American Opportunity Tax Credit (AOTC)

  • Did You Get a Refund You Didn’t Expect?

    Everybody loves an income tax refund. But when a check for a tax refund shows up in your mailbox unexpectedly, it could be a signal of something very wrong: a tax scam. It started around the New Year, when the Internal Revenue Service got wind that a number of tax professionals had their computer systems…

  • IRS Urges Taxpayers to Renew ITINs

    IRS: Renew ITIN to Avoid Processing Delays The Internal Revenue Service says taxpayers who have not renewed their expired Individual Taxpayer Identification Number (ITIN) will face processing delays if the number is used to file a return. In addition, the taxpayer could lose eligibility for key tax benefits until the ITIN is renewed. An ITIN…

  • Standard Mileage Rates Raised for 2018

    The Internal Revenue Service has unveiled higher standard mileage rates for use during the 2018 tax year. The rates are used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Beginning January 1, 2018, the standard mileage rates for automobiles, vans, pickups or panel trucks will be: 5…

  • Register Now for eServices Access

    If they haven’t done so already, tax professionals need to register now for access to the IRS’ e-Services tools. Recent security upgrades require that all e-Services users re-register through the site’s more rigorous identity verification and two-factor authentication process called Secure Access. To get started, the IRS recommends taking some steps that can make the…

  • IRS Safe Harbors Can Help with Property Losses

    2017 has been a banner year in the weather disaster category: multiple hurricanes, floods, epic brush fires and more. It all adds up to a lot of Americans falling victim to property losses. With that in mind, the Internal Revenue Service has issued guidance that provides safe harbor methods individuals can use in determining the…

  • Christine Reynolds Hits The Road With Drake Education – EP3

    Drake Education Traveling the Country The Drake Education team is on the road until January, but they also developed a new video-streaming option and unveiled the DrakeCPE.com website. Drake Software Director of Education Christine Reynolds joins us to outline what you can expect when attending Drake Classroom Training or Update Schools and explain the new…

  • David Kautter Named Acting Commissioner

    Acting Commissioner Appointed, Avoiding a Gap in Leadership at the IRS Back in August, IRS Commissioner John Koskinen was worried that the White House wouldn’t name a replacement before his term ends November 12, but President Trump today announced Assistant Secretary of the Treasury for Tax Policy David Kautter would succeed Koskinen as acting commissioner—easing…

  • Taxpayers with Expiring ITINs to be Notified

    The Internal Revenue Service has begun mailing letters to more than a million taxpayers who have Individual Taxpayer Identification Numbers (ITINs) that will expire at the end of the year. The IRS is urging recipients to renew their ITINs as quickly as possible to avoid delays associated with their returns. The renewals affect ITINs with…

  • Missouri Taxpayers Still Waiting on State Tax Refunds

    The most popular phrase heard around Missouri these days may well be, “Show me the money.” Thousands of the state’s taxpayers say they’re still waiting for the state Department of Revenue to release their income tax refunds.

  • PTIN Renewal on Hold After Ruling

    The Internal Revenue Service’s Preparer Tax Identification Number (PTIN) renewal system has been taken offline after a ruling by the United States District Court for the District of Columbia. The court found June 1 that the IRS had the authority to require tax preparers to have a PTIN, but also ruled that the IRS was…