Drake Software blog for tax pros, covering tax, IRS news, and more
Somewhere between the time we start our work careers and the time we finally retire, life happens. During that time span, many taxpayers feel the need to dip into their Individual Retirement Account…
Read more about Things to Remember About Early Withdrawals from Retirement Plans
It’s been a rough winter for residents of the Northeast: three severe winter storms in just two months. Fortunately, the IRS is helping to take a little of the bite out of the winter wind for those most affected.…
Read more about Winter Storms Prompt IRS to Grant Relief to Businesses
About a million taxpayers could have some cash waiting for them, provided they file their 2014 income tax returns.…
Read more about $1 Billion in Refunds Still Unclaimed from 2014 Returns
The first of many refunds claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) should make their way to their respective taxpayers very soon. The Internal Revenue Service says some returns have cleared the verification process and could appear in bank accounts this week.…
Read more about Coming to Bank Accounts Soon: EITC and ACTC Refunds
The $400 billion Bipartisan Budget Act that President Trump signed on February 9 retroactively renews several 2017 tax benefits, including three the IRS believes taxpayers are most likely to claim early in tax season.…
The Internal Revenue Service’s e-Help Desk was set up to handle questions from income tax professionals. But the agency says the desk is getting flooded with calls from taxpayers who were told to call by their tax preparers.…
Read more about IRS Fielding Flood of "Inappropriate" Calls to e-Help Desk
Since its formation in 2015, the Security Summit's efforts to thwart cybercriminals have successfully driven down the number of tax-related identity theft incidents. Unfortunately, that success has forced identity thieves to adapt their methods, resulting in a new tax scam that might seem unorthodox at first.…
Identity theft has gotten a lot of attention over the past couple of years. We’ve written a lot about the subject during that time. One of the varieties of identity theft is employment identity theft, but the agency that oversees the IRS says legitimate taxpayers aren’t being notified they’re a victim of this crime.…
Read more about Audit Finds Employment Identity Theft Going Unnoticed
If you have to call the IRS help line on behalf of a client, you’ll need more than the client’s name and SSN. By law, IRS operators will speak only with the taxpayer or their legally designated representative. This is all part of the industry-wide push for higher levels of security.…
Everybody loves an income tax refund. But when a check for a tax refund shows up in your mailbox unexpectedly, it could be a signal of something very wrong: a tax scam.…
