Drake Knowledgebase

  • ACA Refresher for Employers: Affordable Coverage vs. Minimum Value Coverage

    Generally, employer provisions of the Affordable Care Act say that an Applicable Large Employer (or ALE) has to offer affordable minimum essential coverage that provides minimum value to full-time employees and their dependents, or potentially face a penalty payment to the Internal Revenue Service.

  • The ABCs of Education Tax Credits

    “Education’s purpose is to replace an empty mind with an open one.” – Malcolm Forbes Forbes, of course, knew a thing or two about business and taxes. It could be said that we all need to be, well, better educated about education tax credits. So before it’s time to head back to the classroom, let’s…

  • Uber: Driving the On-Demand Economy

    Whether we call them part of the “on-demand platform,” “ride-sharing apps,” or just Uber and Lyft, one term describes it all: big business. And the hottest thing in transportation has grabbed a lot of headlines recently.

  • IRS Decision May Impact Mortgage Interest Deduction in Some Cases

    The Internal Revenue Service has acquiesced in the Ninth Circuit court’s decision on a year-old tax case involving unmarried co-owners of real estate.

  • IRS Restores Online IP PIN Tool

    The Internal Revenue Service has restored its “Get an IP PIN” tool to the IRS.gov website, after concerns about security forced its removal.

  • Tax Breaks for U.S. Military

    Members of the U.S. Armed Forces deserve the thanks of the nation for their service, and one small way we can show our thanks is by giving those who serve a small measure of tax relief.

  • Massachusetts Senate Considers AirBnB Tax to Help Finance Earned Income Credit

    The Massachusetts State Senate is looking at a bill that would install a tax on rooms rented through AirBnB to help the state pay for an increase in its Earned Income Credit.

  • Business or Pleasure: Determining if Your Hobby is Considered a Trade

    What is a Trade or Business? Simply put, a trade or business must satisfy the need to make a profit.  If you don’t plan to make a profit, then this is not a business, it is a hobby.  The reason for opening a business is to provide a livelihood for you (and your family). If…

  • Study finds Uber, Airbnb are Costing U.S. Taxpayers Billions in Unpaid Tax

    A new study by an independent tax policy group says the hottest thing in self-employment is sliding billions of dollars under the radar of the IRS.

  • IRS Unveils Application Process for Certified Professional Employer Organization Program

    If your firm handles payroll administration as well as tax reporting for your business clients, you may be interested in becoming a Certified Professional Employer Organization (CPEO) through the Internal Revenue Service.