Watch Out for Gift Card Scams
As we move into the holiday season, scammers are finalizing their plans to swindle taxpayers out of their money.…
IRS Promises Better Background Checks on Tax Pros
The Internal Revenue Service says it plans to beef up background checks on tax practitioners in the wake of an audit that found inconsistencies in how those checks were administered.…
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Changes to Deductible Expenses Explained
The Internal Revenue Service has updated its guidance that was issued for deductible business, charitable, medical, and moving expenses.…
IRS Has Tips for Tax Pros Preparing for Filing Season
The Internal Revenue Service is reminding tax professionals to get their offices in order during these slower days before filing starts.…
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401(k) Contribution Limit Edges Up for 2020
The Internal Revenue Service has released cost-of-living adjustments for tax year 2020 covering dollar limitations for pension plans and other retirement-related items.…
Tax Year 2020 Annual Inflation Adjustments Revealed by IRS
A recent Internal Revenue Service press release revealed the tax year 2020 annual inflation adjustments, which affect a number of tax items, including marginal tax rates, the Alternative Minimum Tax, the Earned Income Credit, and more.…
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It’s Time to Get Ready for Taxes
In a matter of weeks the 2020 filing season will be underway. To help ensure that taxpayers don’t get caught unprepared, the IRS is recommending everyone to act now to avoid any tax-time surprises and ensure smooth processing of 2019 tax returns.…
Tax Pros Still Have Options for CPE Credits
As we get closer to the 2020 tax season, tax pros need to complete their continuing professional education training. Luckily, the IRS and Drake Software can help with that.…
Section 6050Y Final Regulations Give More Time to Comply
Last Friday, the Internal Revenue Service announced that it has filed for publication the final regulations for section 6050Y: "Information Reporting for Certain Life Insurance Contract Transactions and Modifications to the Transfer for Valuable Consideration Rules."…
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IRS Has Financial Record Recovery Tips for Disaster Victims
The IRS this week released another disaster victim-focused tax tip, reminding taxpayers what they can do to rebuild financial records lost to a storm, flood, or some other catastrophic event.…
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