Business Strategy

  • The One Big Beautiful Bill Act Guide for Tax Pros

    A guide to the latest updates and resources on OB3  Here’s what you’ll learn more about: What is the One Big Beautiful Bill Act? Permanent Extension of 2017 Tax Cuts Increased SALT Deduction Cap Enhanced Child Tax Credit Senior Deduction Introduction R&D Expensing Reinstated Tip Deduction: Which jobs qualify? New Car Loan Deduction Overtime  …

  • AI and Cybersecurity Trends Every Tax Professional Should Watch

    As the demand for digital tax services grows, so do the risks associated with protecting sensitive client data. At the same time, AI is also being used to strengthen cybersecurity defenses. For tax preparers, understanding this dual role is critical to maintaining a secure and compliant practice during peak filing season and beyond. The Role…

  • Version three coming soon: Desk Reference Guide for Tax Year 2025

    Stay Informed in a Year of Constant Tax Law Shifts ***We are still waiting for updated guidance*** With the IRS still developing instructions for Schedule 1-A and making revisions to previously released guidance—such as the updated figures in Rev. Proc. 24-40, along with several provisions still awaiting official regulations—tax professionals are navigating an unusually uncertain…

  • Taxes for Gig Work: What Tax Pros Need to Know

    In today’s ever-expanding freelance economy, more Americans are working outside traditional employment. Whether it’s delivering meals for DoorDash, creating content on YouTube, or driving for Uber, this growing pool of gig workers brings new challenges for tax professionals — especially with upcoming changes from the One Big Beautiful Bill Act (OBBBA). Here’s what you need…

  • 2025 Drake Tax® Planner: One Big Beautiful Bill Act Updates Unpacked

    As we gear up for the 2025 tax season, the Drake Tax Planner has been updated to reflect important provisions from the One Big Beautiful Bill Act, helping tax professionals quickly adapt and accurately model client scenarios. Here’s a breakdown of what’s new: 1. 100% Bonus Depreciation For assets placed in service after January 19,…

  • It’s Back-to-School Season: Help Clients with Tax Tips and Education Credits

    Two of the most widely used credits — the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) — may offer significant opportunities to reduce a client’s federal income tax liability. This article provides an overview of these credits, including qualified expenses, income limits, institutional reporting requirements, and common filing issues — so…

  • Beware of Unauthorized Drake Software Offers: How to Stay Protected

    Recently, one of our valued customers reported receiving a suspicious call from an unfamiliar number offering a “discounted” version of Drake Software. We want to make it absolutely clear: this offer was not legitimate. Here is how to stay informed and protected: Avoid Third-Party Software Offers If you receive unsolicited emails, calls, or messages offering…

  • The Smart Tax Pro’s Guide to Building and Marketing a Thriving Practice

    Get your copy of The Smart Tax Pro’s Guide to Building and Marketing a Thriving Practice Are you a tax professional looking to grow your client base, retain loyal customers, and make your firm stand out—without sacrificing time with your clients? We’ve got the perfect resource for you. Introducing The Smart Tax Pro’s Guide to…

  • EIC Eligibility Updates: What Do Tax Professionals Need to Know

    As tax professionals prepare for the 2025 filing season, staying up to date on changes to the Earned Income Credit (EIC) is essential—not just for compliance, but for maximizing client refunds and minimizing audit risk. The IRS has issued several adjustments for tax year 2024 (filed in 2025), affecting income thresholds, credit amounts, and due…

  • 5 FAQs on Cryptocurrency Taxes in 2025

    Cryptocurrency continues to raise questions for tax preparation clients, and 2025 brings even more complexity with new IRS guidance and reporting forms. In fact, about one-third of tax professionals report ongoing client confusion about crypto, according to Drake Software’s 2025 IRS Trends report.   To help ease concerns and increase accuracy in your professional tax…