Drake Software blog for tax pros, covering tax, IRS news, and more
Some individual taxpayers and businesses in certain Tennessee counties have gotten some good news for a change: they have until August 2 to file their various tax returns with the IRS.…
With restaurants beginning to open more fully due to a break in the coronavirus pandemic, employees in the food and beverage industry are soon likely to have a lot more to report on their taxes: Tips.…
Read more about IRS to Taxpayers: Don’t Forget to Report Tip Income
If you live in the Southeast, long lines and questionable containers are a sad reality at many local gas stations. The temporary Colonial Pipeline disruption caused a rush on fuel this week, leading many in the region to hoard gasoline.…
Read more about Penalty for Highway Use of Dyed Fuel Waived in Some States
Most Americans think that when it comes to paying income tax, Social Security benefits are off-limits.…
Read more about Some Could Owe Tax on Social Security Benefits
The Internal Revenue Service is reminding some tax-exempt organizations that they face the same May 17 filing deadline as regular income tax filers.…
Sometimes, taxpayers find themselves with a tax bill they just can’t satisfy. The taxpayer is willing to pay, but the bottom line is more than they can afford.…
Read more about IRS Reminds Taxpayers About Offer in Compromise Program
Partnerships and S corporations that will have to report “international tax matters” in 2022 can now review the new draft releases for Schedules K-2 and K-3. The IRS today announced the early release drafts, noting that instructions would follow sometime in the summer.…
Read more about New Draft Schedules K-2 and K-3 Announced by IRS
This tax season, like so many before, a lot of filers could use a little extra time to get the job done.…
Read more about These Taxpayers Don't Have to Do Anything to Get an Extension
The Internal Revenue Service has released guidance that hikes interest rates and other inflation-adjusted items due to changes driven by the American Rescue Plan Act of 2021 (ARPA).…
Read more about IRS Issues Guidance for American Rescue Plan Changes to the CTC, EITC, and APT
The early bird gets the worm.We’re taught that punctuality and working ahead leads to success. While generally holding true, there are obviously some exceptions—like when Congress passes retroactive…
Read more about IRS Announces Safe Harbor for First-Round PPP Deductions
