Practice Operations

  • Drake Software 2021 How Do Your Tax Prep Fees Stack Up? Infographic

    Every two years, Drake Software surveys tax professionals about their tax preparation fees. Respondents are asked to answer questions addressing a wide range of topics, like how they charge for tax preparation, whether they increased their fees from the prior year, how they accept payment, and—of course—the average fees they charge for specific tax forms.…

  • Tax Tips for New Business Owners

    Owning your own business can be a very rewarding experience. The process of starting a business, however, can seem overwhelming to the uninitiated. There are so many choices to consider – from business plans to market strategies and tax responsibilities. The IRS has put together a quick list of items any new owner of a…

  • Protect Yourself from Wi-Fi Hacking

    The introduction of Wireless Equivalent Privacy (WEP), in 1999, was supposed to be a solution to the growing issue of Wi-Fi security.  At the time, Wi-Fi was seen as an alternative to the relatively high cost of wired connections, and free Wi-Fi hotspots were springing up nationwide to serve academic and business environments.

  • The Hidden Costs of Expense Report Fraud

    If there is one thing that tax preparers and accountants present to clients, it is their integrity. They are the professionals who can be consigned a client’s personal financial information or an entire firm’s financial well-being. They are the trusted business advisors and the ones most often tasked with rooting out fraud and theft. There…

  • From the Shoebox to the Tax File

    It’s the client most dreaded by tax preparers – the individual or small business manager who literally shows up to have their taxes prepared armed with only a boxful of receipts and unorganized statements.  The issue is not whether it is a box, or a file, or even a handful of paper.  It is, rather,…

  • How To Start A Successful Tax Preparation Business

    The tax preparation industry consists of some 1.2 million paid professionals, according to US News and World Report, engaged in the preparation and filing of forms required by the federal, state and local governments.  The industry generates $9 billion in revenue, and last year prepared more than 82 million individual income tax returns.  The Bureau…

  • Essential Business Insurance for Tax Preparation Firms

    One of the most critical errors in managing a tax preparation firm is failure to properly insure the business against losses and lawsuits.   There are a number of reasons why tax preparers might under-insure their businesses.  They may believe that having policies for general liability and errors & omissions is all they require.  They may…

  • Two Styles; One Successful Practice

    The Challenge: Melding two management styles and different levels of experience into a single, client-focused tax practice. The Solution: Recognizing that clients have differing needs, firms need a careful blend of professionalism, responsiveness and quality. Plus strong partnerships both inside and outside of the firm. If there is such a thing as a romantic tax…

  • Drake Hosted

    In the effort to survive and thrive in today’s highly competitive business environment, accounting firms have looked to the integration of applications to provide the greater efficiencies their clients demand. These efficiencies include a reduction in IT costs, automatic backup, and the ability to respond rapidly to changes in laws and regulations as key indicators…

  • Part I: Representation- Questions from the IRS

    © Ben A. Tallman EA  If you think about the characteristics and skills that separate Circular 230 Practitioners from the rest of the tax industry; representation is near the top of the list.  Even if you are not credentialed, you still have the right to represent your client in the initial examination or audit of…