Drake Software blog for tax pros, covering tax, IRS news, and more
Much has been made recently of the Child Tax Credit. And what’s not to like? This refundable credit could be worth thousands of dollars in refund and recent legislation allows advance payments to qualified taxpayers.…
The Internal Revenue Service is instituting a user fee for estates seeking an estate tax closing letter. At the same time, however, the agency is reminding estates there’s another path that avoids the fee altogether.…
Taxpayers now know the private firms that could come calling to collect tax debt after September 23, 2021. This latest announcement from the Internal Revenue Service marks the fifth year the agency has used private debt collectors for overdue taxes.…
Read more about IRS Announces Contracts with Debt Collectors
The American job market is a changing landscape these days. A year ago, the big push was to retain workers in the midst of the COVID-19 pandemic. Now the need is to find new workers to staff a growing economy.…
Read more about Work Opportunity Credit Helps to Counter Hiring Crunch
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
