Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service is reminding tax professionals to get their offices in order during these slower days before filing starts.…
Read more about IRS Has Tips for Tax Pros Preparing for Filing Season
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.…
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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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.…
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.…
The IRS reports that criminals perpetrating tax-related identity theft scams are taking a new approach with one of their greatest hits: the Social Security Number scam.…
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."…
Read more about Section 6050Y Final Regulations Give More Time to Comply
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.…
Read more about IRS Has Financial Record Recovery Tips for Disaster Victims
The IRS is launching the second annual International Charity Fraud Awareness Week, which runs through Oct. 25.…
Read more about It’s International Charity Fraud Awareness Week
Taxpayers whose outstanding tax bill has been referred to a private debt collector have a new way to pay, according to a recent IRS press release.…
Read more about IRS Announces New Way to Pay Tax Bills That Have Gone to Private Collections
