Drake Software blog for tax pros, covering tax, IRS news, and more
New guidance has been issued by the Department of the Treasury and the Internal Revenue Service for employers and employees with terminating 403(b) plans.…
Read more about New Guidance Provided on Terminating 403(b) Plans
Most US citizens, entities, and resident aliens with a foreign bank or financial account have seen their IRS reporting deadline come and go. But for some taxpayers, one more deadline remains to file their 2019 Report of Foreign Bank and Financial Accounts, or FBAR.…
Read more about Some FBAR Filers Have One Extended Deadline Remaining
The Internal Revenue Service is making good on its pledge to provide information and assistance to underserved communities. The agency has now made two publications that are key to tax professionals available in Spanish.…
Read more about Two Key Publications Now Available in Spanish
Taxpayers trying to plan their 2021 deductible retirement plan contributions will be happy to learn that the Internal Revenue Service this week published Notice 2020-79.…
Read more about IRS Announces 2021 Income Ranges for IRA, Saver’s Credit Eligibility, and More
The Internal Revenue Service is continuing its push to get non-filers to register so they can receive an Economic Impact Payment or EIP.…
Read more about IRS Sets Nov. 10 as "National EIP Registration Day"
The Internal Revenue Service has revealed a second settlement effort for taxpayers under audit who took part in abusive micro-captive insurance transactions.…
Read more about New Stricter Settlement Deal in Play for Micro-Captive Insurance Schemes
The Internal Revenue Service has released an early draft of the instructions to Form 1065, U.S. Return for Partnership Income for tax year 2020 (filing season 2021). The changes include revised instructions for partnerships that are required to report capital accounts to partners on Schedule K-1 (Form 1065).…
This week has been set aside by the Internal Revenue Service and charitable organizations across the globe to highlight their annual International Charity Fraud Awareness Week (ICFAW).…
Taxpayers dealing with the fallout from wildfires in California and Hurricane Delta in Louisiana yesterday received some good news from the Internal Revenue Service. Following the Federal Emergency Management Agency’s disaster declarations for affected areas, the IRS is giving victims additional time to meet certain filing and payment deadlines.…
Read more about Tax Relief for Wildfire and Hurricane Victims
The Treasury Department last week announced that the Small Business Administration is making it easier to request Paycheck Protection Program (PPP) loan forgiveness for loans that are $50,000 or less.…
Read more about Treasury Says SBA Has Simpler Forgiveness Application for Certain PPP Loans
