Drake Software blog for tax pros, covering tax, IRS news, and more
The office closures suffered by the Internal Revenue Service during the opening weeks of the coronavirus pandemic lead to a near shutdown of the agency’s audit program, a new report suggests.…
The Internal Revenue Service has some bad news for taxpayers hoping that the tax filing and payment deadlines would get pushed back again.…
The Internal Revenue Service last Thursday announced that it is beginning to process Centralized Authorization File requests, like Forms 2848 and 8821.…
Read more about IRS Processing CAF Requests, Reducing Backlog
The COVID-19 pandemic has forced millions of Americans to take extraordinary steps just to stay afloat financially. For those taxpayers who might want to take distributions against their retirement plans or even borrow against their plans, the IRS has announced new relief.…
Read more about IRS Unveils New Relief for COVID-19 Retirement Borrowers
The Internal Revenue Service is temporarily allowing taxpayers who participate in certain retirement plans—or their beneficiaries—to make participant elections electronically.…
Read more about Retirement Plan Participants Can Now Sign Elections Remotely
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 Internal Revenue Service is reminding employers who have been impacted by the Coronavirus pandemic that three new credits are available for them.…
Read more about New Credits Available for Businesses Hit by COVID-19
The latest episode of the Taxing Subjects Podcast explores some of the latest coronavirus-related tax industry announcements, including updated state individual income tax deadlines, Economic Impact Payments, and temporarily suspended IRS services.…
The Internal Revenue Service yesterday published a release outlining tax-relief measures that the agency is taking for individuals and businesses whose tax residency could be affected by coronavirus-related travel restrictions.…
Read more about IRS Outlines Tax Relief for Individual, Business Travel Disrupted by COVID-19
The Internal Revenue Service announced that the Centralized Authorization File (CAF) service will be unavailable “until further notice" due to the coronavirus epidemic.…
