IRS Updates

  • How the Reconciliation Process Impacts 2025 Tax Law

    As the 2025 tax season approaches, tax professionals should keep a close eye on Congress — especially when lawmakers pursue sweeping tax reform using a powerful legislative tool: the reconciliation process. Commonly used to sidestep Senate filibusters, this fast-track mechanism could be the engine behind significant updates to the tax code.   What Is the…

  • Secure Act 2.0 Retirement, Tax Reform, and OB3

    Secure Act 2.0 Retirement, Tax Reform, and OB3 For tax professionals, these provisions are more than legislative footnotes—they directly impact how you advise clients, calculate retirement-related taxes, and practice compliance with IRS requirements. Let’s break down these landmark updates and how The One Big Beautiful Act may or may not impact these provisions: Required Minimum…

  • The One Big Beautiful Bill Act: What Tax Pros Need to Know with Video

    The One Big Beautiful Bill Act (OBBBA) introduces sweeping updates to the tax code set to take effect for the 2025 tax year. These changes are crucial for tax professionals who must adapt planning strategies, educate clients, and ensure their software is fully compliant Watch our latest video highlight: Drake Software’s Government Relations Manager, Taylor Rodier,…

  • Protecting Tax Clients from Scams: 2025 IRS Filing Updates

    This month, the IRS—partnering with the Security Summit—is spotlighting identity theft prevention for tax professionals, addressing increasing concerns over delays related to fraud and Employee Retention Credit claims. Here is a review of a few scams to be aware of. IRS and CASST Take Action to Combat Tax Fraud The IRS and CASST are implementing…

  • Key Updates to Form 1099-K

    After a few years of delays, the reporting threshold for third party settlement organizations (TPSOs) reported on a Form 1099-K has officially dropped in 2025. This significant change, which is not the only one affecting Forms 1099-K this year, could affect various kinds of tax situations in ways your clients might not expect. What is…

  • Recent IRS Changes for Tax Year 2025: Tips for Tax Professionals

    As a tax professional, upcoming changes can be a bit confusing and maybe even stressful. However, understanding these changes now can help reduce uncertainty in the future. Here’s a breakdown of recent IRS updates and how you can navigate them effectively: 1. Increased Standard Deductions The IRS has adjusted standard deductions for inflation, affecting tax…

  • Top Tax Scams According to the IRS

    Every tax season, scammers ramp up their efforts to steal personal and financial information from taxpayers, businesses, and tax professionals. To combat these fraudulent activities, the IRS has released its Dirty Dozen list for 2025, highlighting common tax scams. These scams range from phishing emails to misleading tax credit claims, and tax professionals should stay…

  • IRS Tax Relief for 2025: Disasters Update

    In 2025, several significant natural disasters have impacted various regions across the United States. In response, the IRS has announced tax relief measures to support affected individuals and businesses. This article outlines the disasters and the corresponding tax relief provisions. California Wildfires and Straight-Line Winds Incident Period: January 7, 2025 – January 31, 2025 Affected…

  • IRS Extends Tax Relief for Southern California Wildfire Victims

    IRS Extends Tax Relief for Southern California Wildfire Victims The IRS has announced significant tax relief measures for individuals and businesses affected by wildfires and straight-line winds in southern California. These relief measures extend federal tax filing and payment deadlines and provide additional tax benefits to help those impacted recover financially. Who qualifies for relief?…

  • Tax Year 2024 Updates: Essential Insights for Tax Professionals

    As we prepare for tax year 2024, professionals must stay ahead of industry shifts to provide top-tier service to their clients. From the ethical use of AI to significant IRS updates affecting compliance, reporting thresholds, and tax credits, understanding these changes is vital. Below, we explore key updates and their implications for tax practices. Using…