Drake Software blog for tax pros, covering tax, IRS news, and more
If you live in the Southeast, long lines and questionable containers are a sad reality at many local gas stations. The temporary Colonial Pipeline disruption caused a rush on fuel this week, leading many in the region to hoard gasoline.…
Read more about Penalty for Highway Use of Dyed Fuel Waived in Some States
As you might have experienced first-hand, those with unused funds from a 2020 dependent care assistance program (DCAP) could have questions about newly allowed carryovers and whether those funds are taxable.…
Read more about Dependent Care Assistance Program Participants Get Helpful Guidance
The Internal Revenue Service is reminding some tax-exempt organizations that they face the same May 17 filing deadline as regular income tax filers.…
Let’s face it, passwords are becoming a problem. Following best practices for data security means creating unique passwords for all computers, networks, and online accounts.…
It was a wise man indeed who first warned us to “hope for the best, but prepare for the worst.”…
Read more about IRS Reminds Taxpayers to Prepare for Natural Disasters
Sometimes, taxpayers find themselves with a tax bill they just can’t satisfy. The taxpayer is willing to pay, but the bottom line is more than they can afford.…
Read more about IRS Reminds Taxpayers About Offer in Compromise Program
Partnerships and S corporations that will have to report “international tax matters” in 2022 can now review the new draft releases for Schedules K-2 and K-3. The IRS today announced the early release drafts, noting that instructions would follow sometime in the summer.…
Read more about New Draft Schedules K-2 and K-3 Announced by IRS
This tax season, like so many before, a lot of filers could use a little extra time to get the job done.…
Read more about These Taxpayers Don't Have to Do Anything to Get an Extension
The Internal Revenue Service has kept taxpayers’ mailboxes busy for months now, sending out notices to taxpayers about the various Economic Impact Payments that have been issued.…
Read more about Navigating Notices About Economic Impact Payments
The early bird gets the worm.We’re taught that punctuality and working ahead leads to success. While generally holding true, there are obviously some exceptions—like when Congress passes retroactive…
Read more about IRS Announces Safe Harbor for First-Round PPP Deductions
