Drake Software blog for tax pros, covering tax, IRS news, and more
October is National Work and Family Month, and to celebrate, the IRS is issuing informative tips on the work-life balance. Topics include family businesses, family tax credits, military tax benefits, scams and security issues.…
The IRS this week reminded taxpayers that the filing deadline for those with a tax extension is Tuesday, October 15, 2019. Generally, taxpayers who request an extension are given an extra six months to file their tax return with the IRS.…
American farmers and ranchers forced to sell livestock due to drought have been given some tax relief by the IRS. The measures give qualified taxpayers an extra year to replace livestock and defer tax on gains from the forced sales.…
Read more about Farmers Get More Time for Drought Relief Measures
An audit into the IRS electric plug-in car credit has found that ineligible vehicles have been able to get the credit, costing the agency nearly $74 million.…
Read more about Audit Finds Ineligible Vehicles Still Get Electric Car Credit
The IRS has released draft forms for revised versions of Form 1065, Form 1120-S and Schedule K-1 for tax year 2019. The Internal Revenue Service says the changes aim to improve “quality of the information reported by partnerships, both to the IRS and the partners of such entities.”…
Read more about IRS Releases Drafts of Revised Forms 1065, 1120-S, and K-1
The Internal Revenue Service on Friday announced that it is ending the Form W-2 Verification Code pilot program.…
Taxpayers interested in taking the section 199A qualified business income deduction (QBI) for their rental property will be happy to learn that the IRS announced a finalized safe harbor rule this week.…
Read more about Safe Harbor Clarifies QBI Deduction for Some Rental Properties
While current weather patterns point to an active hurricane season, the IRS wants taxpayers to know that disaster assistance and tax relief measures are in place should a natural disaster strike.…
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
