Drake Software blog for tax pros, covering tax, IRS news, and more
After a dismal winter made darker by the COVID-19 pandemic, millions of American families are getting a little sunnier disposition thanks to advance payments of the Child Tax Credit.…
Read more about Taxpayers Now Receiving the Advance Child Tax Credit Payments
The IRS is reporting a rise in successful scams targeting tax professionals. This news comes on the heels of a second filing season defined by the pandemic: Preparers and taxpayers again relied on digital communication and file exchange, and legislators passed legislation providing advance payments to qualifying Americans.…
Read more about Security Summit Announces 2021 Awareness Campaign
Every year, the Electronic Tax Administration Advisory Committee (ETAAC) sends a report to Congress that includes recommendations for improving tax administration.…
Read more about ETAAC Report Recommends Better IRS Funding, Improving the "Taxpayer Experience"
The Internal Revenue Service is welcoming the newest member of its Spanish-language features into the clan. The Child Tax Credit Eligibility Assistant that helps families determine if they qualify for the Child Tax Credit and its special advance payments is now available in Spanish.…
Read more about IRS Announces Spanish-Language Child Tax Credit Assistant Tool
Time is quickly running out to register for the 2021 IRS Virtual Nationwide Tax Forum. To fully register for all the events—including access to all 30 webinars and IRS Commissioner Chuck Rettig’s keynote address—registration must be completed by Tuesday, July 13.…
Read more about Last Call to Register for the Full Virtual Tax Forum
The IRS Tax Withholding Estimator on IRS.gov does just what it says: help taxpayers determine whether their employer is withholding enough tax or if they need to fill out a new Form W-4.…
New guidance from the Internal Revenue Service tries to clear up questions some transportation companies may have about pandemic-related federal grants.…
Read more about New Guidance Makes Road Ahead Clearer for Transportation Firms
For self-employed taxpayers and household employers, it’s time, as they say, to pay the piper. The CARES Act—also known as the Coronavirus Aid, Relief and Economic Security Act—gave these specific taxpayers permission to defer paying certain Social Security taxes for tax year 2020.…
New guidance from the Internal Revenue Service and the Treasury Department is aimed at keeping the lights on at renewable energy projects delayed by the COVID-19 pandemic.…
Read more about New Guidance Lights Up Renewable Energy Projects
Monthly Advance Child Tax Credit payments are set to begin in two weeks. While it’s too late to change the bank account that will receive the July 15 payment, qualifying taxpayers can now use a tool on IRS.gov to update their information before the August payment is issued.…
Read more about Update Bank Info for Advance Child Tax Credit Payments on IRS.gov
