Taxing Subjects

  • Drake Accounting® Makes Bookkeeping Easy

    Welcome to the third blog in our three-part series highlighting Drake Accounting features that can help you better serve clients! This week, we are focusing on the accounting module in our integrated, full-scale accounting software. From initial client setup to posting transactions, professional accountants need simple, efficient software that helps address each client’s unique financial…

  • Provide Payroll Services with Drake Accounting

    Welcome to the second in our three-part series highlighting Drake Accounting features that can help you better serve clients! This week, we are focusing on payroll features in our integrated, full-scale accounting software. Many tax offices first dabble in accounting services by providing payroll for existing business clients. This transition is built upon the trust…

  • IRS Pushes for More Phone Support, Hires 4,000 Customer Service Reps

    After the 2022 tax season found the Internal Revenue Service spread thinner than ever before, the agency is taking steps to ensure that the first few months of 2023 go far more smoothly. How is the IRS working to get ahead of staffing issues in the upcoming tax season? In addition to creating job openings…

  • E-File Employer Forms with Drake Accounting

    Welcome to the first in our three-part series highlighting Drake Accounting features that can help you better serve clients! This week, we are focusing on how our integrated, full-scale accounting software supports electronic filing for employer forms. Small-business clients are the cornerstones of many tax and accounting practices across the country. Having efficient, feature-rich accounting…

  • Drake Software 2022 How Do Your Tax Prep Fees Stack Up? [Infographic]

    The results of the How Do Your Tax Prep Fees Stack Up? survey are in! Drake Software surveyed 3,620 tax professionals to learn what they plan to charge for tax preparation services during the 2023 filing season. Respondents answered more than 15 questions covering fee-related topics, including: How they intend to charge for services Whether…

  • IRS Disaster Relief in 2022

    Victims receive extended deadlines, deferred taxes, and more When disaster strikes, the government’s disaster-declaration process can help victims recover from financial losses. Governors in affected states submit a major disaster area request to the president through the Federal Emergency Management Agency (FEMA); if granted, one benefit victims receive is tax relief. Generally, this relief allows…

  • Drake Tax Feature Spotlight: Search Data Entry with the Selector Field

    In this series, learn about a few popular Drake Tax features and navigation tools that help you save time and stay productive.   Preparing tax returns is hardly a linear process. With data cross-referencing itself throughout both current and prior-year returns, navigation tools are vital to an efficient tax-prep workflow. The Drake Tax Selector Field…

  • Storm Victims in North Carolina and South Carolina Get Tax Relief

    New filing deadlines for more Hurricane Ian victims The Internal Revenue Service this week announced tax relief for victims of Hurricane Ian who reside or operate a business anywhere in North Carolina and South Carolina. Like relief granted to storm victims in Florida, the agency is delaying several federal filing and payment deadlines. Each state…

  • Separation and Divorce Tax Issues to Consider

    Singer Neil Sadaka was right: breaking up is hard to do. For clients in the process of ending their marriage, there is more to consider than a simple separation of assets. Whether legally separating or divorcing, they could be facing big changes in their individual tax situations—and the Internal Revenue Service recently highlighted information that…

  • 2022 Mileage Rates Increasing

    Due to rising gasoline prices, the Internal Revenue Service has taken the rare step of increasing its optional standard mileage rates for the last six months of the 2022 tax year. These rates are significant since taxpayers use them to calculate the deductible costs of operating a vehicle for business purposes.   Typically, the IRS…