Drake Software

Many taxpayers may have collectively breathed a sigh of relief on July 16, but anyone selling big-ticket items between now and the end of 2020 will still need to report large cash transactions. The Internal Revenue Service says these reports can be batch e-filed, which should make life a little easier for the car dealerships…

Tax professionals across the country wrapped up a unique filing yesterday. While some still have to contend with an imposing stack of extensions that will be due on October 15, many are making plans to prepare for next filing season. It turns out that you should make room for another item on that checklist: paying…

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…

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…

Last week saw the IRS announce two new online resources for Economic Impact Payments (EIPs): the Non-Filers: Enter Payment Info Here and Get My Payment tools. On Wednesday, April 15, Get My Payment went online, providing EIP recipients a convenient way to set up direct deposit for and track the status of their payment. Why…

The IRS unveiled a new online tool to help non-filers register to receive an Economic Impact Payment (EIP): the “Non-Filers: Enter Payment Info Here” feature on IRS.gov. This new resource was quickly developed to help more qualifying Americans receive their payment, since the Treasury will begin sending EIPs next week. While the IRS has repeatedly…

One of the ways American business changed with the coronavirus is that thousands—if not millions—of employees are now working from home. The good news is that they’re getting the job done while practicing social distancing. The bad news may be that both workers and employers might be a little closer to state and local tax…

Good news and bad news for taxpayers who have trouble paying their tax bills. The bad news is that the IRS is raising the application fee for the Offer in Compromise. The good news is that those who qualify as low-income taxpayers can get the application fee waived altogether. An Offer in Compromise is an…

The federal office tasked with overseeing the Internal Revenue Service says fraudulent claims for refundable credits are going through – in spite of the tools Congress gave the agency to stop them. The Treasury Inspector General for Tax Administration – also known as TIGTA – did its audit as a follow-up to a prior audit…

Updated January 15, 2020: We incorrectly listed the standard mileage rate for business use as 5 cents per mile.  The Internal Revenue Service has set the optional standard mileage rates for 2020. These rates are used to figure the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Beginning Jan. 1,…