Drake Software

Phishing emails are a common threat found in your inbox. While these scams range from too-good-to-be-true business opportunities to aggressive threats from “government agencies,” one specific type—spear-phishing scams—can be more challenging to identify at a glance because they are custom-built for each target.   The Internal Revenue Service shared a Security Summit warning about a…

Workers have returned to the service industry lately—in droves. With the threat of coronavirus subsiding in many locations, restaurants and other establishments have sprung back to life. With the surge in employment, we thought it appropriate to remind workers throughout the service industry there’s one phrase they should never forget: Tips are taxable income. Anyone…

The wait is over; the filing season for 2021 income tax returns has been opened by the IRS. But before taxpayers start sharpening pencils, cranking up the calculator and putting on a pot of coffee, they need to know they’ve got everything together to get the job done right. The IRS has put together its…

It’s official: the gates are open; the race is on. Tax season for 2022 is officially underway. The IRS kicked off this year’s filing season urging taxpayers to help them get refunds out faster this year by not filing paper tax returns and instead filing electronically. Last year, tax season didn’t get started until February…

Millions of Americans are preparing to get their income tax returns in order for the 2021 tax year. While many are mostly concerned about getting their returns in on time, they should also be thinking about filing a correct return. Most often, it’s the simple tax return errors that trip up taxpayers and delay refund…

The Internal Revenue Service wants employers to know the clock is ticking, and to get their Forms W-2 and other wage statements to the government very soon. The deadline is January 31. As of 2015, employers are required by law to get their Forms W-2, Wage and Tax Statements, and Form W-3, Transmittal of Wage…

Their lifeline comes in the form of a quarterly estimated tax payment, as long as it’s made for the fourth quarter of 2021 and gets to the IRS by Tuesday, January 18. The IRS sees income taxes as a pay-as-you-go proposition, meaning Americans need to pay most of their tax as their income comes in.…

No doubt about it: The future for the IRS is electronic. The agency is putting more and more formerly paper-only functions on its electronic platform, speeding up transmission and improving service as a result. Form 1024, Application for Recognition of Exemption under Section 501(a) or Section 521 of the Internal Revenue Code, is the latest…

Six little numbers. They could be all the difference between a happy taxpayer and someone who’s fallen victim to identity thieves. The six numbers make up an Identity Protection Personal Identification Number, also known as an IP PIN, and they can help to keep taxpayers’ personal financial information, well, personal. An IP PIN is a…