Business Strategy

  • 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…

  • Recent IRS Changes for Tax Year 2025: Tips for Tax Professionals

    As a tax professional, upcoming changes can be a bit confusing and maybe even stressful. However, understanding these changes now can help reduce uncertainty in the future. Here’s a breakdown of recent IRS updates and how you can navigate them effectively: 1. Increased Standard Deductions The IRS has adjusted standard deductions for inflation, affecting tax…

  • Protect Your Account: Recent Tax Fraud Scams

    Tax Fraud Scams Cyber threats are on the rise, and protecting sensitive information has never been more critical. At Drake we continue to monitor for scams and bring you the latest cyber news to help keep you informed. Some examples of recent fraud scams include:  1. EFIN Phishing Cybercriminals impersonate software providers instructing the tax…

  • IRS Tax Relief for 2025: Disasters Update

    In 2025, several significant natural disasters have impacted various regions across the United States. In response, the IRS has announced tax relief measures to support affected individuals and businesses. This article outlines the disasters and the corresponding tax relief provisions. California Wildfires and Straight-Line Winds Incident Period: January 7, 2025 – January 31, 2025 Affected…

  • 5 Tips for Tax Pros: Client Satisfaction and Retention

    Client satisfaction and retention are some of the basic building blocks for tax preparers looking to establish a sustainable and profitable practice. After all, happy clients return year after year and refer others, while dissatisfied clients may not only leave but also share negative experiences. Fortunately, there are strategic ways to keep clients engaged, satisfied,…

  • Help Clients File Digital Asset Taxes with Confidence

    Cryptocurrencies, NFTs, and More: Digital Asset Tips for Tax Preparers From cryptocurrencies like Bitcoin to NFTs and other blockchain-based tokens, digital assets present unique challenges—and opportunities—in tax compliance. Staying informed about digital assets and how they are treated for tax purposes is vital for tax professionals to serve their clients effectively. What Are Digital Assets?…

  • IRS Extends Tax Relief for Southern California Wildfire Victims

    IRS Extends Tax Relief for Southern California Wildfire Victims The IRS has announced significant tax relief measures for individuals and businesses affected by wildfires and straight-line winds in southern California. These relief measures extend federal tax filing and payment deadlines and provide additional tax benefits to help those impacted recover financially. Who qualifies for relief?…

  • Resources for Tax Professionals for Tax Season 2025

    The busy season is an opportunity for tax professionals to shine by providing exceptional service and staying ahead of industry changes. To help you tackle tax, we’ve compiled a list of essential resources covering everything from contacting the IRS and cybersecurity tips to continuing education and tax preparation tools. 1. Contacting the IRS Tax year…

  • Tax Year 2024 Updates: Essential Insights for Tax Professionals

    As we prepare for tax year 2024, professionals must stay ahead of industry shifts to provide top-tier service to their clients. From the ethical use of AI to significant IRS updates affecting compliance, reporting thresholds, and tax credits, understanding these changes is vital. Below, we explore key updates and their implications for tax practices. Using…

  • Help Taxpayers Settle their IRS Debts with Community Tax

    We’ve teamed up with Community Tax, a leading provider of tax resolution services  Many of your clients may face a moment of crisis in the next few months. It’s only when the notices threaten seizure and levy that taxpayers start to react. And when they do, timing is of the essence. With the IRS stepping…