Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service has issued a new set of frequently asked questions (FAQs) covering the unemployment compensation exclusion for the 2020 tax year.…
Read more about IRS Updates FAQs on 2020 Unemployment Compensation Exclusion
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).…
Now that the IRS is putting the wraps on the last installment of the Advance Child Tax Credit payments for 2021, some taxpayers who didn’t apply for other credits might get a reminder to do a little extra checking.…
As the economy warms up in recovery mode, inflation starts to raise its ugly head. Everything—from baby food to new cars—costs more.…
By most measures, 2021 is shaping up to be much better than 2020. The coronavirus appears to be less of a threat, the economy is beginning a comeback, and the American Rescue Plan is expanding some tax credits for parents and others with children.…
Read more about American Rescue Plan Expands Credits for 2021
The nation’s Taxpayer Advocate wants taxpayers to know there’s a downside to having too much of a good thing. In this case, it refers to making excessive or improper claims to qualify for a number of tax credits.…
Read more about TAS Warns of Ban for Improperly Claiming Some Credits
The Internal Revenue Service continues to send out Economic Impact Payments (EIPs), aimed at helping Americans though these tough economic times.…
Read more about IRS Wants Help Raising Awareness of EIP Eligibility for Homeless Americans
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.…
The Internal Revenue Service has set Friday, Feb. 12, 2021, as the start of the nation’s tax season. That’s the day the agency will begin accepting and processing 2020 tax year returns.…
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.…
