Tax Laws

  • 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?…

  • 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…

  • Drake Pay™ Launches New Feature: Request Payments via Email with Secure Payment Link

    At Drake Software®, we are continually refining the tools you need to manage your tax and accounting practice effectively. We’re excited to introduce a new feature in Drake Pay that enhances the payment process for tax preparers and their clients. New Feature: Request Payments via Email with a Secure Payment Link Our latest update enables…

  • Home Energy Credits Can Help Maximize Client Tax Savings

    Are your clients aware that making energy-efficient upgrades to their homes could translate into significant tax savings? These credits, expanded by the Inflation Reduction Act of 2022, offer incentives to homeowners and renters alike for investing in energy improvements. What Clients Need to Know About Home Energy Credits Taxpayers can tap into two key credits:…

  • Tax Fraud and Scams Online and Offshore: The IRS Dirty Dozen, Part 2

    As part of the Dirty Dozen tax scams and fraud awareness effort, the Internal Revenue Service (IRS) encourages people to report individuals who promote improper and abusive tax schemes, as well as tax return preparers who deliberately prepare improper returns. In this second installment of our overview of the 2024 Dirty Dozen, we look at…

  • IRS Disaster Relief

    Filing deadlines often change for taxpayers in regions that experience natural disasters. When these extreme weather events hit, the Internal Revenue Service frequently provides tax due date extensions to areas designated by the Federal Emergency Management Agency (FEMA). The relaxed due dates are intended to give more time to the individuals and businesses impacted by the natural…

  • IRS Unveils 2024 Nationwide Tax Forum Agenda with 45 Seminars

    The Internal Revenue Service (IRS) has announced the agenda for the 2024 Nationwide Tax Forum, which will feature 45 seminars aimed at enhancing the skills of tax professionals. This year’s forum, which includes contributions from the IRS and leading tax associations, will cover a broad spectrum of topics designed to help tax professionals better serve…

  • Common Tax Filing Errors to Avoid

    Tax season can be a stressful time for many preparers. The added pressure of an approaching deadline can sometimes cause even the most meticulous minds to overlook a filing mistake. With careful attention to detail however, you can avoid common errors that could potentially delay refunds or even trigger an audit. Whether you’re filing business…

  • IRS Warns Tax Preparers of EFIN Documentation Scam

    Tax season is in full swing, and with it comes a surge in scams targeting tax professionals. The Internal Revenue Service (IRS) and Security Summit partners have issued a warning about a new email scam that impersonates various software companies, aiming to steal Electronic Filing Identification Numbers (EFINs). These scams pose a serious threat to…