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

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.

Update Bank Info for Advance Child Tax Credit Payments on IRS.gov

Ryan Norton - June 30, 2021

Monthly Advance Child Tax Credit payments are set to begin in two weeks. While it’s too late to change the bank account that will receive the July 15 payment, qualifying taxpayers can now use a tool on IRS.gov to update their information before the August payment is issued.…

Drake Software How Did Your 2021 Filing Season Go? Infographic

Ryan Norton - June 18, 2021

Drake Software for the third year in a row surveyed tax professionals about their experience during filing season. More than 3,000 respondents completed the survey, a group comprised of attorneys, CPAs, EAs, and non-credentialed preparers.…

Millions of Taxpayers to Receive IRS Letter about the Advance Child Tax Credit

Ryan Norton - June 09, 2021

Congress has passed a number of coronavirus relief packages throughout the pandemic. While the three rounds of Economic Impact Payments are the most famous provision of those legislative efforts, they were technically an advance on the new Recovery Rebate Credit.…

IRS Notice Includes Guidance for COBRA Premium Assistance

Ryan Norton - May 24, 2021

The loss of health insurance is a major concern for the millions of Americans who have filed for unemployment throughout the pandemic. While COBRA continuation coverage can help bridge the gap between jobs, former employers generally are not required to pay part of the premiums—meaning some beneficiaries have to foot the entire bill for their insurance.…

Penalty for Highway Use of Dyed Fuel Waived in Some States

Ryan Norton - May 13, 2021

If you live in the Southeast, long lines and questionable containers are a sad reality at many local gas stations. The temporary Colonial Pipeline disruption caused a rush on fuel this week, leading many in the region to hoard gasoline.…

Cryptocurrency and the Form 1040

Ryan Norton - May 07, 2021

Public fascination with cryptocurrency tends to follow dramatic gains and losses in the market. While the latter results in pundits sounding the death knell for Bitcoin and its ilk, the most reliable predictor for the lifespan and legitimacy of crypto lies in the Internal Revenue Service—and some newly minted crypto-holding clients may have questions about the virtual currency checkbox on their tax year 2020 Form 1040.…

It May Be Time to Use a Password Manager

Ryan Norton - May 05, 2021

Let’s face it, passwords are becoming a problem. Following best practices for data security means creating unique passwords for all computers, networks, and online accounts.…

New Draft Schedules K-2 and K-3 Announced by IRS

Ryan Norton - April 30, 2021

Partnerships and S corporations that will have to report “international tax matters” in 2022 can now review the new draft releases for Schedules K-2 and K-3. The IRS today announced the early release drafts, noting that instructions would follow sometime in the summer.…

IRS Announces Safe Harbor for First-Round PPP Deductions

Ryan Norton - April 23, 2021

The early bird gets the worm.We’re taught that punctuality and working ahead leads to success. While generally holding true, there are obviously some exceptions—like when Congress passes retroactive…

Drake Wins 5 Categories in 2021 CPA Practice Advisor Readers’ Choice Awards

Ryan Norton - April 08, 2021

CPA Practice Advisor surveys its readers every year to learn what they think about the software and hardware used in their tax and accounting firms, publishing the results as their Readers’ Choice Awards.…