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How to Contact IRS Agents as a Tax Professional
Tax season can be a daunting time for many individuals and businesses, and the Internal Revenue Service (IRS) understands the importance of providing accessible assistance to address your inquiries. To help you navigate the intricacies of tax matters, we’ll guide you through the various channels available for reaching the IRS and obtaining the information you…
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How to Get a Tax ID Number
What is a FEIN? Is it different from an EIN? What tax identification numbers should I pay attention to, anyway? Navigating identification numbers may seem complex, but it’s essential for tax preparation. This discussion aims to make things clearer, breaking down the terminology and explaining the importance of different tax ID numbers. Whether you’re a…
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IRS Delays 2023 Form 1099-K Threshold, Introduces $5,000 for 2024
In a recent announcement, the Internal Revenue Service (IRS) has decided to delay the implementation of the new $600 Form 1099-K reporting threshold for third-party payment organizations. The decision to treat 2023 as a transition year comes in response to feedback from taxpayers, tax professionals, and payment processors. The IRS is also planning a phased-in…
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Time Running Out to File for Recovery Rebate Credit
The window for claiming a pandemic-driven tax credit is still open to taxpayers who didn’t take advantage of it during the main Covid outbreak. But closing dates are approaching, making filing a claim for eligible taxpayers (tax years 2020 or 2021) a priority for tax preparers. For a historical background, we have to go back…
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Drake Software 2023 How Do Your Tax Prep Fees Stack Up? [Infographic]
The results of our recent tax prep fees survey are here! Drake Software conducted a comprehensive survey involving over 1,000 tax professionals to understand their pricing strategies for the upcoming 2023 tax filing season. The survey covered more than 15 questions, delving into various fee-related aspects such as: Approach to pricing tax preparation services Plans…
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Retirement Contribution Amounts Increased for 2024
The Internal Revenue Service has passed along an early Christmas present of sorts to many taxpayers by increasing the maximum contribution amounts for 401(k) plans in 2024. The contribution hike covers those employees who take part in 401(k), 403(b), or most 457 plans. Participants in the federal Thrift Savings Plan are also included in the…
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Time to Renew PTINs for 2024 Tax Season
We are just weeks away from a new tax season, and that means it’s time for tax professionals to renew their Preparer Tax Identification Numbers (PTINs). This identification number expires annually on December 31st for paid tax professionals. There are currently some 800,000 active tax preparers who prepare federal tax returns for a fee which…
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Understanding the New IRS E-Filing Requirements for Forms W-2
As we prepare for the 2024 tax season, the IRS is also updating regulations for tax forms and filing requirements. One such regulation establishes a new threshold for electronic filing of certain returns. This change has implications for employers and taxpayers alike, as it affects the way tax-related information is submitted to the IRS. In…
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Drake Software Update Schools 2023
Drake Software® Update Schools return this year in 4 U.S. cities plus our hometown of Franklin, NC! Experts from Drake Software including Chief Revenue Officer John Sapp, CPA; Director of Education Christine Reynolds; Software Trainer Ann Campbell, CPA, CIA and many others; along with industry experts Randy Adams, EA and Director of the Stakeholder Liaison organization…
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Errors and Omissions Insurance for Tax Preparers
Tax preparers play a crucial role in helping clients navigate the complexities of tax returns and related financial matters. Even with the most professional of preparers and a high level of care in your work, mistakes are often inevitable components of tax preparation. Because of this, it’s important to know your options before an oversight…