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

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IRS Commissioner Praises Tax Pros for Handling “Challenging” Tax Season

Bob Williams - July 23, 2020
IRS Commissioner Praises Tax Pros for Handling “Challenging” Tax Season

Internal Revenue Service Commissioner Chuck Rettig had high praise for the nation’s tax professionals this week, as he addressed the IRS Nationwide Tax Forum.…

Read more about IRS Commissioner Praises Tax Pros for Handling “Challenging” Tax Season

IRS Issues Guidance on Renewable Energy Projects, Retirement Withholding

Bob Williams - May 28, 2020
IRS Issues Guidance on Renewable Energy Projects, Retirement Withholding

The Internal Revenue Service has issued rules and guidance covering two disparate tax areas: renewable energy and retirement payments.…

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Treasury Wants Payments to Deceased Taxpayers Returned

Bob Williams - May 11, 2020
Treasury Wants Payments to Deceased Taxpayers Returned

The U.S. Treasury Department has found a loophole in the stimulus payments sent out to individuals. Some of the recipients were actually deceased—and Treasury wants that money back.…

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New Tax Year, Same Client Mistakes

Bob Williams - April 23, 2020
New Tax Year, Same Client Mistakes

Accounting Today highlights a number of recurring client mistakes.…

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Accounting Today Looks at the IRS COVID-19 Response

Bob Williams - April 07, 2020
Accounting Today Looks at the IRS COVID-19 Response

For many of us, we’re living in a time that has no comparison. We’ve seen wars, famines, economic crashes, but no pandemic—until now. Jim Buttonow of Accounting Today magazine says for the Internal Revenue Service, a bad situation may be about to get even worse.…

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IRS Employees Told to Work from Home

Bob Williams - April 02, 2020
IRS Employees Told to Work from Home

The coronavirus pandemic has pushed the IRS to order its workforce to work from home. The IRS issued an email announcing the shift and Accounting Today magazine obtained a copy of the email.…

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Research Finds Inheritance a Major Windfall for the Very Wealthy

Bob Williams - February 03, 2020
Research Finds Inheritance a Major Windfall for the Very Wealthy

New research has found that the latest version of the U.S. estate tax fails in its job to tax large estates in an efficient and equitable manner, allowing the wealthiest estates to pass to heirs with an effective tax rate of just 2%.…

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IRS Releases Reworked Form W-4

Bob Williams - August 20, 2019
IRS Releases Reworked Form W-4

A reworked version of Form W-4 has been released by the IRS and the Treasury Department for the 2020 tax year.…

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IRS Reforms Signed into Law

Bob Williams - July 03, 2019
IRS Reforms Signed into Law

The president has signed a package of IRS reforms into law after the legislation passed both houses of Congress with strong bipartisan support.…

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Help Wanted Sign Out at IRS

Bob Williams - July 01, 2019
Help Wanted Sign Out at IRS

The Internal Revenue Service is looking to hire hundreds of new employees in virtually every department. But that doesn’t mean the IRS is adding employees.…

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