Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service is cautioning taxpayers with virtual currency not to skip over a small, but vitally important, part of their Form 1040 this year.…
Read more about IRS Issues Virtual Currency Transactions Reminder
The wait is over; the filing season for 2021 income tax returns has been opened by the IRS. But before taxpayers start sharpening pencils, cranking up the calculator and putting on a pot of coffee, they need to know they’ve got everything together to get the job done right.…
The Internal Revenue Service has long allowed educators to deduct part of the cost of supplies and other expenses from their taxes. The total deduction allowed may not sound like much, but educators all over the U.S. have come to depend on this tax break for a little relief.…
First-time income tax filers and those who usually don’t have a federal filing requirement are being urged to reconsider sitting out this filing season. They may be eligible to claim the Recovery Rebate Credit—but they have to file an income tax return to get it.…
Read more about Qualifying Taxpayers Need to File for a Shot at Recovery Rebate Credit
The Internal Revenue Service says, as required by law, it has issued all the first and second round Economic Impact Payments (EIPs) that were legally permitted. So, the IRS is now turning its full…
Read more about All First and Second Economic Impact Payments Have Been Issued
Since the Coronavirus pandemic began, we’ve heard a lot about front-line health care workers and their risks. Now we’ve come to know that teachers face risks of their own.…
Read more about Educators Can Now Deduct Expenses for COVID-19 PPE
