Drake Software blog for tax pros, covering tax, IRS news, and more
WASHINGTON — Almost 40 million tax refunds worth nearly $125 billion have been issued as of Feb. 20, according to Internal Revenue Service statistics released yesterday. The average refund is…
If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income and your income for the year is more than certain…
Read more about IRS Press Release: How to Determine if the Net Investment Income Tax Applies to You
WASHINGTON — The Internal Revenue Service says more taxpayers are visiting its Web site this year to get tax help and information.According to the IRS, the number of visitors to IRS.gov is up almost…
Read more about Press Release: More Taxpayers Using IRS.gov in 2015
If a taxpayer is enrolled in a policy with a person not in the taxpayer’s tax family (a shared policy), the taxpayer may have to allocate the items on Form 1095-A (the enrollment premium, the premium…
Read more about ACA Basics – Did the Taxpayer Share a Marketplace Policy?
Even if you’ve never paid the Alternative Minimum Tax, before, you should not ignore this tax. Your taxes may have changed so that this may be the year that you need to pay AMT. You may have to pay…
Read more about Press Release: What You Should Know about the AMT
WASHINGTON — The Internal Revenue Service reports that using abusive tax shelters and structures to avoid paying taxes continues to be a problem and remains on its annual list of tax scams known as…
The Affordable Care Act is bringing several changes to the tax filing season this year, including a new form some taxpayers will receive. If you or anyone in your household enrolled in a health plan…
Tax rules can be difficult to understand, especially if they’re not in your first language. The IRS offers many free products that are easy to use for people who speak Spanish. Here are the best ways…
Read more about Press Release: Best Ways to Get IRS Tax Help ‘en Español’
WASHINGTON — The Internal Revenue Service recently made it easier for small business owners to comply with the final tangible property regulations.Requested by many small businesses and tax…
The IRS recently released information pertaining to premium tax credits and nonprofit health insurance users.Notice 2015-09 provides limited relief for taxpayers who have a balance due on their 2014…
Read more about IRS Notices and Guidance 0214 - Notice 2015-09 and Revenue Procedure 2015-17
