Drake Software blog for tax pros, covering tax, IRS news, and more
The IRS this week reminded taxpayers that the filing deadline for those with a tax extension is Tuesday, October 15, 2019. Generally, taxpayers who request an extension are given an extra six months to file their tax return with the IRS.…
Taxpayers interested in taking the section 199A qualified business income deduction (QBI) for their rental property will be happy to learn that the IRS announced a finalized safe harbor rule this week.…
Read more about Safe Harbor Clarifies QBI Deduction for Some Rental Properties
While current weather patterns point to an active hurricane season, the IRS wants taxpayers to know that disaster assistance and tax relief measures are in place should a natural disaster strike.…
The Internal Revenue Service says it has new procedures in place that can help certain expatriated American taxpayers come into compliance with their U.S. tax obligations and get relief for back taxes.…
According to the IRS, self-employed taxpayers should use the Tax Withholding Estimator when they perform their next “paycheck checkup.”…
Read more about IRS to Self-Employed Taxpayers: Use the Tax Withholding Estimator
The IRS last Friday announced that it would be waiving the penalty for using red-dyed diesel in highway vehicles. The press release came while Floridians prepared for the possibility that Hurricane Dorian would make landfall.…
Time is running out for taxpayers who need to renew an expiring ITIN before next filing season.…
Owning your own business can be a very rewarding experience. The process of starting a business, however, can seem overwhelming to the uninitiated.…
For some taxpayers paying estimated taxes who have filed their 2018 tax returns there’s a little bit of bad news—and some good news.The bad news is they failed to claim the special waiver that would…
Read more about IRS Waives Estimated Tax Penalty for Eligible 2018 Filers
A reworked version of Form W-4 has been released by the IRS and the Treasury Department for the 2020 tax year.…
