Drake Software blog for tax pros, covering tax, IRS news, and more
The wait is over; the filing season for 2021 income tax returns has been opened by the IRS. But before taxpayers start sharpening pencils, cranking up the calculator and putting on a pot of coffee, they need to know they’ve got everything together to get the job done right.…
The Internal Revenue Service has posted a new flock of frequently asked questions (FAQs), all aimed at answering taxpayer questions about the 2021 Child Tax Credit.…
Much attention has been given lately to the Child Tax Credit and its advance payments. But taxpayers might be able to claim another credit if their dependents don't qualify for the CTC.…
With tax time’s arrival, those Americans who don’t normally have to file an income tax return usually think their circumstances mean they have no benefit to filing a return.…
Read more about Reasons Some Non-Filers Should File This Year
It’s official: The Internal Revenue Service says it will start accepting tax year 2021 returns on January 24, kicking off tax season.…
A reminder from the Internal Revenue Service might be called a taxpayer’s best last chance. Those taxpayers who found they may have failed to hold out enough from their income to cover their federal income taxes still have one more shot at avoiding a big surprise tax bill and escaping a possible penalty.…
Read more about IRS Issues Reminder for Estimated Tax Payment Deadline
No doubt about it: The future for the IRS is electronic. The agency is putting more and more formerly paper-only functions on its electronic platform, speeding up transmission and improving service as a result.…
Victims of the New Year wildfires in Colorado now have one less thing to worry about. The Internal Revenue Service has given individual and business taxpayers affected by the disaster until May 16 to…
Read more about Tax Relief Coming to Colorado Wildfire Victims
If taxpayers get a letter from the Internal Revenue Service relating to either the Advance Child Tax Credit or Economic Impact Payments, they need to file the letters for safekeeping.…
Read more about IRS Wants Taxpayers to Save ACTC and EIP Letters
As recovery efforts spread across parts of the south in the wake of the December 10 tornadoes, the Internal Revenue Service is expanding its effort to give affected taxpayers in the region a helping hand.…
Read more about IRS Relief Now Covers Kentucky, Parts of Illinois and Tennessee
