Drake Software blog for tax pros, covering tax, IRS news, and more
A new notice from the Internal Revenue Service reveals some new rules that are expected to be included in upcoming proposed regulations.…
Read more about New Guidance Clears Up Partnership Deduction for State, Local Taxes
Anyone who doesn’t normally file a tax return but hasn’t already received an Economic Impact Payment (EIP) is urged by the IRS to take advantage of its “National EIP Registration Day.”…
Read more about IRS Reminds Last Chance for Non-Filer EIPs Not Far Away
New guidance has been issued by the Department of the Treasury and the Internal Revenue Service for employers and employees with terminating 403(b) plans.…
Read more about New Guidance Provided on Terminating 403(b) Plans
The Internal Revenue Service announced that some college students could qualify for an Economic Impact Payment. This press release is part of the agency’s push to get all eligible non-filers to register for an EIP before the Nov. 21, 2020 deadline, and it comes days before National EIP Registration Day.…
Read more about IRS Says Self-Supporting College Students Could Qualify for an EIP
The Security Summit yesterday reported that taxpayers are being targeted by a new series of text-message scams that impersonate state departments of revenue and tax relief organizations. An…
Read more about Security Summit Warning: Taxpayers Receiving EIP Text Message Scam
The Internal Revenue Service has unveiled changes they say will help struggling taxpayers affected by the pandemic settle their IRS tax debts more easily.…
Most US citizens, entities, and resident aliens with a foreign bank or financial account have seen their IRS reporting deadline come and go. But for some taxpayers, one more deadline remains to file their 2019 Report of Foreign Bank and Financial Accounts, or FBAR.…
Read more about Some FBAR Filers Have One Extended Deadline Remaining
The Internal Revenue Service is making good on its pledge to provide information and assistance to underserved communities. The agency has now made two publications that are key to tax professionals available in Spanish.…
Read more about Two Key Publications Now Available in Spanish
Taxpayers trying to plan their 2021 deductible retirement plan contributions will be happy to learn that the Internal Revenue Service this week published Notice 2020-79.…
Read more about IRS Announces 2021 Income Ranges for IRA, Saver’s Credit Eligibility, and More
The Internal Revenue Service has revealed a second settlement effort for taxpayers under audit who took part in abusive micro-captive insurance transactions.…
Read more about New Stricter Settlement Deal in Play for Micro-Captive Insurance Schemes
