Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service has kept taxpayers’ mailboxes busy for months now, sending out notices to taxpayers about the various Economic Impact Payments that have been issued.…
Read more about Navigating Notices About Economic Impact Payments
The Internal Revenue Service has released guidance that hikes interest rates and other inflation-adjusted items due to changes driven by the American Rescue Plan Act of 2021 (ARPA).…
Read more about IRS Issues Guidance for American Rescue Plan Changes to the CTC, EITC, and APT
The early bird gets the worm.We’re taught that punctuality and working ahead leads to success. While generally holding true, there are obviously some exceptions—like when Congress passes retroactive…
Read more about IRS Announces Safe Harbor for First-Round PPP Deductions
The American Rescue Plan Act of 2021 (ARP) allows small and midsize employers—even certain governmental employers—to claim tax credits that reimburse the cost of providing paid sick and family leave related to COVID-19 to their workers.…
The Internal Revenue Service has issued guidance aimed at employers who claim the employee retention credit (ERC).…
The nation’s Taxpayer Advocate wants taxpayers to know there’s a downside to having too much of a good thing. In this case, it refers to making excessive or improper claims to qualify for a number of tax credits.…
Read more about TAS Warns of Ban for Improperly Claiming Some Credits
The Internal Revenue Service continues to send out Economic Impact Payments (EIPs), aimed at helping Americans though these tough economic times.…
Read more about IRS Wants Help Raising Awareness of EIP Eligibility for Homeless Americans
The Internal Revenue Service is once again warning taxpayers who are involved in abusive micro-captive insurance schemes that they need to get out of those arrangements—and quickly.…
Read more about IRS Issues Another Abusive Micro-Captive Arrangement Warning
While the deadline for filing federal income taxes has been pushed back to May 15 because of the COVID-19 pandemic, those who file an annual Report of Foreign Bank and Financial Accounts (FBAR) still face their same April 15, 2021 due date.…
The American Rescue Plan Act brought a third round of Economic Impact Payment and plenty of changes to tax credits, including how the agency approaches the Premium Tax Credit (PTC).…
Read more about Taxpayers Don't Have to Repay Excess APTC for TY2020
