COVID-19

  • 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…

  • Which Tax Prep Software Package is Right for You?

    Tax preparers understand the importance of efficiency, accuracy, and affordability when choosing professional tax preparation software. With tax laws constantly evolving and client needs varying, having the right tools at your disposal is paramount to success. One such tool that stands out in the realm of tax preparation software is Drake Tax®, our flagship product…

  • What Are the Different Kinds of Tax Preparers

    If you are a tax accountant or want to become one, the many different types of tax preparers can feel overwhelming. How do you choose the right one for your workflow and tax firm? Let’s look at different tax agents to see which category best fits your needs and goals. How to become a tax…

  • 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…

  • Bank Products: Payment & Account Solutions for Tax Pros

    Tax preparers wield significant influence when it comes to ensuring accurate and compliant returns for their clients. While our expertise lies in navigating complex tax codes and filing returns, it’s crucial to also consider the role of banking products in streamlining operations and optimizing financial management. Efficiently managing financial transactions, organizing records, and safeguarding clients’…

  • Meet Drake Pay: an Integrated Payment Processing Solution

    Drake Software® is excited to introduce Drake Pay™, a payment integration solution that works seamlessly with Drake’s suite of software products. This solution allows our customers to accept payments from their clients effortlessly and directly in their tax preparation workflow.   Why Drake Pay? Payment Options Your Clients Expect  Drake Pay gives you the freedom to…

  • How to Become a Tax Preparer: Accreditation, Pricing, and More

    So you’re thinking about becoming a tax preparer. How much does it cost to file taxes, anyway? How much should you charge? What sort of schooling or credentials do you need to get? Clients entrust tax preparers with the responsibility of accurately filing their income tax returns. This trust extends to sharing intimate details of…

  • Name, Image, and Likeness (NIL) Income for College Athletes [DOWNLOAD]

    Name, Image, and Likeness (NIL) income, or income gained from personal brand influence, has opened opportunities for student-athletes in college athletics. With the additional income stream comes new tax implications, however, that many student-athletes have not previously encountered. NIL income grants athletes the ability to monetize their personal brands, introducing income streams for individuals who…

  • 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…

  • Navigating Information with a Tax Documents Checklist

    As tax season gets closer, providing a tax documents checklist to your clients is extraordinarily helpful. Helping them gather the appropriate information before you begin preparing tax returns saves a good deal of time in the long run, building rapport with your customer base and easing your own workload. Individuals should gather the following tax…