Drake Software blog for tax pros, covering tax, IRS news, and more
The last part of the year is traditionally a good time for taxpayers to check their withholding levels for the upcoming new year. That's why the Internal Revenue Service recently issued a friendly reminder.…
Millions of families have been receiving monthly advance payments of the Child Tax Credit. Provided by the American Rescue Plan that was passed earlier this year, these payments have been going to eligible households since July.…
Everyone likes more choices nowadays, and the Internal Revenue Service is set to deliver. They’re serving up a batch of new self-study seminars for tax professionals.…
Taxpayers with foreign bank or financial accounts are being reminded that time is running out to file the yearly report of their holdings.…
Much has been made recently of the Child Tax Credit. And what’s not to like? This refundable credit could be worth thousands of dollars in refund and recent legislation allows advance payments to qualified taxpayers.…
The Internal Revenue Service is instituting a user fee for estates seeking an estate tax closing letter. At the same time, however, the agency is reminding estates there’s another path that avoids the fee altogether.…
The American job market is a changing landscape these days. A year ago, the big push was to retain workers in the midst of the COVID-19 pandemic. Now the need is to find new workers to staff a growing economy.…
Read more about Work Opportunity Credit Helps to Counter Hiring Crunch
Recent changes in the tax regulations to help ease the burdens of the pandemic could lead to lower tax bills at filing time for some Americans. The new benefits allow taxpayers who do not itemize to take advantage of donations to charity—at least for a while.…
The Drake Software Tax Year 2021 Desk Reference Guide includes information that tax pros need to get ready for filing season. From a preseason checklist and due diligence requirements to standard deduction information and MACRS recovery periods.…
This time of year, filing our income taxes may not top the other concerns of the day. Fall weather, school days and football all tend to take center stage.…
