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Drake Software blog for tax pros, covering tax, IRS news, and more

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IRS Reminds Taxpayers About Extension Deadline

Ryan Norton - September 21, 2020
IRS Reminds Taxpayers About Extension Deadline

More than 150 million tax returns have been sent to the Internal Revenue Service, but many taxpayers still need to file for tax year 2019. That’s why the IRS recently reminded taxpayers that the extension deadline is less than a month away.…

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IRS Readies Nine Million Letters to Non-Filers on EIPs

Bob Williams - September 18, 2020
IRS Readies Nine Million Letters to Non-Filers on EIPs

Some nine million letters are being sent later this month in a special mailing to people who haven’t had a need to file a tax return but may qualify for a Economic Impact Payment (EIP).…

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Aug. 31 is the Deadline to Return Distributions to Retirement Accounts

Bob Williams - August 24, 2020
Aug. 31 is the Deadline to Return Distributions to Retirement Accounts

IRA owners, beneficiaries and workplace retirement plan participants who got a Required Minimum Distribution (RMD) this year have until Aug. 31 to rollover or repay the distribution in order to avoid being taxed on the payments.…

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Delayed Deadline Lets Tax Filings Lag

Bob Williams - May 27, 2020
Delayed Deadline Lets Tax Filings Lag

When the Internal Revenue Service moved the 2020 deadline for filing individual income tax returns from April 15 to July 15, it apparently also gave millions of taxpayers a green light to wait until the last minute to file their taxes.…

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IRS Issues “Plus $500” Last Call for SSI, VA Beneficiaries with Dependents

Ryan Norton - May 04, 2020
IRS Issues “Plus $500” Last Call for SSI, VA Beneficiaries with Dependents

The Internal Revenue Service today issued a “plus $500” last call for Supplemental Security Income and Veterans Affairs beneficiaries who can claim dependents as part of their Economic Impact Payment.…

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