The IRS issues relief packages to areas that recently experienced natural disasters or events designated as disasters by the United States government. This blog post provides extension details and provides information on IRS legislature about filing tax returns in the wake of extreme weather or disaster incidents. Bookmark this post for updates!…
Many businesses, enticed by misleading information, have found themselves unwittingly in non-compliance with ERC regulations. The IRS has urged tax preparers to act soon to verify their compliance, emphasizing the need for proactive review and correction. Read our full post for more important news on this tax topic.…
Read more about ERC Voluntary Disclosure Program Deadline is March 22
Tax season is in full swing, and with it comes a surge in scams targeting tax professionals. The Internal Revenue Service (IRS) and Security Summit partners have issued a warning for tax preparers about a new email scam. Read more to ensure your firm is prepared for these situations.…
Read more about IRS Warns Tax Preparers of EFIN Documentation Scam
The Employee Retention Credit (ERC), initially introduced as part of the CARES Act in 2020 and extended through subsequent legislation, aims to provide financial relief to businesses impacted by the COVID-19 pandemic. However, claiming this credit requires adherence to specific criteria outlined by the IRS. In light of this, the IRS has issued a reminder urging businesses to review their qualifications for the ERC diligently. Read the rest of our latest blog post to find out more on this topic.…
Read more about Victims of ERC Fraud Can Use Voluntary Disclosure Program Through March 22
In a significant move last week, the Treasury Department and IRS announced that digital assets received by businesses do not follow the same reporting requirements as cash assets in 2024, at least until the issuance of specific regulations. Read more from our latest blog post here.…
Read more about IRS Clarifies Digital Assets Not the Same as Cash—Yet
Drake Software® is excited to introduce Drake Pay™, a payment integration solution that works seamlessly with Drake’s suite of software products. This solution allows our customers to accept payments…
Read more about Meet Drake Pay: an Integrated Payment Processing Solution
![Name, Image, and Likeness (NIL) Income for College Athletes [DOWNLOAD]](/media/3270/nil.png?anchor=center&mode=crop&width=1024&height=576&rnd=133498688980000000)
Name, Image, and Likeness (NIL) income, or income gained from personal brand influence, has opened opportunities for student-athletes in college athletics. With the additional income stream comes new tax implications, however, that many student-athletes have not previously encountered. Read the new blog entry to discover what this means for tax preparers and college sports.…
Read more about Name, Image, and Likeness (NIL) Income for College Athletes [DOWNLOAD]
The IRS has announced new penalty relief totaling around $1 billion to approximately 4.7 million individuals, businesses, and tax-exempt organizations. This relief is aimed at those who did not receive automated collection reminder notices during the pandemic, which were temporarily suspended in February 2022 due to the COVID-19 crisis. The latest blog entry covers the news and its importance to tax preparers.…
Read more about IRS Announces Penalty Relief for Nearly 5 Million Tax Returns
The Internal Revenue Service updated and modified guidance surrounding an assortment of clean energy credits and other provisions over the closing days of 2023. Some of the changes will be in effect next tax season, while other alterations will not be realized for a year or more. Here is a brief overview of what to expect on the clean energy front in the near future.…
Read more about IRS Updates Flurry of Clean Energy Provisions in Closing Days of 2023
The IRS delayed the implementation of the new $600 Form 1099-K reporting threshold for third-party payment organizations. They plan a phased-in approach, with a $5,000 threshold set for 2024 to gradually implement the reporting requirements introduced under the American Rescue Plan. Read about the policy in our latest blog post.…
Read more about IRS Delays 2023 Form 1099-K Threshold, Introduces $5,000 for 2024
