Drake Software blog for tax pros, covering tax, IRS news, and more
The IRS reported that roughly one million taxpayers did not file their 2011 federal income tax returns, resulting in $1 billion in unclaimed refunds. IRS Commissioner John Koskinen stated that student…
Today, the IRS released another "Tax Time Guide" aiming to streamline filing season. The press release advises taxpayers to check "Where's My Refund?" for information regarding their tax return;…
Read more about IRS Service Updates Refund Status via Website, App
On March 3, the IRS announced its “Top Ten Identity Theft Prosecutions” – a list detailing some of the most infamous cases for Fiscal Year 2014 that resulted in prison sentences. The article quotes…
Read more about IRS-Criminal Investigation Cracks the Whip, Comes Down Hard on ID Thieves
On Wednesday, March 4, the US Supreme Court will hear oral arguments in the case of King v. Burwell, a challenge to the Patient Protection and Affordable Care Act (ACA). Unlike many of the cases to…
Read more about What the ACA Supreme Court Case Means To Tax Preparers
The IRS recently published notices concerning gross income and waivers for farmers and fishermen who received erroneous Forms 1095-A:Notice 2015-21 provides a proposed revenue procedure that, if…
WASHINGTON ― Farmers and fishermen who miss this year’s March 2 tax deadline because they are receiving corrected premium tax credit forms (Form 1095-A) from the Health Insurance Marketplace will…
The IRS recently released information about early retirement distributions that could prove useful to tax preparers, covering additional taxes on early withdrawals, nontaxable withdrawals, check…
Read more about IRS Tax Tips: Key Points to Know About Early Retirement Distributions
WASHINGTON — The Internal Revenue Service recommended and the Department of Treasury approved the selection of 29 new members to serve on the nationwide Taxpayer Advocacy Panel (TAP). The TAP is a…
Read more about IRS Press Release: Taxpayer Advocacy Panel Members Selected
WASHINGTON — The Internal Revenue Service warned return preparers and other tax professionals to be on guard against bogus emails making the rounds seeking updated personal or professional information…
WASHINGTON – Senate Finance Committee Chairman Orrin Hatch (R-Utah) penned a letter pressing the Centers for Medicare and Medicaid Services (CMS) for information on an opt-out provision crafted to…
Read more about Press Release: Hatch Presses CMS on Opt-Out for Insurers on Federal Exchanges
