Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service has put a little more cushion into its standard mileage rates, so taxpayers won’t have such a big bite taken out of their pockets by fuel prices.…
The Internal Revenue Service has issued an alert covering amended returns and claims for the Domestic Production Activities Deduction, also known as DPAD.…
Read more about Domestic Production Activities Deduction Fuels IRS Alert
Final regulations have been issued on the deduction for qualified transportation fringe and commuting expense.…
The Internal Revenue Service and the Treasury Department have issued their final regulations on section 1031 like-kind exchanges. The regulations clarify the definition of real property under section 1031, while providing a rule governing the receipt of personal property incidental to real property in a like-kind exchange.…
Read more about Final Regulations Clarify Section 1031 Like-Kind Exchanges
The Internal Revenue Service closed out September by announcing the publication of final regulations for the business-related entertainment deductions that were removed from section 274 by the Tax Cuts and Jobs Act.…
Read more about Final Regulations for Business Meals and Entertainment Deductions Now Available
Final regulations for the default rate of individual income withholding for certain periodic retirement and annuity payments that are made in 2021 are now available.…
The Internal Revenue Service has good news for taxpayers restoring historic buildings. Last week, the agency announced that they have granted additional time to qualify for the Rehabilitation Tax Credit to mitigate logistical issues arising from the coronavirus pandemic.…
Read more about Taxpayers Get More Time to Qualify for Rehabilitation Tax Credit
The Tax Cuts and Jobs Act (TCJA) of 2017 famously adjusted the income tax brackets and lowered the corporate tax rate to 21 percent, but the sweeping legislation contained a host of tax-related changes.…
Drake Software Vice President of Strategic Development John Sapp, CPA, discusses the section 199A qualified business income deduction.…
Read more about John Sapp, CPA, Explains the QBI Safe Harbor Rule – E41
The Internal Revenue Service has released its annual report for 2019, giving Commissioner Chuck Rettig a chance to explain the improvements implemented in the American tax system in the last year.…
Read more about IRS Annual Report: Tax Changes and Enforcement
