Tax News

  • Secure Act 2.0 Retirement, Tax Reform, and OB3

    Secure Act 2.0 Retirement, Tax Reform, and OB3 For tax professionals, these provisions are more than legislative footnotes—they directly impact how you advise clients, calculate retirement-related taxes, and practice compliance with IRS requirements. Let’s break down these landmark updates and how The One Big Beautiful Act may or may not impact these provisions: Required Minimum…

  • The One Big Beautiful Bill Act: What Tax Pros Need to Know with Video

    The One Big Beautiful Bill Act (OBBBA) introduces sweeping updates to the tax code set to take effect for the 2025 tax year. These changes are crucial for tax professionals who must adapt planning strategies, educate clients, and ensure their software is fully compliant Watch our latest video highlight: Drake Software’s Government Relations Manager, Taylor Rodier,…

  • Protecting Tax Clients from Scams: 2025 IRS Filing Updates

    This month, the IRS—partnering with the Security Summit—is spotlighting identity theft prevention for tax professionals, addressing increasing concerns over delays related to fraud and Employee Retention Credit claims. Here is a review of a few scams to be aware of. IRS and CASST Take Action to Combat Tax Fraud The IRS and CASST are implementing…

  • Top Tax Scams According to the IRS

    Every tax season, scammers ramp up their efforts to steal personal and financial information from taxpayers, businesses, and tax professionals. To combat these fraudulent activities, the IRS has released its Dirty Dozen list for 2025, highlighting common tax scams. These scams range from phishing emails to misleading tax credit claims, and tax professionals should stay…

  • 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…

  • 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…

  • 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…

  • IRS Clarifies Digital Assets Not the Same as Cash—Yet

    In a significant move last week, the Treasury Department and IRS announced that digital assets received by businesses do not follow the same reporting requirements as cash assets in 2024, at least until the issuance of specific regulations. This announcement comes after the Infrastructure Investment and Jobs Act, which brought about revisions to the rules…

  • IRS Announces Penalty Relief for Nearly 5 Million Tax Returns

    The IRS has announced new penalty relief totaling around $1 billion to approximately 4.7 million individuals, businesses, and tax-exempt organizations. This relief is aimed at those who did not receive automated collection reminder notices during the pandemic, which were temporarily suspended in February 2022 due to the COVID-19 crisis. The IRS will issue a special…