IRS Updates

  • IRS Reminds Employers About Wage Statement Deadline

    The Internal Revenue Service wants employers to know the clock is ticking, and to get their Forms W-2 and other wage statements to the government very soon. The deadline is January 31. As of 2015, employers are required by law to get their Forms W-2, Wage and Tax Statements, and Form W-3, Transmittal of Wage…

  • Reasons Some Non-Filers Should File This Year

    With tax time’s arrival, those Americans who don’t normally have to file an income tax return usually think their circumstances mean they have no benefit to filing a return. This year, however, could be very different. Credits can make it happen. The individual’s first priority should be finding out whether they have to file. The…

  • Taxpayer Advocate Highlights 2021 Delays for Processing and Refunds

    “The most challenging year taxpayers and tax professionals have ever experienced.” With that short sentence, National Taxpayer Advocate Erin Collins sums up her assessment of the calendar year 2021 and its effect on the Internal Revenue Service. The assessment comes in the Taxpayers Advocate’s Annual Report to Congress, which details the struggles of last year…

  • IRS Issues Reminder for Estimated Tax Payment Deadline

    Their lifeline comes in the form of a quarterly estimated tax payment, as long as it’s made for the fourth quarter of 2021 and gets to the IRS by Tuesday, January 18. The IRS sees income taxes as a pay-as-you-go proposition, meaning Americans need to pay most of their tax as their income comes in.…

  • Form 1024 Revised for Electronic Filing

    No doubt about it: The future for the IRS is electronic. The agency is putting more and more formerly paper-only functions on its electronic platform, speeding up transmission and improving service as a result. Form 1024, Application for Recognition of Exemption under Section 501(a) or Section 521 of the Internal Revenue Code, is the latest…

  • Did COVID-19 Change My State Individual Income Tax Deadline?

    Last Updated: May 8, 2020, at 4:33 p.m. Important: The New Hampshire Interest & Dividend Tax is still due on April 15, 2020. Treasury Secretary Steven Mnuchin announced on Friday, March 20, 2020 that the federal filing deadline was being moved to July 15, 2020 due to the COVID-19 outbreak. Many state departments of revenue…

  • IRS Relief Now Covers Kentucky, Parts of Illinois and Tennessee

    As recovery efforts spread across parts of the south in the wake of the December 10 tornadoes, the Internal Revenue Service is expanding its effort to give affected taxpayers in the region a helping hand. The IRS has expanded its previously issued relief package to now encompass affected taxpayers not only in Kentucky, but also…

  • Why Host Drake Software with Rightworks?

    In November 2021, Drake Software and Rightworks collaborated on a three-part series highlighting different software solutions available to tax professionals. In part one, we learned about the different ways tax practices run software. Part two covered how cloud application hosting handles data security. And in part three, Drake Software taught us how cloud application hosting…

  • 2022 Standard Mileage Rates Now Available

    The Internal Revenue Service has put a little more cushion into its standard mileage rates, so taxpayers won’t have such a big bite taken out of their pockets by fuel prices. The rates for 2022, which take effect on January 1, will be used to figure the deductible cost of operating a vehicle for business,…

  • IRS: Don’t Forget the Required Minimum Distributions Deadline

    While most Americans have their eyes firmly on the Christmas holidays, many US retirees have another milestone to consider. While the holidays are the emotional favorite, they shouldn’t let the deadline slip by to make Required Minimum Distributions (RMDs) from their retirement plans and individual retirement accounts. That deadline is December 31. RMDs are generally…