Drake Software blog for tax pros, covering tax, IRS news, and more

$2 Trillion Underground Economy

$2 Trillion Underground Economy

Estimates are that underground activity last year totaled as much as $2 trillion, according to a study by Edgar Feige, an economist at the University of Wisconsin-Madison. That's double the amount in 2009, according to a study by...…

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Tax Preparer Legislation Filed

Tax Preparer Legislation Filed

Richmond’s Taxpayer Protection and Preparer Fraud Prevention Act of 2013 would give the Internal Revenue Service more oversight to certify paid tax preparers and ensure they are “competent, of good character and able to render services.” The legislation also would allow the IRS to...…

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Let My PTIN Go

Let My PTIN Go

The IRS issued notice 2011-11, which will allow certain tax preparers who have applied to register or obtain a PTIN, to file tax returns using either their old PTIN or their SSN until they receive a response on their application. The notice indicates that these preparers will receive instructions from the on-line application process on how to proceed.…

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e-Filing One Step at a Time

e-Filing One Step at a Time

In filing season 2010, taxpayers e-filed more than 93 million federal individual tax returns—that’s 72 percent of all 1040 returns filed. The remaining 28 percent of returns—almost 36 million—were submitted the old-fashioned way: on paper…

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