Drake Software blog for tax pros, covering tax, IRS news, and more
As part of the Inflation Reduction Act of 2022, lawmakers made changes to the Clean Vehicle Credit that were meant to encourage the purchase of U.S.-made electric and fuel cell vehicles. Unfortunately, the criteria for qualifying vehicles has proven confusing for some taxpayers.…
Read more about Clean Vehicle Credit Guidance Revises Classifications
Californians have been battered by torrential rains and flooding from a recent series of storms. To help victims recover, the Internal Revenue Service recently announced tax relief for federally declared disaster areas in the state.…
The wait is over for tax professionals eager to learn when the 2023 filing season will begin. Today, the Internal Revenue Service revealed they will start accepting and processing individual returns on January 23, 2023. The federal tax agency reassures that the service it provides this year will be improved by the recent hiring of more than 5,000 telephone and in-person staff.…
High gas prices have understandably made plug-in electric and fuel cell vehicles more attractive in recent years. While a provision in the Inflation Reduction Act of 2022 is designed to make the switch less of a financial burden, there is confusion surrounding some of the new requirements for the Clean Vehicle Credit.…
Read more about IRS Addresses Final Assembly, MSRP Requirements for Clean Vehicle Credit
After the 2022 tax season found the Internal Revenue Service spread thinner than ever before, the agency is taking steps to ensure that the first few months of 2023 go far more smoothly.…
Read more about IRS Pushes for More Phone Support, Hires 4,000 Customer Service Reps
When disaster strikes, the government’s disaster-declaration process can help victims recover from financial losses. Governors in affected states submit a major disaster area request to the president through the Federal Emergency Management Agency (FEMA); if granted, one benefit victims receive is tax relief.…
The Internal Revenue Service estimates over 9 million people who failed to file a tax year 2021 return could qualify for tax credits. This is not the first time the IRS has notified non-filers that they could be eligible for tax credits: the agency alerted 9 million taxpayers about their potential eligibility for Economic Impact Payments in September 2020.…
Read more about Non-Filers Can Still Benefit from Several 2021 Credits
While Monday, October 17 is the deadline to file tax returns for those who requested an extension earlier this year, some taxpayers may have additional time due to military service or disaster assistance. Additionally, the FBAR deadline has been extended for some due to natural disasters.…
Read more about IRS Reminds Taxpayers of Disaster Extensions for Tax Returns and FBAR
The Internal Revenue Service this week announced tax relief for victims of Hurricane Ian who reside or operate a business anywhere in North Carolina and South Carolina. Like relief granted to storm victims in Florida, the agency is delaying several federal filing and payment deadlines.…
Read more about Storm Victims in North Carolina and South Carolina Get Tax Relief
Hurricane Ian slammed into the Florida coast last week, leaving a trail of destruction that resulted in more than a million without power and 81 confirmed dead. The Internal Revenue Service announced tax relief and dyed diesel fuel penalty relief for storm victims following a disaster declaration for the entire state by the Federal Emergency Management Agency (FEMA).…
Read more about Florida Storm Victims Get Tax and Fuel Penalty Relief
