Drake Software blog for tax pros, covering tax, IRS news, and more
As we get closer to the 2020 tax season, tax pros need to complete their continuing professional education training. Luckily, the IRS and Drake Software can help with that.…
The IRS this week released another disaster victim-focused tax tip, reminding taxpayers what they can do to rebuild financial records lost to a storm, flood, or some other catastrophic event.…
Read more about IRS Has Financial Record Recovery Tips for Disaster Victims
The IRS is launching the second annual International Charity Fraud Awareness Week, which runs through Oct. 25.…
Read more about It’s International Charity Fraud Awareness Week
Taxpayers whose outstanding tax bill has been referred to a private debt collector have a new way to pay, according to a recent IRS press release.…
Read more about IRS Announces New Way to Pay Tax Bills That Have Gone to Private Collections
October is National Work and Family Month, and to celebrate, the IRS is issuing informative tips on the work-life balance. Topics include family businesses, family tax credits, military tax benefits, scams and security issues.…
The IRS this week reminded taxpayers that the filing deadline for those with a tax extension is Tuesday, October 15, 2019. Generally, taxpayers who request an extension are given an extra six months to file their tax return with the IRS.…
An audit into the IRS electric plug-in car credit has found that ineligible vehicles have been able to get the credit, costing the agency nearly $74 million.…
Read more about Audit Finds Ineligible Vehicles Still Get Electric Car Credit
The IRS has released draft forms for revised versions of Form 1065, Form 1120-S and Schedule K-1 for tax year 2019. The Internal Revenue Service says the changes aim to improve “quality of the information reported by partnerships, both to the IRS and the partners of such entities.”…
Read more about IRS Releases Drafts of Revised Forms 1065, 1120-S, and K-1
The Internal Revenue Service on Friday announced that it is ending the Form W-2 Verification Code pilot program.…
The Internal Revenue Service is offering a limited-time settlement for certain taxpayers under audit who took part in an abusive micro-captive insurance scheme. By participating, qualified taxpayers can escape tax evasion charges, but must pay back tax owed plus penalties.…
Read more about IRS Offers Settlement for Micro-Captive Insurance Schemes
