Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service today recommended that taxpayers with an expiring Individual Taxpayer Identification Number renew it early to make sure their tax year 2020 refund isn’t delayed.…
The Internal Revenue Service is reminding owners of most heavy highway vehicles to timely file their Form 2290, Heavy Highway Vehicle Use Tax Return.…
Read more about Truckers Reminded to e-File Highway Use Tax Return by August Deadline
The humble phishing scam is one of the oldest grifts in the Digital Age. Despite their age, these scams remain remarkably effective. Part of that success is derived from constant evolution, and the…
More and more, tax professionals are relying on working remotely, also known as teleworking, in order to stay connected with clients and remain productive.…
The Internal Revenue Service is changing the guard in its Criminal Investigation (CI) division. James Lee, the current deputy chief of the division and a 25-year IRS veteran, will take the reins from retiring Chief Don Fort.…
Read more about James Lee to Lead IRS Criminal Investigations
Taxpayers can dip into Coronavirus Aid, Relief, and Economic Security Act-specified retirement accounts without suffering a penalty, according to an Internal Revenue Service press release published yesterday. This reminder comes just days after the $600 unemployment benefits included in that legislation expired.…
Read more about CARES Act Allows Penalty-Free Withdrawals from Some Retirement Plans
The Tax Cuts and Jobs Act (TCJA) of 2017 famously adjusted the income tax brackets and lowered the corporate tax rate to 21 percent, but the sweeping legislation contained a host of tax-related changes.…
The Internal Revenue Service has issued new guidance to reconcile advance payments of refundable employment tax credits and recapture the benefit of those credits when needed.…
Read more about IRS Issues Guidance on Recapturing Excess Employment Tax Credits
Many taxpayers may have collectively breathed a sigh of relief on July 16, but anyone selling big-ticket items between now and the end of 2020 will still need to report large cash transactions.…
The IRS this week published the first installment of the Security Summit’s annual data security outreach campaign: “Working Virtually: Protect Tax Data at Home and at Work.”…
Read more about Working Virtually Campaign Highlights "Security Six"
