Drake Software blog for tax pros, covering tax, IRS news, and more
Cryptocurrencies have made some early adopters a lot of money, which—for conscientious taxpayers and tax professionals alike—begs the question: how does IRS handle Bitcoin and other virtual currency?…
The Internal Revenue Service says taxpayers who have not renewed their expired Individual Taxpayer Identification Number (ITIN) will face processing delays if the number is used to file a return. In addition, the taxpayer could lose eligibility for key tax benefits until the ITIN is renewed.…
It used to be said that the only things that are inevitable in this life are death and taxes. You might want to add “hacking” to that list. According to the computer information security and cybercrime monitoring website HackRead, it’s being reported that some cybercriminals are targeting much younger victims these days for their Personally Identifiable Information (PII).…
According to a recent Politico report, President Trump intends to nominate Charles Rettig as the next IRS Commissioner.…
Read more about President Expected to Nominate Rettig as New IRS Commissioner
While most of the big tax-code changes we’ve heard about in the tax legislation passed in December don’t take effect until TY 2018, there are still a few things preparers need to keep in mind this season.…
Want to know what's new for Drake Tax this filing season? We recently had Drake Software Vice President of Education James Stork and Drake Education Tax Team Lead Amanda Watson in the studio to talk about some of this year’s Drake enhancements.…
Read more about James Stork & Amanda Watson Share Drake Enhancements - EP6
Senate leadership today reached a deal to reopen the federal government, having passed the procedural-vote hurdle this afternoon (81-18). The agreement comes just days after Friday’s continuing resolution failed to garner the 60 votes required to avoid a filibuster.…
Read more about How Does a Government Shutdown Affect IRS Services?
We’re a little less than two weeks away from the start of tax season, and, as always, certain taxpayers will have extra check boxes on their to-do lists. Up today: people with delinquent tax debt and returns claiming ACTC and EITC.…
Read more about Pre-Tax Season Reminders: Passports and Refunds
The Internal Revenue Service has released its Notice 1036, which updates income tax withholding tables for 2018 and reflects changes made by the tax legislation passed recently.…
Read more about Updated 2018 Withholding Tables Now Available
Professionals throughout the U.S. income tax industry are being warned to expect a new, more serious round of cyber-scams and ruses aimed at stealing their confidential filing information—and that of their clients.…
Read more about Tax Pros Warned of Heightened Fraud Threat Ahead
