Drake Software blog for tax pros, covering tax, IRS news, and more
The president announced he would sign a stopgap spending bill reopening the government until February 15, and given the shutdown had stretched into 35 days—the longest in US history—it raised a question about Tax Court: when will it reopen?…
The IRS is in the middle of its EITC Awareness Day outreach campaign, partnering with members of the tax industry to spread the word about the Earned Income Tax Credit, which IRS Commissioner Chuck Rettig says can be extremely helpful for qualifying taxpayers.…
The Internal Revenue Service released a notice and final regulations clarifying a number of issues, including whether rental property would be considered eligible for QBI.…
Read more about IRS Clarifies Whether Rental Real Estate Qualifies for QBI
The IRS announced it would waive the penalty for insufficient estimated tax payments and withholding.…
Read more about IRS Has Good News for Taxpayers Who Under-Withheld
The Internal Revenue Service on Tuesday released its Fiscal Year 2019 Lapsed Appropriations Contingency Plan, a document that has been eagerly awaited ever since it started looking like the partial federal government shutdown would extend into tax season.…
Read more about IRS Publishes FY2019 Lapsed Appropriations Contingency Plan
The partial federal government shutdown is in its nineteenth day, and it seems some federal services will be unavailable for the foreseeable future.…
Read more about Government Shutdown Causes Cancellation of IRS Public Hearing
Late yesterday afternoon, the Internal Revenue Service issued a press release revealing that January 28 will officially kick off the 2019 filing season.…
Our friends at the Latino Tax Professionals Association recently published an article outlining specific services that will and will not be available should the government shutdown continue.…
Read more about Here's What the Government Shutdown Means for the IRS and for Taxpayers
February 4, 2019 will mark the end of the Internal Revenue Service faxing tax transcripts to individuals and tax professionals. According to the IRS Newswire, tax industry feedback helped contribute to the decision to stop the practice.…
Read more about IRS Will Not Fax Tax Transcripts after February
On Wednesday, the Department of Health and Human Services released a statement about a Texas court ruling that found the Affordable Care Act is unconstitutional following the elimination of the individual mandate for having health insurance.…
Read more about The Department of Health and Human Services Issues Statement about ACA Court Ruling
