Tax Industry Updates

The latest changes in the industry.

IRS Issues Refund Reminder

IRS Issues Refund Reminder

As part of the Avoid the Rush tax tip series, the IRS yesterday reminded taxpayers about Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refund delays. In addition to how weekends and Presidents Day fall on the calendar this year, one reason refund checks for returns claiming these credits will be delayed is the Protecting Americans from Tax Hikes (PATH) Act.
CPA Practice Advisor Readers' Choice Awards

CPA Practice Advisor 2017 Readers’ Choice Awards Results

Drake Software Wins 7 Categories For the fourteenth year in a row, readers saw the results of the CPA Practice Advisor Readers’ Choice Awards, a poll of more than 6,000 readers covering a wide range of...
Identity Thieves Have Gone to the Dark Side of the Internet

Identity Thieves Have Gone to the Dark Side of the Net

Some cybercrime doesn’t even take the effort of a hack to make a payday. It’s as easy as shopping online. Computer security journalist Brian Krebs says would-be fraudsters have only to visit an online shop that offers buyers SSNs, stolen credit card numbers and stolen W-2 data on real people.
Phishing the Threat of Choice of Identity Thieves

Phishing the Threat of Choice of Identity Thieves

During the 2016 tax season the IRS and tax preparers alike saw a big spike in phishing and malware incidents. Unfortunately, the 2017 season is shaping up to be more of the same. In fact, the Internal Revenue Service has included these phishing schemes to its “Dirty Dozen” list of the worst tax scams.
Scammers Expanding Their W-2 Phishing Effort

Scammers Expanding Their W-2 Phishing Effort

Identity thieves are widening their email scams in the latest attempt to steal personal and financial information. The Internal Revenue Service, state tax agencies and tax professionals have issued an urgent alert that the scammers are now targeting school districts, businesses (such as chain restaurants), tribal organizations and nonprofits.
GAO Cites IRS Shortcomings on Identity Theft

GAO Cites IRS Shortcomings on Identity Theft

The good news is the GAO found taxpayers calling the IRS received better service during the 2016 filing season. However, the study also determined that during the regular 2016 calendar year, information that could help alert taxpayers they were victims of identity theft was hard to obtain, either from www.irs.gov or through IRS customer service.
Refunds- Sorting Truth from Myth During Tax Season

Refund Myths: Sorting Truth from Fiction During Tax Season

The Internal Revenue Service yesterday released a list of five common tax season myths, as well as links to YouTube videos that explain when refunds will arrive, claiming the EITC or ACTC, and more. Newswire release IR-2017-16 aims to reduce misinformation.
Special EITC Rules May Help Taxpayers with Disabilities

Special EITC Rules May Help Taxpayers with Disabilities

The Earned Income Tax Credit is fairly well-known to be aimed at workers who don’t earn a lot of money in their jobs and who may be supporting a family. This year the EITC...
Crooks Unleash Spoofing Campaign for Second Time

Crooks Unleash Spoofing Campaign for Second Time

An email scam is making the rounds for a second time, attempting to trick company payroll or human resource departments into sending employee information that can be used to file bogus tax returns. The scam...
Some Preparers May Get EITC Letter from IRS

Some Preparers May Get EITC Letter from IRS

The Internal Revenue Service is sending a reminder to some tax preparers, reminding them that the Earned Income Tax Credit claimed in one of their returns was missing needed due diligence.

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New Scam Targets Tax Professionals

Security Summit Warns of New Email Scam
The Internal Revenue Service today announced a new email scam from cybercriminals that targets tax professionals. Using a two-stage process, this latest phishing scheme attempts to collect private data from tax preparers.

IRS Announces the First Day of Tax Season, Issues Refund Delay Reminder

IRS Announces the First Day of Tax Season, Issues Refund Delay Reminder
Tax professionals across the country are gearing up for tax season, which the Internal Revenue Service today announced will officially begin on January 23, 2017. The press release included yet another reminder about PATH Act-delayed refunds: taxpayers claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) will not have their refund issued until February 15, 2017.

New Features in Drake Software

taxing-subjects-archives
Improve Your Efficiency in 2016 For the tax industry, the months leading into January build tension in increments, like a banjo string tightening from every turn of the tuning peg. The days are filled with preparatory tasks for tax professionals and software developers alike, a...

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