Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service has set the optional standard mileage rates for 2020. These rates are used to figure the deductible costs of operating a vehicle for business, charitable, medical or moving purposes.…
The Internal Revenue Service has announced that the final regulations have been issued on the revamped Foreign Tax Credit, which was modified as a result of tax reform in 2017.…
Read more about Final Regulations Issued for Revamped Foreign Tax Credit
The Internal Revenue Service has updated its guidance that was issued for deductible business, charitable, medical, and moving expenses.…
The IRS recently highlighted how the Tax Cuts and Jobs Act affected whistleblowers who submit information to the IRS Whistleblower Office.…
Read more about IRS Highlights New Whistleblower Notification Process
An organization that tracks charitable giving in the U.S. says it appears the new tax reform measures were a factor in decreasing donations to America’s charities.…
Read more about Charitable Giving Down in Wake of Tax Reform
This filing season was the first to feature almost all changes from to the Tax Cuts and Jobs Act—not to mention the new Form 1040 and Schedules 1 through 6. To learn whether these changes had a significant impact on tax professionals, Taxing Subjects surveyed more than 5,000 preparers.…
Read more about “How Did Your Filing Season Go?” Survey Results
The Government Accountability Office says a decade of budget and staffing cuts aimed at the Internal Revenue Service have left the nation’s tax collection agency poorly positioned to handle its future mission.…
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 tax reform package that went into effect at the end of 2017 effectively doubled the standard deduction for individuals.…
Read more about Tax Reform Likely to Result in Fewer Taxpayers Who Itemize
In a recent Tax Tip, the IRS reminded taxpayers that the Tax Cuts and Jobs Act (TCJA) lowered the backup withholding rate for 2018 to 24 percent.…
