Drake Software blog for tax pros, covering tax, IRS news, and more
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 IRS this week published the first installment of the Security Summit’s annual data security outreach campaign: “Working Virtually: Protect Tax Data at Home and at Work.”…
Read more about Working Virtually Campaign Highlights "Security Six"
Many states are rolling back reopening plans, and the looming flu season could present additional complications. That’s why the Internal Revenue Service and Security Summit partners are developing a five-week data security campaign that focuses on remote work.…
Read more about IRS Announces New Security Summit Remote-Work Campaign
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.…
The Internal Revenue Service, along with the U.S. Treasury Department, has released a draft version of a proposed new-and-improved partnership form for tax year 2021.…
Read more about IRS Releases Draft Partnership Form to Provide Greater Clarity
