Drake Software blog for tax pros, covering tax, IRS news, and more
It won’t be long before Americans start seeing the third round of Economic Impact Payments—also known as EIP3—showing up in their bank accounts and mailboxes.…
Read more about IRS Now Sending Out Third Round of Economic Impact Payments
President Biden signed into law the $1.9 trillion American Rescue Plan Act of 2021, which includes a number of tax-related provisions that lawmakers say will help struggling Americans weather the pandemic recession.…
The Internal Revenue Service yesterday released a COVID Tax Tip highlighting guidance for employers who deferred payment of their employee’s 2020 Social Security tax. Initially described by legislators as a “payroll tax holiday,” the agency reminds participating employers that they still have to pay deferred employee Social Security tax by the new deadlines.…
Read more about IRS Reminds Employers About Repayment of Deferred Social Security Tax
The Internal Revenue Service says its interest rates will hold at previous levels for the second quarter of 2021.…
Read more about IRS Interest Rates Steady for Second Quarter
Congress bookended 2020 with two taxpayer relief packages aimed at mitigating the financial strain caused by the ongoing coronavirus pandemic.…
Read more about The Employee Retention Credit Covered in New IRS Notice
A status report from the IRS shows income tax returns are being filed at a much slower rate than last year. But unlike in 2020, an extension to the April 15 filing deadline is unclear.…
Read more about Filing Numbers Down; Chance of Extended Deadline Unclear
The Internal Revenue Service has issued an alert covering amended returns and claims for the Domestic Production Activities Deduction, also known as DPAD.…
Read more about Domestic Production Activities Deduction Fuels IRS Alert
Taxpayers with income from farming or fishing face a March 1 deadline for filing their income taxes. But the IRS reminds them they can avoid making any estimated tax payments by filing and paying their entire tax due on or before the deadline.…
Read more about Farmers and Fishers Face March 1 Tax Deadline
Unemployment claims may have fallen since the initial months of the pandemic, but millions of Americans continue to struggle with long-term joblessness and medical bills caused by the coronavirus.…
Read more about Qualifying Low-Income California Residents to Get Additional Stimulus from State
Texas taxpayers impacted by this month’s brutal winter storms are getting some help from the Internal Revenue Service. The help includes extended deadlines and other relief measures.…
