Drake Software blog for tax pros, covering tax, IRS news, and more
After a dismal winter made darker by the COVID-19 pandemic, millions of American families are getting a little sunnier disposition thanks to advance payments of the Child Tax Credit.…
Read more about Taxpayers Now Receiving the Advance Child Tax Credit Payments
Every year, the Electronic Tax Administration Advisory Committee (ETAAC) sends a report to Congress that includes recommendations for improving tax administration.…
Read more about ETAAC Report Recommends Better IRS Funding, Improving the "Taxpayer Experience"
The Internal Revenue Service is welcoming the newest member of its Spanish-language features into the clan. The Child Tax Credit Eligibility Assistant that helps families determine if they qualify for the Child Tax Credit and its special advance payments is now available in Spanish.…
Read more about IRS Announces Spanish-Language Child Tax Credit Assistant Tool
Time is quickly running out to register for the 2021 IRS Virtual Nationwide Tax Forum. To fully register for all the events—including access to all 30 webinars and IRS Commissioner Chuck Rettig’s keynote address—registration must be completed by Tuesday, July 13.…
Read more about Last Call to Register for the Full Virtual Tax Forum
The IRS Tax Withholding Estimator on IRS.gov does just what it says: help taxpayers determine whether their employer is withholding enough tax or if they need to fill out a new Form W-4.…
New guidance from the Internal Revenue Service tries to clear up questions some transportation companies may have about pandemic-related federal grants.…
Read more about New Guidance Makes Road Ahead Clearer for Transportation Firms
New guidance from the Internal Revenue Service and the Treasury Department is aimed at keeping the lights on at renewable energy projects delayed by the COVID-19 pandemic.…
Read more about New Guidance Lights Up Renewable Energy Projects
Monthly Advance Child Tax Credit payments are set to begin in two weeks. While it’s too late to change the bank account that will receive the July 15 payment, qualifying taxpayers can now use a tool on IRS.gov to update their information before the August payment is issued.…
Read more about Update Bank Info for Advance Child Tax Credit Payments on IRS.gov
Taxpayers who aren’t required to file a federal income tax return don’t need to file to get advance payments of the Child Tax Credit. They will, however, have to register with the IRS if they haven’t filed a return lately.…
Read more about Registration Might Be Required for Advance Child Tax Credit Payments
The American Rescue Plan, or ARP, excluded up to $10,200 in unemployment compensation from each taxpayer’s taxable income. But some people filed their returns and paid taxes on the full amount of their unemployment benefits before the ARP became law, so the IRS is working to send those taxpayers a refund.…
Read more about Refunds Could Be Issued for Overpayment of Tax on Unemployment
