP) program designed to ease the shock of halted employment during the coronavirus-related isolation period could experience some unexpected loopholes.…
Read more about Six States Could Tax Economic Impact Payments
We were impressed by how straightforward the entire process is.…
