Drake Software blog for tax pros, covering tax, IRS news, and more
The IRS is trying to help eliminate errors in the reporting of car and truck expenses on a Schedule C. They hope to both educate and remind tax preparers of tax compliance by sending out approximately 5,000 letters to those preparers who have filed a Schedule C with what appear to be irregularities...…
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Taxpayers across the income spectrum – from rich to poor – are set to see tax hikes due to several expiring tax cuts and the automatic spending reductions taking place on January 1, 2013...…
The Internal Revenue Service is attempting to respond to the victims of Hurricane Sandy by waiving certain taxes. Most notably, the IRS announced earlier this month that qualified disaster relief payments made to individuals by their employer or any person can be excluded from those individuals’ taxable income.…
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The IRS is fine-tuning procedures for collecting and releasing the information they gather during Preparer Tax Identification Number (PTIN) registration...…
Tax professionals who have already renewed their PTIN and need to update their credentials must do so by calling the PTIN helpline at 877.613.7846. A representative will be able to update the…
One morning over breakfast, a young Raymond Berardinelli’s mother asked him what his plan was after high school. He would be graduating soon and needed a little direction. His mother had always encouraged him to go to college, but Raymond was thinking more along the lines of going to trade school. His plan was to become a ...…
Enrolled Agents and Enrolled Retirement Plan Agents must complete 72 hours of continuing education every three years – a minimum of 16 hours per year, two of which must be on ethics...…
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When a client makes an appointment with you, it’s because they need your help. And it would be easy to call them in and get right down to business. But that’s not always what’s best for you or the client. Here are a few tips that are sometimes easy to forget...…
Read more about Avoiding Things that Cost Accountants Revenue
It is a question many people have been asking since March of 2010, when President Barack Obama signed the Affordable Care Act (ACA) into law. How will the Internal Revenue Service enforce the law’s mandate requiring Americans to buy health insurance? According to a high-ranking IRS official, the agency plans...…
Read more about Leniency Planned for Health Care Enforcement?
We're all about saving time, and Google has some shortcuts that will do just that! Did you know...…
