Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service wants to see a 2021 income tax return from all Americans—including those who haven’t filed in years. The reason is recent legislation—including the American Rescue Plan and other new laws—has put some significant tax benefits in play for those who qualify.…
Read more about IRS Encourages Non-Filers to File for ARP Benefits
The gates have been opened just a little bit wider so more taxpayers who don’t have children can take advantage of the Earned Income Tax Credit (EITC).…
With tax time’s arrival, those Americans who don’t normally have to file an income tax return usually think their circumstances mean they have no benefit to filing a return.…
Read more about Reasons Some Non-Filers Should File This Year
The Internal Revenue Service says it has updated the online frequently asked questions (FAQs) for the 2021 Child Tax Credit and the Advance Child Tax Credit.…
The Internal Revenue Service has released guidance that hikes interest rates and other inflation-adjusted items due to changes driven by the American Rescue Plan Act of 2021 (ARPA).…
Read more about IRS Issues Guidance for American Rescue Plan Changes to the CTC, EITC, and APT
President Biden signed into law the $1.9 trillion American Rescue Plan Act of 2021, which includes a number of tax-related provisions that lawmakers say will help struggling Americans weather the pandemic recession.…
A government audit says that allowing taxpayers to electronically correct their returns is more than just good customer service—it’s good business.…
Read more about Expansion of E-file Self-Correction Could Cut Taxpayer Hassle and Costs
With just a few weeks until the end of filing season, Drake Education Tax Team Lead Amanda Watson appeared on the Taxing Subjects Podcast to explain the Child Tax Credit and Other Dependent Credit. We discussed Tax Cuts and Jobs Act-related changes, due diligence requirements, and more.…
Read more about Amanda Explains the Child Tax Credit and Other Dependent Credit - E23
The Internal Revenue Service is reminding taxpayers and tax professionals that more families should be able to get more money this next tax season under the revised Child Tax Credit.…
Read more about Reminder: New Tax Law Revised Family Tax Credits
The Internal Revenue Service says taxpayers need to check on their withholding levels to see if they have the right amount of tax held out of their paychecks. The reason is the new tax reform law that…
Read more about IRS Recommends Withholding Checkup for Taxpayers
