Drake Software blog for tax pros, covering tax, IRS news, and more
The Treasury Department and the Internal Revenue Service have issued their proposed regulations updating the federal income tax withholding rules, bringing them in line with the changes made by the Tax Cuts and Jobs Act.…
The Internal Revenue Service recently announced that tax relief has once again been expanded for earthquake victims in Puerto Rico.…
Read more about More Qualify for Earthquake-Related Tax Relief in Puerto Rico
The new Identity Theft Central page on IRS.gov is the latest tool the Internal Revenue Service has developed to stop identity thieves in their tracks.…
Read more about Identity Theft Central Built to Combat Phishing Scams
New research has found that the latest version of the U.S. estate tax fails in its job to tax large estates in an efficient and equitable manner, allowing the wealthiest estates to pass to heirs with an effective tax rate of just 2%.…
Read more about Research Finds Inheritance a Major Windfall for the Very Wealthy
The Internal Revenue Service wants more taxpayers to know about the Earned Income Tax Credit, which is why the agency has coordinated the annual EITC Awareness Day event for more than a decade.…
Read more about IRS Celebrates 14th Annual EITC Awareness Day
This week, the Internal Revenue Service reminded affected businesses and taxpayers that the deadlines for several backup withholding forms were looming.…
Read more about IRS to Businesses: Don’t Forget Backup Withholding Deadlines!
The Internal Revenue Service says a little pre-planning can help gig economy workers be ready when it’s time to file their taxes.…
Read more about Gig Economy Income Can Affect a Taxpayer’s Bottom Line
An audit by the Treasury Inspector General for Tax Administration (TIGTA) has found that nearly 10,000 new tax-exempt organizations failed to follow federal law to notify the IRS of their formation.…
Read more about Thousands of New Non-Profits Not Following Federal Law
In the two previous posts, we took a look at some of the assessments the IRS leadership made about 2019 and how the agency responded. In this edition, we’ll look forward.…
Read more about IRS Annual Report: Six Goals and a Look Ahead
Tax clients who had their student loans forgiven have even more cause for celebration this week.…
Read more about New Revenue Procedure Extends Discharged Loan Relief
