Drake Software blog for tax pros, covering tax, IRS news, and more
The Senate Finance Committee last week announced the publication of a report by its Health Tax Policy Taskforce, which was assigned with looking at the impact of expiring health-related tax extenders.…
Read more about Finance Committee Unveils Another Tax Extenders Taskforce Summary
The Internal Revenue Service is offering a limited-time settlement for certain taxpayers under audit who took part in an abusive micro-captive insurance scheme. By participating, qualified taxpayers can escape tax evasion charges, but must pay back tax owed plus penalties.…
Read more about IRS Offers Settlement for Micro-Captive Insurance Schemes
The IRS last Friday announced the publication of final and proposed regulations for the 100-percent depreciation deduction. The agency said that this would finalize and expand upon proposed regulations from last August.…
Read more about IRS Publishes Section 168(k) Depreciation Regulations
The Internal Revenue Service says it has new procedures in place that can help certain expatriated American taxpayers come into compliance with their U.S. tax obligations and get relief for back taxes.…
According to the IRS, self-employed taxpayers should use the Tax Withholding Estimator when they perform their next “paycheck checkup.”…
Read more about IRS to Self-Employed Taxpayers: Use the Tax Withholding Estimator
A new audit from the Treasury Inspector General for Tax Administration (TIGTA) finds that IRS identity theft investigations by the Criminal Investigations unit declined by 75% between 2013 and 2017.…
Read more about IRS Identity Theft Investigations Down 75 Percent Since 2012
The IRS last Friday announced that it would be waiving the penalty for using red-dyed diesel in highway vehicles. The press release came while Floridians prepared for the possibility that Hurricane Dorian would make landfall.…
Time is running out for taxpayers who need to renew an expiring ITIN before next filing season.…
For some taxpayers paying estimated taxes who have filed their 2018 tax returns there’s a little bit of bad news—and some good news.The bad news is they failed to claim the special waiver that would…
Read more about IRS Waives Estimated Tax Penalty for Eligible 2018 Filers
A reworked version of Form W-4 has been released by the IRS and the Treasury Department for the 2020 tax year.…
