Drake Software blog for tax pros, covering tax, IRS news, and more
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.”…
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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.…
The Internal Revenue Service is warning taxpayers they risk losing their passports if “significant” tax debt is not paid.…
Read more about Taxpayers with Significant Tax Debt Could Lose Passports
Ever had one of those days at work where things just didn’t seem quite right?…
