Drake Software blog for tax pros, covering tax, IRS news, and more
President Biden signed into law the $1.9 trillion American Rescue Plan Act of 2021, which includes a number of tax-related provisions that lawmakers say will help struggling Americans weather the pandemic recession.…
First-time income tax filers and those who usually don’t have a federal filing requirement are being urged to reconsider sitting out this filing season. They may be eligible to claim the Recovery Rebate Credit—but they have to file an income tax return to get it.…
Read more about Qualifying Taxpayers Need to File for a Shot at Recovery Rebate Credit
It’s a busy time for the Treasury Department and the Internal Revenue Service. They’re sending out some 8 million second-round Economic Impact Payments (EIPs) by prepaid debit card.…
Read more about Treasury Issuing Millions of EIPs by Debit Card in Second Round
The Internal Revenue Service this afternoon announced it was working with the tax and financial industry to redirect Economic Impact Payments that were direct deposited in closed, inactive, or “unfamiliar” bank accounts.…
Read more about IRS, Tax Industry Working to Redirect Some EIP Direct Deposits
The second set of Economic Impact Payments are already showing up in eligible Americans’ bank accounts, but some may encounter problems with their direct payment. Rather than picking up the phone, the Internal Revenue Service today advised taxpayers to instead visit the IRS website for answers since “IRS phone assistors do not have additional information beyond what’s on IRS.gov.”…
The Treasury Department and Internal Revenue Service yesterday evening announced that the next set of Economic Impact Payments are officially on the way. According to the IRS release, the agency aimed to start direct deposits later that night and send the first round of paper checks today.…
Identity thieves who deploy phishing scams are quick to innovate, using popular communication platforms and current events to target victims where and when they are most vulnerable.…
Read more about Protecting Your Tax Practice from Phishing Scams
Some people managed to register for their $1,200 Economic Impact Payment (EIP) but just didn’t have the necessary information in-hand to also sign up for the $500 payment for qualifying children.…
Read more about More Time to Register to Get $500 EIP for Children
The Internal Revenue Service announced that some college students could qualify for an Economic Impact Payment. This press release is part of the agency’s push to get all eligible non-filers to register for an EIP before the Nov. 21, 2020 deadline, and it comes days before National EIP Registration Day.…
Read more about IRS Says Self-Supporting College Students Could Qualify for an EIP
Americans who don’t normally file a tax return now have more time to apply for an Economic Impact Payment (EIP). The Internal Revenue Service this week announced that the deadline for non-filers to send EIP-qualifying information has been extended to November 21, 2020.…
