Drake Software blog for tax pros, covering tax, IRS news, and more
The U.S. Treasury Department has found a loophole in the stimulus payments sent out to individuals. Some of the recipients were actually deceased—and Treasury wants that money back.…
Read more about Treasury Wants Payments to Deceased Taxpayers Returned
The Internal Revenue Service is reminding employers who have been impacted by the Coronavirus pandemic that three new credits are available for them.…
Read more about New Credits Available for Businesses Hit by COVID-19
The Internal Revenue Service announced that Settlement Days will be hosted via teleconferencing platforms due to coronavirus stay-at-home orders.…
The Tax Foundation found that states relying on oil-related taxes could have state revenue shortfalls.…
The Internal Revenue Service reminded low-income Americans who don’t normally file a tax return that they are probably eligible to receive an Economic Impact Payment.…
Read more about IRS Urges Low-Income Non-Filers to Use EIP Reporting Tool
The Internal Revenue Service today issued a “plus $500” last call for Supplemental Security Income and Veterans Affairs beneficiaries who can claim dependents as part of their Economic Impact Payment.…
Read more about IRS Issues “Plus $500” Last Call for SSI, VA Beneficiaries with Dependents
The latest episode of the Taxing Subjects Podcast explores some of the latest coronavirus-related tax industry announcements, including updated state individual income tax deadlines, Economic Impact Payments, and temporarily suspended IRS services.…
The Internal Revenue Service says it had to delay the Special Enrollment Examination (SEE) tests for Enrolled Agents that was slated for May due to the coronavirus pandemic.…
Read more about May 2020 Enrolled Agent Exam Cancelled due to Coronavirus
The Tax Foundation found that an excise tax on firearms and other hunting and fishing gear is feeding tax proceeds back into projects that ultimately benefit outdoorsmen paying the tax.…
While non-filers receiving Supplemental Security Income (SSI) and Veterans Affairs (VA) benefits are scheduled to automatically get a $1,200 Economic Impact Payment, the IRS says beneficiaries need to report qualifying dependents before May 5, 2020, to receive an additional $500 per qualifying child with their EIP.…
Read more about EIP Alert: May 5 Deadline for SSI and VA Beneficiaries with Dependents
