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

IRS Issues Final Regs on SALT Credits

IRS Issues Final Regs on SALT Credits

The Internal Revenue Service has issued its final regulations that require taxpayers to reduce charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return.…

Read more

Tax Bills are in the Mail

Tax Bills are in the Mail

Some of your clients may have found a tax bill when they opened their mailbox this morning. That’s because the Internal Revenue Service began sending CP14 and CP501 Notices to taxpayers who still owe tax for TY 2018.…

Read more

IRS Revamps Form W-4

IRS Revamps Form W-4

The Internal Revenue Service has unveiled a revised Form W-4, issuing a draft of the form for 2020. The changes, they say, will make accurate withholding choices easier for employees.…

Read more

Home Office Deduction Can Help Small Businesses

Home Office Deduction Can Help Small Businesses

It’s no secret that running a successful small business isn’t easy. The Internal Revenue Service reminds small-business owners that they may qualify for a home office deduction that can help their bottom line and give them one less thing to worry about.…

Read more

Taxes and Historic Buildings

Taxes and Historic Buildings

May is National Historic Preservation Month, and plenty of organizations around the U.S. are promoting historic buildings and other important heritage sites around the country.…

Read more

IRS Fixes Error in Schedule D Worksheet

IRS Fixes Error in Schedule D Worksheet

The Internal Revenue Service says it has corrected a calculation error in its 2018 Schedule D Tax Worksheet. The worksheet should have taxed capital gains at a lesser rate, as mandated by the new tax reform package, the Tax Cuts and Jobs Act, passed in 2017.…

Read more