Drake Software blog for tax pros, covering tax, IRS news, and more

Drake Tax Ready to Process All Bipartisan Budget Act Extenders

Drake Tax Ready to Process All Bipartisan Budget Act Extenders

When the Bipartisan Budget Act was passed in February, some early filers needed to submit amended returns to take advantage of the retroactive tax extenders that were included in the legislation.

The problem?

The IRS and tax software companies had to first make changes to software and systems to provide tax professionals with the ability to prepare and file with these extended provisions.

Knowing that their customers were anxiously awaiting these changes, Drake Software developers worked diligently to bring Drake Tax into compliance with the extenders. Today, Drake customers can prepare returns claiming any of the retroactive tax incentives.

In late February, Drake Software and the IRS quickly updated their systems to be able to processĀ three of the most common early season credits. Since all extenders are now available, taxpayers can take advantage of these four energy-related tax incentives:

  1. Non-Business Energy Property Credit (Form 5695)
  2. Alternative Motor Vehicle Credit (Form 8910)
  3. Qualified Plug-in Electric Drive Motor Vehicle Credit (Form 8936)
  4. Qualified 2-Wheeled Plug-In Electric Drive Motor Vehicle Credit (Form 8936)

Keep checking Drake Software Blog Team for tax industry news and updates.

Ryan Norton

Whether designing superheroes, penciling caricatures, or just doodling, I always knew I was going to earn some sort of art degree while in college. That was my goal before I decided to trade Edgar Degas for Edgar Allan Poe during a Freshman English class. The BA in English soon morphed into a double-major in English and Philosophy, eventually becoming an MA in English. It only makes sense that I learned of a writing opportunity for a local marketing firm while teaching a first-year college English course. Before I knew it, I was writing and editing tax-related articles for Taxing Subjects, and this has been my home since 2014.