Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service has rolled out a new online tool that’s built to help families register for monthly Advance Child Tax Credit payments.…
Read more about New Online Tool Helps Low-Income Families Register for Advance CTC Payments
The American Rescue Plan (ARP) put some sweeping changes in place to help the U.S. tax code deal with the effects of the coronavirus pandemic. To help provide guidance to families and small business who might claim some of ARP’s major credits, the IRS has issued two sets of frequently asked questions or FAQs.…
Read more about IRS Announces FAQs for Childcare and Paid Leave Credits
The Internal Revenue Service says it sent out millions of additional American Rescue Plan (ARP) payments to taxpayers in just a two-week period, pushing the total number of payments issued under the new law to just under 170 million.…
Read more about Nearly 170 Million American Rescue Plan Payments Sent So Far
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.…
Read more about Millions of Taxpayers to Receive IRS Letter about the Advance Child Tax Credit
It may seem that we just got through with the 2021 income tax season, but there’s already another tax deadline waiting in the wings.…
Millions of Americans paid taxes on their unemployment compensation before learning that an exclusion was introduced by legislation a month into filing season. So, the Internal Revenue Service is now sending some of those taxpayers a refund to satisfy the new law.…
Read more about IRS Refunding Tax Paid on Unemployment Compensation
By most measures, 2021 is shaping up to be much better than 2020. The coronavirus appears to be less of a threat, the economy is beginning a comeback, and the American Rescue Plan is expanding some tax credits for parents and others with children.…
Read more about American Rescue Plan Expands Credits for 2021
Uncle Sam is reminding its citizens who live and work outside its borders that their tax deadline is rapidly approaching.While the bulk of taxpayers had to get their tax returns filed by May 17 this…
Read more about Expats, Others Abroad Face June 15 Filing Deadline
Now that the income tax filing deadline has passed, it’s a good time to take a hard look at whether we have the right amount of taxes withheld from our paychecks.…
Read more about IRS Says It's a Good Time to Fine-Tune Withholding
The Internal Revenue Service is willing to stay the course on interest rates, announcing rates for the third quarter of 2021 will be just the same as the previous two quarters.…
Read more about IRS Holds Interest Rates Steady for Third Quarter
