Drake Software blog for tax pros, covering tax, IRS news, and more
Social Security Administration (SSA) and Railroad Retirement Board (RRB) beneficiaries with dependents need to report that information to the IRS before April 22 at noon to receive $500 for each qualifying child at the same time as their $1,200 EIP.…
Read more about EIP Alert: April 22 Deadline for SSA and RRB Beneficiaries with Dependents
The Internal Revenue Service announced that the Centralized Authorization File (CAF) service will be unavailable “until further notice" due to the coronavirus epidemic.…
The Federal Register from Thursday, April 16 included proposed rulemaking that would reduce the cost of applying for and renewing a Paid Tax Identification Number from $33 with a $17 third-party fee to $21 with a $14.95 third-party fee.…
The Economic Impact Payment (EIP) program designed to ease the shock of halted employment during the coronavirus-related isolation period could experience some unexpected loopholes.…
Read more about Six States Could Tax Economic Impact Payments
We were impressed by how straightforward the entire process is.…
The IRS Get My Payment tool is now available, providing EIP recipients a convenient way to set up direct deposit for and track the status of their payment.…
The Internal Revenue Service has temporarily stopped processing paper tax returns, urging taxpayers to e-file instead.…
Collins, recently named the new National Taxpayer Advocate, has started her new position ahead of time in order to provide the Taxpayer Advocate Service (TAS) with complete leadership during this unsettled time.…
Drake Software today announced that Drake Tax supports Economic Impact Payment (EIP) returns, providing customers a way to help those who don’t typically file a return receive the payment recently authorized by the CARES Act.…
For many of us, we’re living in a time that has no comparison. We’ve seen wars, famines, economic crashes, but no pandemic—until now. Jim Buttonow of Accounting Today magazine says for the Internal Revenue Service, a bad situation may be about to get even worse.…
Read more about Accounting Today Looks at the IRS COVID-19 Response
