Drake Software blog for tax pros, covering tax, IRS news, and more
Recent changes in the tax regulations to help ease the burdens of the pandemic could lead to lower tax bills at filing time for some Americans. The new benefits allow taxpayers who do not itemize to take advantage of donations to charity—at least for a while.…
This time of year, filing our income taxes may not top the other concerns of the day. Fall weather, school days and football all tend to take center stage.…
This summer, the U.S. has been subjected to more than its share of natural disasters. While disaster survivors may look at their tasks mainly as clearing debris and rebuilding structures, there’s another tool in the recovery tool belt that is just as important: actions that rebuild the taxpayer’s financial records.…
The Internal Revenue Service has wasted no time in granting important tax relief to those most impacted by Hurricane Ida. The storm clouds that brought destruction to much of Louisiana and other parts of the Gulf Coast had barely cleared before the relief measures were announced.…
October is just a month away, so it’s time once again for an important announcement by the Internal Revenue Service: The federal fourth quarter interest rates. Despite the seasons changing, it looks…
As more employers utilize the employee retention credit to keep their workers employed—and as the pandemic continues to be a factor in American business—the Internal Revenue Service continues to issue guidance on who qualifies for the credit and how best to apply it.…
Read more about Employee Retention Credit Gets More Guidance
Impersonating the Internal Revenue Service is big business for identity thieves. These phishing scams often combine fear of the agency with urgency (and threats), and those who fall for them can soon find their information or money stolen. That’s why the IRS this week highlighted how they communicate with taxpayers.…
A new feature just added to the IRS’ Child Tax Credit Update Portal allows users receiving the advance credit payments to change their mailing addresses.…
Read more about Change Address on Child Tax Credit Update Portal
Long-haul truckers and others who own heavy highway motor vehicles are running out of time to file their federal highway use tax return by August 31.…
The Internal Revenue Service says millions of families across the U.S. should see their advance payment of the Child Tax Credit (CTC) in their bank accounts or mailboxes any day now.…
Read more about IRS Announces August Child Tax Credit Payments Now Being Issued
