Drake Software Taxing Subjects

  • 3 ways to speed up your tax refund, despite IRS delays

     (From CBS News MoneyWatch) While the CBS news item is aimed at consumers, professional tax preparers may want to note these tips to advise their clients.  People who file their tax returns early in order to get their refunds sooner will have to wait a few extra weeks. The IRS announced this week that it…

  • Fast Track Settlement Program Now Available Nationwide

    IR-2013-88, Nov. 6, 2013  The Internal Revenue Service today announced the nationwide rollout of a streamlined program designed to enable small businesses under audit to more quickly settle their differences with the IRS. 

  • IRS Contractor Employees Owe Millions in Tax Debts

    A report from the Treasury Inspector General for Tax Administration points out that the IRS’s own employees and contract employees are required under the Internal Revenue Manual to pay any federal tax debts and file their taxes on time, but employees of IRS contractors are not held to the same standards.  So notes Accounting Today. …

  • IRS Releases Details on PTIN Holders

    The Return Preparer Office of the IRS has released details on the professional credentials of those who currently hold Preparer Tax Identification Numbers. Just over 690,000 people hold PTINs, which are required of all paid tax preparers. By far the largest professional group among them are CPAs, with 214,267 PTINs. Enrolled Agents follow with 46,795…

  • IRS Operations During The Government Shutdown

    Due to the current lapse in appropriations, IRS operations are limited. However, the underlying tax law remains in effect, and all taxpayers should continue to meet their tax obligations as normal, according to The Internal Revenue Service. Versión en español

  • IRS Raises Fees For Installment Payments and Offers in Compromise

    The Internal Revenue Service has released proposed regulations that would increase the user fees for installment payment agreements and offers in compromise. The IRS has not raised the fees for paying off outstanding tax debts since 2007. The IRS currently charges $105 for entering into an installment agreement, except that the fee is $52 for…

  • IRS Sends EA Termination Letters

    The Internal Revenue Service has sent letters to Enrolled Agents who have not renewed their status for one or two renewal cycles.  The letters set out the requirements to be reinstated.  The termination letters read, in part: 

  • IRS Notifies Tax Professionals with Expired PTIN Numbers

    The Internal Revenue Services has notified tax preparation professionals who have Preparer Tax Identification Numbers (PTINs) that expired on December 31, 201X , that they must renew their PTINs. The letters state, in part:

  • IRS Sent Refunds to ‘Unauthorized’ Workers

    In what appears to be a significant oversight, the Internal Revenue Service sent a total of $46,378,040 in refunds to “unauthorized” workers at one address in Atlanta, Ga., according to a report from the Treasury Inspector General for Tax Administration (TIGTA).