Business Strategy

  • 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…

  • Vacation Rental Tax Tips for Tax Professionals

    As summer travel heats up, many taxpayers turn their second homes into short-term rentals. While the extra income can be lucrative, it also introduces a complex mix of tax rules that require attention from seasoned tax professionals. If your clients own or are considering listing a vacation rental, here are key tax tips to keep…

  • Build Your Tax Practice: Value-Added Services for Tax Professionals

    Building a successful tax preparer business takes more than filing accurate returns.  If you’re looking to build a tax practice, the key is offering services that improve client experience and increase profitability.  From bank products and refund advances to payment processing, audit protection, and communication tools, here’s some ideas to help scale a tax preparation…

  • Is Drake Software Right for Your Tax Practice?

    Whether you’re launching your first tax practice or looking to switch software, finding the right fit is critical. With many tax software solutions available, it’s easy to get overwhelmed by flashy features or confusing pricing models. So how do you know if Drake Software® is the right solution for your firm?   All-inclusive pricing: flat…

  • IRS Late Filing and Payment Penalties

    It’s still vital for tax professionals to be aware of the updated IRS penalties for late filing and payment. Understanding these penalties can help in advising clients effectively and mitigating potential financial repercussions.  Failure-to-File Penalty If a taxpayer doesn’t file their federal tax return by the due date (typically April 15), the IRS can impose…

  • Boosting Client Retention: Essential Tips for Tax Preparation Businesses

    Client retention is key to the long-term success of any tax preparation business. Keeping clients happy and loyal contributes to a steady revenue stream and helps build a strong reputation. Why Client Retention Matters When it comes to staying ahead of the tax prep competition, maintaining a loyal client base is crucial. Not only does…

  • IRS Operation Hours: How to Reach the IRS and What to Do When You Can’t

    How Tax Professionals Can Efficiently Communicate with the IRS As a tax professional, navigating the IRS for client matters can be challenging—especially under tight deadlines or when standard processes don’t yield results. Whether you’re looking to resolve a tax notice, follow up on a filing issue, or clarify complex tax questions, understanding how and when…

  • SEO for Tax Preparers

    Five tips to market your tax preparation business utilizing search engine optimization   It goes without saying—tax preparation is a highly competitive field. While there are many ways to stand out, one that’s often overlooked is search engine optimization, or SEO. Why? Because it’s not always the easiest concept to grasp or implement. But the…

  • How to Market Your Tax Business

    In today’s competitive market, tax professionals must do more than prepare returns—they must market their services effectively to stay visible, help retain clients, and acquire new ones. Whether you’re running a solo tax practice or managing a multi-preparer firm, a smart marketing strategy is key to client acquisition for tax professionals. Use these effective marketing…

  • Key Updates to Form 1099-K

    After a few years of delays, the reporting threshold for third party settlement organizations (TPSOs) reported on a Form 1099-K has officially dropped in 2025. This significant change, which is not the only one affecting Forms 1099-K this year, could affect various kinds of tax situations in ways your clients might not expect. What is…