Drake Software blog for tax pros, covering tax, IRS news, and more
The deadline to register for or renew your PTIN (Preparer Tax Identification Number) for 2013 is December 31, 2012. All paid tax preparers must have a PTIN and it must be renewed annually. This year ...…
Under the tax code, penalties can be assessed for not filing a tax return or for failing to pay the full amount shown. But Americans who have paid on time and in full for the previous three years can ask for the penalties to be waived...…
The IRS is trying to help eliminate errors in the reporting of car and truck expenses on a Schedule C. They hope to both educate and remind tax preparers of tax compliance by sending out approximately 5,000 letters to those preparers who have filed a Schedule C with what appear to be irregularities...…
Read more about IRS Hopes to Help Preparers Reduce Errors on Schedule C
According to the IRS, production for the tax returns filed through Modernized e-File (MeF) will be down from Friday, November 23 until Tuesday, January 22. Here are some more important dates to keep in mind...…
The Internal Revenue Service is attempting to respond to the victims of Hurricane Sandy by waiving certain taxes. Most notably, the IRS announced earlier this month that qualified disaster relief payments made to individuals by their employer or any person can be excluded from those individuals’ taxable income.…
Read more about IRS Offers Relief to Hurricane Sandy Victims
The IRS is fine-tuning procedures for collecting and releasing the information they gather during Preparer Tax Identification Number (PTIN) registration...…
Long-standing federal laws protect the privacy of personal information by forbidding the IRS from reporting tax debts to credit bureaus that collect and sell information about the credit history of individuals and businesses. The IRS is, however, allowed...…
When a client makes an appointment with you, it’s because they need your help. And it would be easy to call them in and get right down to business. But that’s not always what’s best for you or the client. Here are a few tips that are sometimes easy to forget...…
Read more about Avoiding Things that Cost Accountants Revenue
Small businesses are responsible for 84 percent of the $450 billion tax gap and the IRS believes that’s due in part to underreporting. In an effort to increase compliance, the IRS will focus on eight specific areas...…
IR-2012-76WASHINGTON — The IRS today announced that Doug Shulman, the 47th commissioner of the Internal Revenue Service, has decided to step down on Nov. 9, the last day of his term. Shulman indicated…
Read more about Shulman to Finish His Term as IRS Commissioner on Nov. 9
