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

GM Electric Vehicle Credit to Phase Out

GM Electric Vehicle Credit to Phase Out

Taxpayers interested in getting a Chevy Volt don’t have much longer to take advantage of the Qualified Plug-In Electric Drive Motor Vehicle Credit. According to the Internal Revenue Service, General Motors officially hit the 200,000-vehicle threshold that triggers the phase out of the credit.…

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IRS Lowers Withholding Penalty Threshold Again

IRS Lowers Withholding Penalty Threshold Again

In January, the IRS announced it was lowering the threshold for applying the estimated tax penalty from 90 percent to 85 percent. This change was designed to shield taxpayers who were already getting an unexpected tax bill due to tax reform from also owing a penalty. Last Friday, the IRS said they were lowering the threshold once again to provide penalty relief to even more taxpayers.…

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