Taxing Subjects
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5 Powerful New Features in Drake Portals That Make Tax Season Easier
As tax professionals look for ways to streamline their workflow and enhance client experience, Drake Portals® continues to evolve with features designed to help simplify and accelerate the tax preparation process. Here’s what’s coming soon: 1. Fresh New Look for Tax Preparers and Taxpayers The document checklist (a checklist designed by tax preparers to organize and…
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Bank Products for Tax Professionals
What Are Bank Products? Bank products are financial services tax professionals offer to help clients access their refunds faster and help pay for tax prep services. These products are typically facilitated through third-party banks and are fully integrated into your professional tax software. Common bank products include: Why Offer Bank Products in Your Tax Office?…
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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…
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Jared Ballew Named a 2024 “20 Under 40” Influencer by CPA Practice Advisor
We’re proud to share exciting news: Jared Ballew, Vice President of Government Relations at Drake Software, has been recognized as one of CPA Practice Advisor’s 2024 “20 Under 40” Influencers. Celebrating Young Professionals in Accounting This annual award celebrates young professionals who are making significant strides in shaping the future of the accounting profession. Jared’s…
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Drake Tax Wins Best “Overall Rating” for the 13th Year in a Row
The Journal of Accountancy and The Tax Adviser recently released results for the 2024 Tax Survey. Drake Tax led the way in 2023 and continues to show high marks in 2024. Drake Software is known for its industry-leading customer service and in the survey received the highest score for product support. And – aside from…
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Earn CPE at Upcoming Drake Software Update Schools®—Registration Opens Soon
Drake Software Update Schools will soon be back in session to prepare tax professionals for a new season with tax software updates and CPE credits. Who’s attending? Our team has worked tirelessly to develop new features, which we are excited to present to tax preparers along with tax software instruction, tips, and tax and industry…
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Did COVID-19 Change My State Individual Income Tax Deadline?
Last Updated: May 8, 2020, at 4:33 p.m. Important: The New Hampshire Interest & Dividend Tax is still due on April 15, 2020. Treasury Secretary Steven Mnuchin announced on Friday, March 20, 2020 that the federal filing deadline was being moved to July 15, 2020 due to the COVID-19 outbreak. Many state departments of revenue…
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More IRS Forms Go Digital for Contact-Free Signature Options
The Internal Revenue Service is bringing more tax forms into the 21st century while keeping tax professionals and taxpayers alike safer from possible coronavirus transmission. A new online option from the IRS helps tax pros remotely get signatures from individual and business clients on authorization forms and to submit those forms electronically. It’s available through…
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What is the taxable income QBI threshold for 2020?
There are two income thresholds for claiming QBI in tax year 2020: $163,300 for single taxpayers, heads of household, qualifying widows and widowers, or trusts and estates $326,600 for married couples filing jointly Return to Taxing Subjects frequently asked questions. Related FAQs: What is the Qualified Business Income Deduction? What types of business income qualify…