Drake Software blog for tax pros, covering tax, IRS news, and more
Some of your clients may have found a tax bill when they opened their mailbox this morning. That’s because the Internal Revenue Service began sending CP14 and CP501 Notices to taxpayers who still owe tax for TY 2018.…
The Internal Revenue Service has unveiled a revised Form W-4, issuing a draft of the form for 2020. The changes, they say, will make accurate withholding choices easier for employees.…
It’s no secret that running a successful small business isn’t easy. The Internal Revenue Service reminds small-business owners that they may qualify for a home office deduction that can help their bottom line and give them one less thing to worry about.…
Read more about Home Office Deduction Can Help Small Businesses
Tax professionals interested in learning more about the Section 199A qualified business income (QBI) deduction can attend a webinar hosted by the IRS tomorrow afternoon.…
May is National Historic Preservation Month, and plenty of organizations around the U.S. are promoting historic buildings and other important heritage sites around the country.…
The Internal Revenue Service says it has corrected a calculation error in its 2018 Schedule D Tax Worksheet. The worksheet should have taxed capital gains at a lesser rate, as mandated by the new tax reform package, the Tax Cuts and Jobs Act, passed in 2017.…
The Internal Revenue Service has issued its final regulations updating fees for enrolled agents and enrolled retirement plan agents.…
Last week may have been National Small Business Week, but the IRS also reminded taxpayers that it was Hurricane Preparedness Week. To help taxpayers who might get caught in a natural disaster, the agency issued a series of tips to help them develop an emergency plan and preserve important documents.…
Read more about Hurricane Preparedness Week Advice from the IRS
The IRS celebrated National Small Business Week by issuing reminders and resources for the nation’s entrepreneurs. The agency closed out the week with credits and deductions that can help qualifying small businesses. And, as the IRS notes, reducing tax liability can mean healthier profit margins.…
Read more about IRS Closes National Small Business Week with Credits, Deductions
As part of National Small Business Week, the Internal Revenue Service is highlighting changes in depreciation and expensing rules for businesses.…
Read more about IRS Spotlights Depreciation, Expensing for Small Business
