Drake Software blog for tax pros, covering tax, IRS news, and more
New guidance from the Internal Revenue Service seeks to clear the air on the Work Opportunity Tax Credit (WOTC) for employers and gives relief to them as well.…
Read more about New Notice Includes Work Opportunity Tax Credit Relief
New guidance from the Internal Revenue Service aims to help employers better understand the employee retention credit—and how they can qualify for it.…
Read more about New Guidance Aimed at Employers Claiming Employee Retention Credit
Some IRS forms are considered “file and forget” documents, meaning once filed they normally don’t require any additional attention. The Internal Revenue Service, though, is reminding that the application for an Employer Identification Number (EIN) isn’t one of them.…
Read more about IRS: Update EIN Responsible Party Information
The Internal Revenue Service has updated its guidance on expanded paid sick and family leave tax credits available to employers who provide the leave to their workers.…
Read more about COVID Paid Leave Credit Clarified for Employers
The Internal Revenue Service says it’s not done issuing refunds for tax paid on COVID unemployment benefits. Another 1.5 million taxpayers are now slated to get refunds averaging over $1,600 as part of the IRS adjustment process in the wake of recent legislation.…
Read more about More Unemployment Tax Refunds Coming, IRS Says
With summer comes the prospect of a summer job for college students. Many times, their top priorities are twofold:…
Read more about IRS Highlights Tax Resources for College Students
Let’s face it: higher education is expensive, whether it’s community college, a trade school, a four-year university or an advanced degree. That’s where higher education tax credits come in.…
Read more about What Taxpayers Need to Know About Higher Education Credits
The Internal Revenue Service has long allowed educators to deduct part of the cost of supplies and other expenses from their taxes. The total deduction allowed may not sound like much, but educators all over the U.S. have come to depend on this tax break for a little relief.…
The Internal Revenue Service is continuing to move individual income tax features into the digital age. The agency’s latest move gives taxpayers digital control over who can represent them or view their tax records.…
Read more about New Tax Pro Account, Other Services Launch on IRS.gov
New guidance from the Internal Revenue Service attempts to shine a little light on multiemployer qualified retirement plans that got financial help from the Pension Benefit Guaranty Corporation (PBGC), while explaining what that assistance means for participants and beneficiaries.…
Read more about Multiemployer Retirement Plans Get IRS Guidance for PBGC Assistance
