Drake Software blog for tax pros, covering tax, IRS news, and more
Now that the Internal Revenue Service has mailed Letters 6475 to all the taxpayers who got third-round Economic Impact Payments (EIPs), there’s only one door left open to those who didn’t get the full…
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).…
The Internal Revenue Service is updating its Frequently Asked Questions to reflect changes on two fronts important to a lot of taxpayers.…
Read more about FAQs Updated on Unemployment Compensation, Recovery Rebate Credit
The Internal Revenue Service says millions of families across the U.S. should see their advance payment of the Child Tax Credit (CTC) in their bank accounts or mailboxes any day now.…
Read more about IRS Announces August Child Tax Credit Payments Now Being Issued
The latest publication from the Internal Revenue Service is getting all the sendup worthy of a new best-seller. The Data Book for 2020 recounts the agency’s effort to deal with tax season during the time of the coronavirus.…
Read more about 2020 Data Book Spotlights IRS’ Work During Pandemic
Drake Software for the third year in a row surveyed tax professionals about their experience during filing season. More than 3,000 respondents completed the survey, a group comprised of attorneys, CPAs, EAs, and non-credentialed preparers.…
Read more about Drake Software How Did Your 2021 Filing Season Go? Infographic
The Internal Revenue Service says it sent out millions of additional American Rescue Plan (ARP) payments to taxpayers in just a two-week period, pushing the total number of payments issued under the new law to just under 170 million.…
Read more about Nearly 170 Million American Rescue Plan Payments Sent So Far
Congress has passed a number of coronavirus relief packages throughout the pandemic. While the three rounds of Economic Impact Payments are the most famous provision of those legislative efforts, they were technically an advance on the new Recovery Rebate Credit.…
Read more about Millions of Taxpayers to Receive IRS Letter about the Advance Child Tax Credit
The Internal Revenue Service has kept taxpayers’ mailboxes busy for months now, sending out notices to taxpayers about the various Economic Impact Payments that have been issued.…
Read more about Navigating Notices About Economic Impact Payments
Employees of three federal agencies are keeping very busy these days, sending out the millions of Economic Impact Payments (EIPs) to Americans in need.…
Read more about More Than 130 Million EIPs Have Been Sent Out with More to Come
