Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service has gone to court to face Facebook to cooperate with its investigation into the transfer of assets to an Irish subsidiary. The probe, first detailed on CNN Money, is…
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The Massachusetts State Senate is looking at a bill that would install a tax on rooms rented through AirBnB to help the state pay for an increase in its Earned Income Credit.According to MassLive, the…
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When we change jobs, we normally lose access to the buildings and electronics we may have used for our former employer. However, a new audit report from the Treasury Inspector General for Tax…
What is a Trade or Business?Simply put, a trade or business must satisfy the need to make a profit. If you don’t plan to make a profit, then this is not a business, it is a hobby. The reason for…
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The IRS Future State Plan features prominently in the first volume of yesterday’s Fiscal Year 2017 Objectives Report to Congress from National Taxpayer Advocate Nina Olson. Three subjects of the…
The Government Accountability Office (GAO) has issued a report that says IRS measures still fall short when it comes to protecting the personal information of taxpayers. While the 50-page report…
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An audit by the Treasury Inspector General for Tax Administration says the Internal Revenue Service isn’t assessing its volunteer income tax preparers as it should.The Volunteer program provides…
Read more about Audit Finds IRS Not Adequately Checking Volunteer Tax Preparer Program
The first in a series of IRS Nationwide Tax Forums kicks off July 14 in Chicago, with Commissioner John Koskinen delivering the event’s keynote address.The forums are three-day events providing tax…
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The Internal Revenue Service has taken its electronic filing PIN tool off IRS.gov after an attempted cyberattack was launched against new security measures. In addition to removing it from the…
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The Internal Revenue Service recently issued their guidelines as far as how Bitcoin and the other virtual currencies fit into the scheme of the American tax structure. But the American Institute of…
Read more about AICPA Asks IRS for Clarification on Virtual Currency
