Business Strategy

  • No Tax on Tips and Overtime? IRS Issues New Guidance

    IRS releases new schedule for no tax on tips, overtime, car loans, and seniors. What tax preparers need to know for filing season.

  • How Tax Preparers May Enhance Security with MFA

    In the digital age, data security is not just a best practice—it’s a professional obligation, especially for tax preparers handling sensitive financial information. One of the most effective tools in your defense toolkit is Multi-Factor Authentication (MFA). Yet, despite warnings from the IRS and software providers, some users still disable MFA, viewing it as inconvenient. However,…

  • The Tax Pro’s Go-To Checklist for Preparing Schedule K-1s 

    This step-by-step checklist helps tax professionals gather the right information, review allocations, and confidently prepare Schedule K-1s for partnerships and S corporations. What will you learn? This practical, process-driven guide walks you through every stage of the K-1 preparation cycle, from reviewing and confirming data to finalizing returns. Get Instant Access to the Checklist Ready…

  • How to Handle Tax Season Delays with Extensions

    Tax season rarely goes exactly according to plan. Even the most organized firms face delays — missing client documents, late K-1s, or unexpected life events that derail timelines.  Extensions become inevitable. The challenge isn’t avoiding extensions altogether; it’s managing them strategically without burning out your team or frustrating your clients. Here’s how tax professionals can…

  • Trump Accounts: A Guide For Tax Professionals

    Proposed tax-advantaged savings vehicles often generate significant client interest long before formal guidance is released. One recent example is the concept commonly referred to as “Trump Accounts.” While not yet part of enacted tax law, tax professionals can be prepared to address client questions, evaluate potential planning implications, and monitor future guidance. What Are Trump…

  • Tips for Navigating and Contacting the IRS During Tax Season

    With millions of returns flooding in and demand for IRS assistance, navigating the agency’s channels efficiently is critical for meeting client expectations and avoiding processing delays. Here are strategies to help you stay productive and responsive while working with the IRS during peak season. 1. Know When and How to Contact the IRS The IRS…

  • Compare Professional Tax Software

    In the middle of the busy tax season, when you may suddenly need more credits for individual returns, Drake’s Pay-Per-Return (PPR) model offers a flexible option worth considering. This approach can make it easier to manage fluctuating client volume and control expenses during peak filing periods, when demand is high and flexibility is important. Learn…

  • IRS Research: Five IRS Tax Changes to Watch This Tax Season

    Tax professionals should start the 2026 filing season fully informed of the major shifts in tax law and IRS procedures. Many of this year’s key updates stem from the (OBBB) otherwise known as the Working Families Tax Cut Act, which enacted sweeping changes in 2025 that apply for returns due in April 2026.  Here are…

  • AI & Cybersecurity in Tax Practice: How to Protect Your Firm and Your Clients

    As tax professionals, we handle some of the most sensitive data in the financial ecosystem — Social Security numbers, bank account details, incomes, and identity credentials. That trust also makes our firms high‑value targets for criminals seeking to exploit weaknesses for fraud, identity theft, and ransomware attacks. In an era when artificial intelligence (Cybersecurity Awareness and WISP Planning…

  • Tax Filing Timeline: When Does E-File Start?

    The IRS will begin accepting individual returns on Monday, Jan. 26, 2026 More and more taxpayers are leaning towards the convenience and speed of electronic filing (e-file) leading to many of us wanting to know exactly when e-filing starts. The IRS will begin accepting individual returns on Monday, January 26, 2026. When Does E-Filing Start…