Business Planning

  • IRS: The Truth About Frivolous Tax Arguments

     The Internal Revenue Service has released the 2014 version of “The Truth about Frivolous Tax Arguments.” The document describes and responds to some of the common frivolous tax arguments made by those who oppose compliance with federal tax laws. The cases cited demonstrate how frivolous arguments are treated by the IRS and the courts. The…

  • If The Customer Can’t Pay The Tax – Part II

     Offer in Compromise  An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. If the liabilities can be fully paid through an installment agreement or other means, the taxpayer will in most cases not be eligible…

  • If the Customer Can’t Pay The Tax – Part I

    There are several different payment programs available for taxpayers who cannot pay the taxes owed by April 15.  Because any balance due is subject to interest and a monthly late payment penalty, it is in the customer’s best interest to pay in full as soon as possible to minimize the additional charges. Penalties are also…

  • The ABCs of Late IRS Payments

    The complexity of the tax laws and the fact that they change from year to year makes it inevitable that some clients will be unable to pay some or all of their bills to the Internal Revenue Service.  Others may be able to afford the bill, but need more time to complete the return or…

  • The Windows 8-back-to-Windows-7 Update Arrives

      So Microsoft announces the end of support for the one-third of the computing world that still uses Windows XP…and magically announces that on the same date they will release an update to Windows 8 that makes it look and work almost exactly like Windows 7.  Along with a hint that they may give the…

  • Larry Kessler: It’s Not What You Make…

      Larry Kessler Financial Services is an example of how to create an accounting firm built on friendships, trust, and fair dealings.  “I don’t advertise,” he says. “I focus on giving each client a better job than they have ever seen, combined with the best service I can give.  I now handle second and third-generation…

  • Drake Client Write-Up – A Top Contender in Accounting Software

    By Brian Stork Vice President of Application Development  Accountants and tax preparers nationwide are familiar with Drake’s flagship product, Drake Professional Tax Software.  It’s what put us on the map.  But we want the accounting community to take notice of another product we’ve been developing and enhancing over the last few years: Drake Client Write-Up (CWU).  CWU has…

  • Paying Taxes: Does The IRS Take Plastic?

    Have your clients ever inquired about paying their federal tax bill with a credit card or debit card?  Drake provides two options to help your client pay their taxes electronically – Integrated File and Pay and the Drake e-Payment Center. Here’s an overview of each service: • Integrated File and Pay (IFP) — IFP is…

  • Professional Associations For Tax Preparers

    Every profession has one or more associations that serve its members.  In any profession that is as critical to the national economy as tax preparation, there are literally dozens of associations operating at the state, national and international levels. There are many reasons why joining one or more associations is a good idea for any…

  • 10 Tips For Staying Sane During Tax Season

     It’s now halfway through tax season, and you’ve already filed more returns than last year at this time.  Customers are lined up out the door, workflow is dragging, and the stress is mounting.  It doesn’t help that you have been through this for many years.  In 2014, the requirements are greater than ever before.  Between…