Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service has good news for taxpayers restoring historic buildings. Last week, the agency announced that they have granted additional time to qualify for the Rehabilitation Tax Credit to mitigate logistical issues arising from the coronavirus pandemic.…
Read more about Taxpayers Get More Time to Qualify for Rehabilitation Tax Credit
Taxpayers can dip into Coronavirus Aid, Relief, and Economic Security Act-specified retirement accounts without suffering a penalty, according to an Internal Revenue Service press release published yesterday. This reminder comes just days after the $600 unemployment benefits included in that legislation expired.…
Read more about CARES Act Allows Penalty-Free Withdrawals from Some Retirement Plans
The Tax Cuts and Jobs Act (TCJA) of 2017 famously adjusted the income tax brackets and lowered the corporate tax rate to 21 percent, but the sweeping legislation contained a host of tax-related changes.…
The Internal Revenue Service has issued new guidance to reconcile advance payments of refundable employment tax credits and recapture the benefit of those credits when needed.…
Read more about IRS Issues Guidance on Recapturing Excess Employment Tax Credits
Many taxpayers may have collectively breathed a sigh of relief on July 16, but anyone selling big-ticket items between now and the end of 2020 will still need to report large cash transactions.…
Internal Revenue Service Commissioner Chuck Rettig had high praise for the nation’s tax professionals this week, as he addressed the IRS Nationwide Tax Forum.…
Read more about IRS Commissioner Praises Tax Pros for Handling “Challenging” Tax Season
The Internal Revenue Service says seniors and retirees aren’t required to take money out of their IRAs and workplace retirement plans this year.…
Read more about Required Minimum Distributions on Hold for 2020
A new report gives the Internal Revenue Service high marks for the steps taken in the fight against refund fraud and identity theft tax refund fraud. But despite the large gains made against criminal efforts, the report adds that there’s no time to rest on one’s laurels.…
Read more about Refund Fraud is Evolving, Inspector General Finds
The IRS has some good news for tax-exempt hospitals feeling overwhelmed by the COVID-19 pandemic. In a recent press release, the agency says that it is once again moving the deadline for Community Health Needs Assessments.…
Tax professionals across the country wrapped up a unique filing yesterday. While some still have to contend with an imposing stack of extensions that will be due on October 15, many are making plans to prepare for next filing season.…
