Drake Software blog for tax pros, covering tax, IRS news, and more
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
The Internal Revenue Service has issued rules and guidance covering two disparate tax areas: renewable energy and retirement payments.…
Read more about IRS Issues Guidance on Renewable Energy Projects, Retirement Withholding
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.…
Read more about Treasury Wants Payments to Deceased Taxpayers Returned
Accounting Today highlights a number of recurring client mistakes.…
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.…
Read more about Accounting Today Looks at the IRS COVID-19 Response
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.…
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%.…
Read more about Research Finds Inheritance a Major Windfall for the Very Wealthy
A reworked version of Form W-4 has been released by the IRS and the Treasury Department for the 2020 tax year.…
The president has signed a package of IRS reforms into law after the legislation passed both houses of Congress with strong bipartisan support.…
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.…
