Drake Software blog for tax pros, covering tax, IRS news, and more
With just days left in the TY 2018 filing season, the IRS and its Security Summit partners have announced major progress has been made in the fight against tax-related identity theft. What’s more, they say, their combined efforts have added protection for thousands of taxpayers and billions of dollars in refunds.…
In recent years, the federal government has tried varying strategies to entice wealthy individuals and corporations to report and retrieve funds squirreled away in offshore accounts.…
Read more about Dirty Dozen: Hiding Funds Offshore is Still a Crime
The Internal Revenue Service is warning taxpayers and tax professionals against improperly claiming various business tax credits, which has become a common tax scam.…
Read more about Dirty Dozen: Avoid Improper Claims for Business Credits
The incidence of tax-related identity theft has decreased in recent years, largely due to the hard work of the Internal Revenue Service and its Security Summit partners. However, identity theft is still serious enough to be included on this year’s “Dirty Dozen” list of scams from the IRS.…
Read more about Dirty Dozen: Identity Theft Down, But Far From Out
The April tax filing deadline is fast approaching and scammers are sure to take advantage of it, attempting to steal money or personal information from taxpayers and tax pros alike.…
Read more about Dirty Dozen: Keep an Ear Out for Phone Scams
The Internal Revenue Service kicked off its annual “Dirty Dozen” list of tax scams this week, and used the occasion to spotlight phishing schemes.…
Read more about Dirty Dozen: Phishing Not Just Aimed at Taxpayers Anymore
Since the majority of the Tax Cuts and Jobs Act changes went into effect in tax year 2018 and there’s a new Form 1040 and supporting schedules to learn, Drake Software wanted to see if preparers felt ready before the January 28 start date.…
Read more about “Are You Ready for Tax Season?” Survey Results
The IRS is expanding the Identity Protection Personal Identification Number (IP PIN) pilot program, so taxpayers in seven additional states will be able to add an extra layer of security to their federal tax return.…
February 4, 2019 will mark the end of the Internal Revenue Service faxing tax transcripts to individuals and tax professionals. According to the IRS Newswire, tax industry feedback helped contribute to the decision to stop the practice.…
Read more about IRS Will Not Fax Tax Transcripts after February
According to the Internal Revenue Service, there are two new “business email compromise/business email spoofing (BEC/BES)” spear-phishing scams targeting tax professionals: the direct-deposit scam and the wire-transfer scam.…
