Drake Software blog for tax pros, covering tax, IRS news, and more
When we change jobs, we normally lose access to the buildings and electronics we may have used for our former employer. However, a new audit report from the Treasury Inspector General for Tax…
What is a Trade or Business?Simply put, a trade or business must satisfy the need to make a profit. If you don’t plan to make a profit, then this is not a business, it is a hobby. The reason for…
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The IRS Future State Plan features prominently in the first volume of yesterday’s Fiscal Year 2017 Objectives Report to Congress from National Taxpayer Advocate Nina Olson. Three subjects of the…
The Government Accountability Office (GAO) has issued a report that says IRS measures still fall short when it comes to protecting the personal information of taxpayers. While the 50-page report…
Read more about GAO Finds IRS Should Do More to Protect Taxpayer Information
An audit by the Treasury Inspector General for Tax Administration says the Internal Revenue Service isn’t assessing its volunteer income tax preparers as it should.The Volunteer program provides…
Read more about Audit Finds IRS Not Adequately Checking Volunteer Tax Preparer Program
The IRS yesterday issued a reminder to taxpayers who receive premium tax credit (PTC) advance payments, noting that some circumstance changes could result in the household owing additional money next…
Read more about IRS: PTC Payment Recipients Should Report Changes in Income or Family Size
The first in a series of IRS Nationwide Tax Forums kicks off July 14 in Chicago, with Commissioner John Koskinen delivering the event’s keynote address.The forums are three-day events providing tax…
Read more about IRS Commissioner Headlines Chicago Nationwide Tax Forum
The Internal Revenue Service has taken its electronic filing PIN tool off IRS.gov after an attempted cyberattack was launched against new security measures. In addition to removing it from the…
Read more about IRS Shuts Down Electronic Filing PIN Tool After Suspected Attack
The Internal Revenue Service recently issued their guidelines as far as how Bitcoin and the other virtual currencies fit into the scheme of the American tax structure. But the American Institute of…
Read more about AICPA Asks IRS for Clarification on Virtual Currency
If you have clients who filed for an extension of time to file their 2015 returns, and they receive advance payments of the premium tax credit, those taxpayers should file their income tax return…
Read more about Remind Clients Not to Jeopardize Premium Tax Credit Advance Payments
