Avoiding Common Scams
-
IRS Says It’s Time to Settle Syndicated Conservation Easement Cases
The Internal Revenue Service says taxpayers with docketed abusive syndicated conservation easement transaction Tax Court cases should seriously consider settling. The warning comes less than a week after a U.S. Tax Court decision striking down four types of these transactions. Oh, and time is running out to accept the government’s settlement offer. What is an…
-
IRS Opening IVES to New Requests on July 14
The IRS has been steadily working through its IVES backlog. Here’s some good news for a change: The Internal Revenue Service today issued an IVES Program update announcing that the Income Verification Express Services (IVES) will start accepting new submissions on Tuesday, July 14, 2020. That means tax professionals who need to submit a stack…
-
IRS Expands Cash Payment Options
The Internal Revenue Service says it has expanded its list of retail partners who accept cash payments for federal taxes. This cash payment option is available for individual and business taxpayers alike. The IRS has a continuing partnership with ACI Worldwide’s OfficialPayments.com and the PayNearMe Company that allows taxpayers to make their tax payments without…
-
Drake Software Online Training and More – E47
What Drake Software webinars and webcasts are available? It’s no secret that COVID-19 brought many large, indoor gatherings to a screeching halt. Businesses and organizations across the country have been forced to adjust how they conduct routine business, and the tax industry is no different. Drake Software Director of Education Christine Reynolds and Drake Software…
-
IRS Processing CAF Requests, Reducing Backlog
When will the IRS start processing CAF requests? The Internal Revenue Service last Thursday announced that it is beginning to process Centralized Authorization File requests, like Forms 2848 and 8821. This comes two weeks after the IRS issued an update for reporting agents saying they have resumed processing Forms 8655, signaling that the IRS is…
-
IRS Not Pushing Back July 15 Deadline
The Internal Revenue Service has some bad news for taxpayers hoping that the tax filing and payment deadlines would get pushed back again. In a recent IRS Newswire press release, the agency said taxpayers should either file their tax return or an extension by July 15. What is the deadline for taxpayers who request an…
-
IRS Now Processing Forms 8655
The Internal Revenue Service announced that have resumed processing Forms 8655 in a recent update for reporting agents. While the doors are open at the service center responsible for processing agent authorization forms, the agency cautions that they are “not at full staffing levels to allow social distancing.” The update began by tempering expectations, laying…
-
IRS Announces E-File Support for Form 1040-X
When can I e-file a Form 1040-X? If you would prefer to electronically file the stack of Forms 1040-X sitting on your desk, the Internal Revenue Service has some good news. The IRS will be working with the tax software industry and developers, like Drake Software, to meet the agency’s “later this summer” target launch…
-
Treasury Sending Prepaid Debit Cards to Some EIP Recipients
Would you prefer to receive your Economic Impact Payment on a prepaid debit card? The Treasury Department said that will be a reality for almost 4 million Americans in a recent press release, which announced that “EIP Cards” will be issued by MetaBank as part of the US Debit Card Program. Treasury Secretary Steven Mnuchin…
-
IRS Urges Low-Income Non-Filers to Use EIP Reporting Tool
Some low-income Americans may need to report EIP-qualifying information to the IRS. With the dependent-reporting deadline for non-filers who are automatically receiving their Economic Impact Payment passed, the Internal Revenue Service reminded low-income Americans who don’t normally file a tax return that they are probably eligible for a CARES Act-authorized payment. While non-filers who receive…