Drake Software blog for tax pros, covering tax, IRS news, and more
According to the Obama Administration, the new steps will include increasing criminal sentences for those convicted of tax-related identity theft and creating new civil penalties for those who file fraudulent returns.…
US taxpayers were slightly less likely to face an audit last year, according to an analysis issued by the Transactional Records Access Clearing House (TRAC) at Syracuse University.…
Analysis by the Internal Revenue Service indicates that the error rate for individual tax returns has been cut by more than half. Last year, the IRS identified ...…
When taxes fall due on April 15, there is a very real question about how well the Internal Revenue Services – and more to the point, its servers – will be able to handle the traffic.…
The number of unemployed college graduates who move back in with their parents (or other family members) might be a little surprising.…
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
