Drake Software blog for tax pros, covering tax, IRS news, and more
A list of proposed tax reform options was circulated to member of the US Senate Finance Committee and lobbyists this week. Most of the proposals contained in the nine-page draft were modest administrative changes, and included:…
It’s fairly common knowledge that the main cause of illness is the dreaded germ. But avoiding germs completely is impossible...…
After the real estate crash, many taxpayers' mortgages exceeded the value of their properties, so they did a short sale or went through a foreclosure. Many of these taxpayers received...…
Taxpayers who pay qualifying expenses for a student can be eligible for the American opportunity tax credit, lifetime learning credit, or the tuition and fees deduction...…
Read more about Don’t Overlook Education Related Tax Benefits
WASHINGTON —The Internal Revenue Service today provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January.…
Read more about Relief Available To Many Extension Requesters Claiming Tax Benefits
A new website provided by Drake Software hits the sweet spot, giving taxpayers and employers a to-the-point, layman’s overview of the Affordable Care Act’s (ACA) looming tax implications. The site, located at...…
Read more about New Website: Overview of the Affordable Care Act's Tax Implications
The IRS has seen a few problems with the way the form is completed that could delay processing. The IRS has requested tax preparation software providers modify their programs so that they require completion of the correct boxes...…
In January, a trio of independent tax preparers filed suit challenging the IRS’s authority to impose its Registered Tax Return Preparer regime – something it developed with the hopes of increasing the quality of the tax preparation industry and improving service to taxpayers. A federal judge ruled ...…
The concept of the alternative minimum tax is anything but minimum. The complex tax code in America originally enacted the AMT in 1969 as a way to keep high-income taxpayers from ...…
Customers new to Drake are often amazed when they call and a real person with real answers picks up the phone.…
