Drake Software blog for tax pros, covering tax, IRS news, and more
A new announcement from the Internal Revenue Service should come as welcome news to front-line health care workers nationwide. Announcement 2021-7 clarifies existing language to assure taxpayers that the purchase of personal protective equipment (PPE) can be deductible.…
The Internal Revenue Service says more Economic Impact Payments (EIP3) are coming this week—a second round that will include paper checks and prepaid debit cards.…
There are a lot of things vying for our attention these days: the coronavirus, vaccine opportunities, new Economic Impact Payments—all worthy topics. But when it comes to taxes, recent changes to retirement plan rules also shouldn’t go unnoticed.…
Read more about Don’t Overlook Recent Changes to Retirement Plans
Taxpayers, no matter their age, may be able to claim a deduction on their 2020 tax returns for contributions to their Individual Retirement Arrangement (IRA) if they make them by April 15.…
Read more about Taxpayers Can Still Get Credit for IRA Contributions on 2020 Returns
It won’t be long before Americans start seeing the third round of Economic Impact Payments—also known as EIP3—showing up in their bank accounts and mailboxes.…
Read more about IRS Now Sending Out Third Round of Economic Impact Payments
President Biden signed into law the $1.9 trillion American Rescue Plan Act of 2021, which includes a number of tax-related provisions that lawmakers say will help struggling Americans weather the pandemic recession.…
The Internal Revenue Service has a number of resources and accessibility services available to taxpayers who need them.…
Read more about IRS Has Resources for Visually Impaired Taxpayers
It’s tax season, and that means you’re as busy as you can be. But it’s also the busy season for crafty criminals: scammers impersonating the IRS, either over the phone, by email or in person. Any of these methods can be used to steal money from people.…
The dates for the 2021 Nationwide Tax Forum have been set. But before you start calling for airline tickets, the announcement from IRS Commissioner Chuck Rettig has some helpful advice about travel plans:…
The Internal Revenue Service this week issued a tax tip to help taxpayers with missing or incorrect tax documents.…
Read more about The IRS Has Tips for Getting and Correcting Tax Documents
