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

IRS Lowers Withholding Penalty Threshold Again

IRS Lowers Withholding Penalty Threshold Again

In January, the IRS announced it was lowering the threshold for applying the estimated tax penalty from 90 percent to 85 percent. This change was designed to shield taxpayers who were already getting an unexpected tax bill due to tax reform from also owing a penalty. Last Friday, the IRS said they were lowering the threshold once again to provide penalty relief to even more taxpayers.…

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Tax Pros Need a Security Pro

Tax Pros Need a Security Pro

Data security has become a very large, and very important, part of what we do in the income tax industry. That’s why it makes sense for every tax office—large or small—to hire a cybersecurity professional to help safeguard the business’ data and the data of their clients.…

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