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

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FBAR Deadline is April 15

Bob Williams - April 04, 2022
FBAR Deadline is April 15

Those who own or control financial or bank accounts that are in a foreign country have some reporting to do, and soon. They have to file an annual Report of Foreign Bank and Financial Accounts—also known as the FBAR—on or before April 15.…

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IRS Sends EIP3 Letters

Bob Williams - March 31, 2022
IRS Sends EIP3 Letters

Now that the Internal Revenue Service has mailed Letters 6475 to all the taxpayers who got third-round Economic Impact Payments (EIPs), there’s only one door left open to those who didn’t get the full…

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IRS Issues Virtual Currency Transactions Reminder

Bob Williams - March 23, 2022
IRS Issues Virtual Currency Transactions Reminder

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.…

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IRS Publishes 10 Data Security Tips

Bob Williams - March 21, 2022
IRS Publishes 10 Data Security Tips

It’s often said that computer security is everyone’s business, and now that’s truer than ever. With cybercriminals hatching scams and schemes at every turn, everyone—from taxpayers to tax professionals—has to stay on their guard to secure their computers, tablets, and phones against these cybercrooks.…

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More IRS Content Now Available in Spanish and Other Formats

Bob Williams - March 16, 2022
More IRS Content Now Available in Spanish and Other Formats

The Internal Revenue Service continues to ensure its forms, letters, and other publications are available to the widest number of taxpayers. The agency is now providing many forms and publications not only in Spanish, but in Braille, text, audio, and large print for Spanish speakers.…

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IRS to Use Voice and Chat Bots

Bob Williams - March 11, 2022
IRS to Use Voice and Chat Bots

The Internal Revenue Service is relying on technology to help it keep up with its growing need for taxpayer support.…

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IRS Highlights Credits for Higher Education

Bob Williams - March 10, 2022
IRS Highlights Credits for Higher Education

While most things have been getting more expensive lately—gasoline, food, rent, you name it—higher education has been pricey for a long time.…

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IRS Reminds Taxpayers About IRA Deadline

Bob Williams - March 09, 2022
IRS Reminds Taxpayers About IRA Deadline

With tax season in full swing, the Internal Revenue Service wants taxpayers to be sure they’re not overlooking ways they could lessen their tax liabilities. To take advantage of one method, though, taxpayers have to be fairly quick, because there’s a deadline to meet.…

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IRS Establishes Taxpayer Experience Office

Bob Williams - March 08, 2022
IRS Establishes Taxpayer Experience Office

The Internal Revenue Service has inaugurated its new Taxpayer Experience Office and plans are already in the works to expand this new long-term effort to improve service to America’s taxpayers.…

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IRS Highlights Gig Economy, Virtual Currency, and Foreign Source Income

Bob Williams - March 04, 2022
IRS Highlights Gig Economy, Virtual Currency, and Foreign Source Income

IRS Highlights Gig Economy, Virtual Currency, and Foreign Source IncomeSome new sources of income sometimes go where tax law hasn’t gone before. This leads to income slipping through the cracks for a…

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