Drake Software

  • Tax Tips for New Business Owners

    Owning your own business can be a very rewarding experience. The process of starting a business, however, can seem overwhelming to the uninitiated. There are so many choices to consider – from business plans to market strategies and tax responsibilities. The IRS has put together a quick list of items any new owner of a…

  • IRS Waives Estimated Tax Penalty for Eligible 2018 Filers

    For some taxpayers paying estimated taxes who have filed their 2018 tax returns there’s a little bit of bad news—and some good news. The bad news is they failed to claim the special waiver that would have spared them from the estimated tax penalty mandated when withholding and estimated tax payments fell short of their…

  • Taxpayers with Significant Tax Debt Could Lose Passports

    The Internal Revenue Service is warning taxpayers they risk losing their passports if “significant” tax debt is not paid. Those taxpayers are urged to contact the IRS immediately or have travel plans delayed later. The passport action is mandated by the Fixing America’s Surface Transportation Act (also known as the FAST Act). The IRS is…

  • IRS Issues Tax Tip Explaining Educator Deduction

    Now that the tax year 2018 filing season is over, some teachers may know that the educator expenses deduction was moved to line 23 of the new Schedule 1. To help those unsure about which unreimbursed, job-related expenses qualify, the IRS this week released Tax Tip 2019-83. The press release outlines the basics of determining…

  • Make Estimated Tax Payments So Your Business Doesn’t Owe

    The Internal Revenue Service reminds small-business owners and self-employed taxpayers alike: avoid a surprise tax bill (and possibly a penalty) by making estimated tax payments during the tax year. The reminder comes as part of National Small Business Week, which recognizes the contributions of entrepreneurs and small business owners nationwide. Income Equals Tax By law,…

  • IRS Opens Registration for Nationwide Tax Forum 2019

    The Internal Revenue Service has opened the doors to registration for this year’s Nationwide Tax Forum series. The Tax Forum is a great chance for tax professionals of every level to get Continuing Education (CE) credits, Certified Financial Planner (CFP) credits, and pick up the latest on tax law, changes to IRS forms and much…

  • IRS Touts Progress Against Identity Theft

    With just days left in the TY 2018 filing season, the IRS and its Security Summit partners have announced major progress has been made in the fight against tax-related identity theft. What’s more, they say, their combined efforts have added protection for thousands of taxpayers and billions of dollars in refunds. The Security Summit, a…

  • IRS Tweaking EIN Application Process

    The Internal Revenue Service is making a few changes to the application process for Employer Identification Numbers, or EINs. Starting May 13, only those individuals with tax identification numbers will be allowed to request an EIN as the “responsible party” on the application. This means applicants claiming to be the responsible party must have either…

  • IRS Says Shutdown Affected EA Renewals

    Expiring Enrollments to be Extended While the headline might seem a month late, the IRS recently reminded enrolled agents (EAs) that the effects of the government shutdown didn’t suddenly come to an end on January 25 when the president signed a stopgap spending bill. In addition to forcing the cancellation of Tax Court sessions and…

  • Government Shutdown Causes Cancellation of IRS Public Hearing

    The partial federal government shutdown is in its nineteenth day, and it seems some federal services will be unavailable for the foreseeable future. While the IRS Commissioner recently assured taxpayers that the shutdown would not impact the issuance of refunds, other federal processes have not been spared, like the public hearing for Qualified Opportunity Fund…