Drake Software Taxing Subjects

  • If the Customer Can’t Pay The Tax – Part I

    There are several different payment programs available for taxpayers who cannot pay the taxes owed by April 15.  Because any balance due is subject to interest and a monthly late payment penalty, it is in the customer’s best interest to pay in full as soon as possible to minimize the additional charges. Penalties are also…

  • The ABCs of Late IRS Payments

    The complexity of the tax laws and the fact that they change from year to year makes it inevitable that some clients will be unable to pay some or all of their bills to the Internal Revenue Service.  Others may be able to afford the bill, but need more time to complete the return or…

  • The Windows 8-back-to-Windows-7 Update Arrives

      So Microsoft announces the end of support for the one-third of the computing world that still uses Windows XP…and magically announces that on the same date they will release an update to Windows 8 that makes it look and work almost exactly like Windows 7.  Along with a hint that they may give the…

  • Professional Associations For Tax Preparers

    Every profession has one or more associations that serve its members.  In any profession that is as critical to the national economy as tax preparation, there are literally dozens of associations operating at the state, national and international levels. There are many reasons why joining one or more associations is a good idea for any…

  • 10 Tips For Staying Sane During Tax Season

     It’s now halfway through tax season, and you’ve already filed more returns than last year at this time.  Customers are lined up out the door, workflow is dragging, and the stress is mounting.  It doesn’t help that you have been through this for many years.  In 2014, the requirements are greater than ever before.  Between…

  • IRS: Michael Jackson Assets Undervalued

    The Internal Revenue Service has filed documents in US Tax Court claiming that Michael Jackson’s estate has severely undervalued his image and music catalog, claiming that the estate owes an extra $505 million in taxes, plus $197 million in penalties.  While the Jackson estate’s executors valued his net worth at a little over $7 million…

  • IRS Statistics on individual Tax Returns for 2011

    The Internal Revenue System has released its statistics on Tax Year 2011 individual returns filed in 2012.  The data indicates some improvement in the economy after the slower years of 2009 and 2010, though some sluggishness remains.  In general, the IRS notes: 

  • Koskinen Approved By Senate Committee to Head IRS

    John Koskinen, the 74-year-old multimillionaire with a long history of accomplishments, has been approved by the US Senate Committee on Finance to become the new Commissioner of the Internal Revenue Service.  The action clears the way for Koskinen to be voted upon by the full Senate before it recesses for the year.  While he has…

  • IRS Issues Rules on Additional Medicare Tax

    After receiving limited input during the required comment period, the Internal Revenue Services has issued the final regulations relating to Additional Hospital Insurance Tax on income above threshold amounts (“Additional Medicare Tax”), as added by the Affordable Care Act. 

  • The IRS Did Not Properly Implement Law Penalizing Erroneous Refunds

    WASHINGTON – By incorrectly interpreting Federal law, the Internal Revenue Service (IRS) significantly limited the number of erroneous tax refunds and improper tax credit claims on which it could assess penalties, according to a study released publicly today by the Treasury Inspector General for Tax Administration (TIGTA). The Small Business and Work Opportunity Tax Act…