Drake Software blog for tax pros, covering tax, IRS news, and more
Usually, the profits your clients earn are taxable. However, if a taxpayer sells their home, they may not have to pay taxes on the money they gain. So we’ve got some tips for taxpayers who are…
Facebook officials failed to answer an IRS summons seeking internal corporate records on one of its offshore tax strategies, according to Bloomberg BNA. It was the seventh consecutive time the…
Now that we’re smack in the middle of summer, it might be a good idea to review some common-sense steps that can help you and your clients make a speedy recovery should a hurricane, tornado or other…
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The Internal Revenue Service has restored its “Get an IP PIN” tool to the IRS.gov website, after concerns about security forced its removal.The Identity Protection Personal Identification Number (IP…
Members of the U.S. Armed Forces deserve the thanks of the nation for their service, and one small way we can show our thanks is by giving those who serve a small measure of tax relief.In some cases,…
The Internal Revenue Service has gone to court to face Facebook to cooperate with its investigation into the transfer of assets to an Irish subsidiary. The probe, first detailed on CNN Money, is…
Read more about Facebook Under IRS Scrutiny for Questionable Transfer of Assets to Ireland
When we change jobs, we normally lose access to the buildings and electronics we may have used for our former employer. However, a new audit report from the Treasury Inspector General for Tax…
What is a Trade or Business?Simply put, a trade or business must satisfy the need to make a profit. If you don’t plan to make a profit, then this is not a business, it is a hobby. The reason for…
Read more about Business or Pleasure: Determining if Your Hobby is Considered a Trade
The IRS Future State Plan features prominently in the first volume of yesterday’s Fiscal Year 2017 Objectives Report to Congress from National Taxpayer Advocate Nina Olson. Three subjects of the…
The Government Accountability Office (GAO) has issued a report that says IRS measures still fall short when it comes to protecting the personal information of taxpayers. While the 50-page report…
Read more about GAO Finds IRS Should Do More to Protect Taxpayer Information
