Drake Software blog for tax pros, covering tax, IRS news, and more
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.…
The Internal Revenue Service has temporarily stopped processing paper tax returns, urging taxpayers to e-file instead.…
Collins, recently named the new National Taxpayer Advocate, has started her new position ahead of time in order to provide the Taxpayer Advocate Service (TAS) with complete leadership during this unsettled time.…
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
Scammers are posing as government officials and contacting targets to request information they say is required to process coronavirus stimulus payments. Unfortunately, they are now using every tactic possible, from email and phone scams to text messages, social media, and fake websites.…
