Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service is welcoming the newest member of its Spanish-language features into the clan. The Child Tax Credit Eligibility Assistant that helps families determine if they qualify for the Child Tax Credit and its special advance payments is now available in Spanish.…
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Time is quickly running out to register for the 2021 IRS Virtual Nationwide Tax Forum. To fully register for all the events—including access to all 30 webinars and IRS Commissioner Chuck Rettig’s keynote address—registration must be completed by Tuesday, July 13.…
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The IRS Tax Withholding Estimator on IRS.gov does just what it says: help taxpayers determine whether their employer is withholding enough tax or if they need to fill out a new Form W-4.…
New guidance from the Internal Revenue Service tries to clear up questions some transportation companies may have about pandemic-related federal grants.…
Read more about New Guidance Makes Road Ahead Clearer for Transportation Firms
For self-employed taxpayers and household employers, it’s time, as they say, to pay the piper. The CARES Act—also known as the Coronavirus Aid, Relief and Economic Security Act—gave these specific taxpayers permission to defer paying certain Social Security taxes for tax year 2020.…
Drake Software surveyed more than 3,800 tax professionals from across the country to learn how they chose to offer contactless tax preparation services—and whether they would continue to do so post-pandemic.…
Read more about Drake Software 2021 Contactless Tax Preparation Infographic
New guidance from the Internal Revenue Service and the Treasury Department is aimed at keeping the lights on at renewable energy projects delayed by the COVID-19 pandemic.…
Read more about New Guidance Lights Up Renewable Energy Projects
Monthly Advance Child Tax Credit payments are set to begin in two weeks. While it’s too late to change the bank account that will receive the July 15 payment, qualifying taxpayers can now use a tool on IRS.gov to update their information before the August payment is issued.…
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Taxpayers who aren’t required to file a federal income tax return don’t need to file to get advance payments of the Child Tax Credit. They will, however, have to register with the IRS if they haven’t filed a return lately.…
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The Internal Revenue Service has unveiled a pair of new tools to help families manage and monitor advance monthly payments of the Child Tax Credit, made possible by the American Rescue Plan.…
Read more about New Online Tools Help Families Manage Monthly CTC Payments
