Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service says it’s not done issuing refunds for tax paid on COVID unemployment benefits. Another 1.5 million taxpayers are now slated to get refunds averaging over $1,600 as part of the IRS adjustment process in the wake of recent legislation.…
Read more about More Unemployment Tax Refunds Coming, IRS Says
With summer comes the prospect of a summer job for college students. Many times, their top priorities are twofold:…
Read more about IRS Highlights Tax Resources for College Students
Live long enough, and we all come to realize there are still a few universal truths.…
Read more about IRS Online Account is a Handy Tool, Agency Says
Let’s face it: higher education is expensive, whether it’s community college, a trade school, a four-year university or an advanced degree. That’s where higher education tax credits come in.…
Read more about What Taxpayers Need to Know About Higher Education Credits
The Internal Revenue Service has long allowed educators to deduct part of the cost of supplies and other expenses from their taxes. The total deduction allowed may not sound like much, but educators all over the U.S. have come to depend on this tax break for a little relief.…
The Internal Revenue Service is continuing to move individual income tax features into the digital age. The agency’s latest move gives taxpayers digital control over who can represent them or view their tax records.…
Read more about New Tax Pro Account, Other Services Launch on IRS.gov
New guidance from the Internal Revenue Service attempts to shine a little light on multiemployer qualified retirement plans that got financial help from the Pension Benefit Guaranty Corporation (PBGC), while explaining what that assistance means for participants and beneficiaries.…
Read more about Multiemployer Retirement Plans Get IRS Guidance for PBGC Assistance
After a dismal winter made darker by the COVID-19 pandemic, millions of American families are getting a little sunnier disposition thanks to advance payments of the Child Tax Credit.…
Read more about Taxpayers Now Receiving the Advance Child Tax Credit Payments
The IRS is reporting a rise in successful scams targeting tax professionals. This news comes on the heels of a second filing season defined by the pandemic: Preparers and taxpayers again relied on digital communication and file exchange, and legislators passed legislation providing advance payments to qualifying Americans.…
Read more about Security Summit Announces 2021 Awareness Campaign
Every year, the Electronic Tax Administration Advisory Committee (ETAAC) sends a report to Congress that includes recommendations for improving tax administration.…
Read more about ETAAC Report Recommends Better IRS Funding, Improving the "Taxpayer Experience"
