Drake Software

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…

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…

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.

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…

Every year, the National Taxpayer Advocate, Nina Olson, submits a report to Congress on how she rates the performance of the Internal Revenue Service from a taxpayer’s perspective. Federal law requires the annual report from the Taxpayer Advocate Service (TAS) to identity at least 20 of the most serious problems encountered by the nation’s taxpayers…

Get a Grip on Tax Season by Checking on Potential Health Care Exemptions The Internal Revenue Service recently suggested that taxpayers consider checking their eligibility for health care-related tax exemptions. Taxpayers who plan their finances around a refund check may be better able to budget during tax season by researching their options before January 23, 2017.

Sometimes, the easiest way a crook can steal your personal information is to simply ask you for it.

Taxpayers and tax professionals alike are being warned to be on the lookout for fake emails that claim to contain an IRS tax bill related to the Affordable Care Act (ACA).

No doubt about it, the idea that there are hordes of scammers out there trying to purloin the personal information belonging to you – and your clients – is the new normal. And while reports of the newest tax scam are a pretty regular occurrence these days, it doesn’t have to be that way.

The Internal Revenue Service is sending letters to taxpayers who received advance payments of the premium tax credit in 2015 – but haven’t filed their tax return. Taxpayers must file a return to reconcile any advance credit payments they got in 2015 and to remain eligible to get premium assistance in 2017.