Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service has acquiesced in the Ninth Circuit court’s decision on a year-old tax case involving unmarried co-owners of real estate.The case involved Charles Sophy and Bruce Voss,…
Read more about IRS Decision May Impact Mortgage Interest Deduction in Some Cases
Usually, the profits your clients earn are taxable. However, if a taxpayer sells their home, they may not have to pay taxes on the money they gain. So we’ve got some tips for taxpayers who are…
Facebook officials failed to answer an IRS summons seeking internal corporate records on one of its offshore tax strategies, according to Bloomberg BNA. It was the seventh consecutive time the…
Now that we’re smack in the middle of summer, it might be a good idea to review some common-sense steps that can help you and your clients make a speedy recovery should a hurricane, tornado or other…
Read more about Be Prepared for Hurricanes and Other Natural Disasters
Not long after the Internal Revenue Service alerted the nation’s tax preparers to be on guard against the theft of confidential information in their care, the State of New York has followed suit,…
Read more about NYS Issues Cybercrime Alert to Tax Preparers
The Internal Revenue Service has restored its “Get an IP PIN” tool to the IRS.gov website, after concerns about security forced its removal.The Identity Protection Personal Identification Number (IP…
If you’ve got clients who are getting married this summer, they may not have taxes on their pre-nuptial checklist. But once the rice is all swept away and the thank-you notes are written it may be…
The Treasury Inspector General for Tax Administration (TIGTA) says the IRS gets a mixed report card when it comes to notifying taxpayers an IRS lien has been filed against them.The audit looked at…
It won’t be long until it’s Back-to-School time in many states – and that could mean a sales tax holiday for many shoppers. At least 17 states will have some sort of sales tax holiday period this…
Read more about Analysis Claims Sales Tax Holidays May Not Deliver What They Promise
If your clients bought health care coverage through the Health Insurance Marketplace for this year, they may have chosen to have advance payments of the premium tax credit paid directly to the…
Read more about Tweaking Your Clients’ Advance Premium Tax Credit Payments
