Drake Software

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,…

The Internal Revenue Service has come up with a new online tool that’s designed to help employers—especially those in small business—easily determine the correct amount of income tax to withhold from workers’ pay. It’s called the Income Tax Withholding Assistant for Employers, and the new spreadsheet-based tool is designed to help employers transition to the…

The Internal Revenue Service is reminding tax-exempt organizations that recent changes in the law now require them to file information returns and other forms electronically. The new law, the Taxpayer First Act, was enacted July 1 and affects tax-exempt organizations for tax years beginning after July 1, 2019. What is Covered? The mandate for electronic…

With a matter of weeks before tax season, the Internal Revenue Service is reminding tax professionals to get their offices in order during these slower days before filing starts. A little work done now can mean fewer headaches once the IRS starts taking in returns. Update Your E-Services Information E-Services encompasses a whole suite of…