It will come as no surprise to tax professionals that there were problems submitting returns to the IRS on Tax Day. Early yesterday morning, IRS systems experienced an issue that prevented the agency from accepting e-filed returns or tax payments—Direct Pay was also down for most of Tuesday.
We've all been there: one of your Facebook friends sends a bizarre message containing a suspicious link, and the next day, you get a phone call about their account being hacked. Maybe you've even been the victim of an account takeover and want to know how to avoid another incident.
The House Ways and Means Committee on Monday issued a press release announcing a discussion draft for the Taxpayer First Act, a bipartisan effort aiming to “redesign the Internal Revenue Service (IRS) for the first time since 1998.” The reform legislation comes after three years of public hearings and round-table discussions and “incorporates provisions from at least 18 different bills.”
Knowing that their customers were anxiously awaiting these changes, Drake Software developers worked diligently to bring Drake Tax into compliance with the extenders. Today, Drake customers can prepare returns claiming any of the retroactive tax incentives.
Drake Software Vice President of Internal Operations Jami Gibson joined us once again to discuss security issues, and this time she covered password dos and don'ts.
The $400 billion Bipartisan Budget Act that President Trump signed on February 9 retroactively renews several 2017 tax benefits, including three the IRS believes taxpayers are most likely to claim early in tax season.
CPA Practice Advisor released the results of their 2018 Readers’ Choice Awards, an annual survey of readers’ opinions on tax preparation software and hardware that began in 2004.
Since its formation in 2015, the Security Summit's efforts to thwart cybercriminals have successfully driven down the number of tax-related identity theft incidents. Unfortunately, that success has forced identity thieves to adapt their methods, resulting in a new tax scam that might seem unorthodox at first.
After a brief shutdown overnight, the House voted to reopen the government by passing a $400 billion budget that increases spending caps, raises the debt ceiling, and provides disaster relief for Texas, Florida, and Puerto Rico. President Trump signed it into law this morning.
Cryptocurrencies have made some early adopters a lot of money, which—for conscientious taxpayers and tax professionals alike—begs the question: how does IRS handle Bitcoin and other virtual currency?