Tax Laws
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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…
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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…
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Qualified Business Income Deduction (QBI): A Guide for Tax Professionals
The Qualified Business Income (QBI) deduction, also known as the Section 199A deduction, allows many pass-through business owners to deduct up to 20% of their qualified business income on their tax return. This guide explains what QBI is, how to calculate the deduction, which businesses qualify (and don’t), and special considerations like real estate…
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Preparing for Policy Changes Ahead of Tax Season
Here is an overview of what may happen and how to prepare ahead of the next tax season. Download the resource below for a comprehensive breakdown of key policy areas and actionable steps for tax professionals and small businesses. Note: These are just predictions. Things change and happen very quickly. We will notify you as…
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The Working Families Tax Cuts Act Guide for Tax Pros
A guide to the latest updates and resources on act previously known as the One Big Beautiful Bill Act. Here’s what you’ll learn more about: What is the Working Families Tax Cuts Act Permanent Extension of 2017 Tax Cuts Increased SALT Deduction Cap Enhanced Child Tax Credit Senior Deduction Introduction R&D Expensing Reinstated Tip Deduction:…
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Taxes for Gig Work: What Tax Pros Need to Know
The gig economy continues to grow, and tax professionals are seeing more clients with income from rideshare driving, delivery apps, freelance work, online marketplaces, and digital platforms. While gig work can create flexibility for taxpayers, it can also create confusion during tax season. Many taxpayers do not understand their filing requirements, estimated tax obligations, or…
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Essential Tax Documents Checklist for Your Clients with OB3 Updates
Tax season can be overwhelming, but a well-organized checklist simplifies the process for both tax professionals and their clients. By ensuring clients gather the necessary documents ahead of time, tax preparers can save time, reduce errors, and improve efficiency. In addition to helping with annual filing, this year’s resources also include important information about the…
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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,…
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How the Reconciliation Process Impacts 2025 Tax Law
As the 2025 tax season approaches, tax professionals should keep a close eye on Congress — especially when lawmakers pursue sweeping tax reform using a powerful legislative tool: the reconciliation process. Commonly used to sidestep Senate filibusters, this fast-track mechanism could be the engine behind significant updates to the tax code. What Is the…