Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service has spent millions of dollars trying to get taxpayers located in foreign countries to report their holdings for tax purposes. A new federal audit, however, finds the IRS has fallen short in the effort.…
In this episode, Drake Software Vice President John Sapp and I are joined by two representatives from the Latino Tax Professionals Association to discuss issues facing multi-cultural clients: President and CEO of Lopez Tax Service and LTPA Executive Director, Carlos Lopez, EA, and LTPA Vice President of Business Development, Tony Martinez, EA.…
Read more about LTPA on How to Help Multi-Cultural Clients – EP13
ITINs that haven’t been used at least once in three consecutive years or contain middle digits 73, 74, 75, 76, 77, 81, or 82 will expire on December 31, 2018—unless, of course, affected ITIN holders renew before the end of the year.…
The passage of the Tax Cut and Jobs Act in December, 2017 marked a sea change in how dependents are treated on the average Form 1040.…
Read more about Tax Treatment of Dependents is a Different World Now
At a time when phishing scams have consistently been in the news, it’s understandable that taxpayers would be cautious about responding to letters from “the IRS.” Luckily, the IRS has suggestions for…
Last week, draft copies of the new Form 1040 that is also rumored to be a replacement for the 1040A and 1040EZ began circulating. By the end of the week, the IRS confirmed several rumors when it issued a press release outlining the pending changes in broad terms.…
Read more about IRS Says New 1040 to use “Building Block Approach”
While tax professionals across the country are aware that tax year 2018 is when the majority of the Tax Cuts and Jobs Act changes take effect, they may not be entirely certain what those changes…
Read more about CPA LaDonna Keener on C Corporation Changes - EP12
While Treasury Secretary Mnuchin teased the imminent release of the administration’s newly resurrected promise of a postcard-sized Form 1040 last Thursday, a leak seems to have stolen some of his thunder. Namely, it’s rumored that the new Form 1040 is expected to also replace the 1040A and 1040EZ.…
Read more about Postcard-Sized Form 1040 Rumored to Replace 1040A and 1040EZ
Taxpayers of Puerto Rico, the U.S. Virgin Islands or American Samoa who were affected by last year’s hurricanes or tropical storms are reminded they face a deadline to file their 2017 federal income tax returns—and pay any tax due.…
Read more about Hurricane Victims Who Moved Face Filing Deadline
Look for big changes in the look of Form 1040. The tax code behind it, however, won’t be all that different.According to a published report in Accounting Today, Treasury Department officials plan to…
