Drake Knowledgebase

  • Help Clients File Digital Asset Taxes with Confidence

    Cryptocurrencies, NFTs, and More: Digital Asset Tips for Tax Preparers From cryptocurrencies like Bitcoin to NFTs and other blockchain-based tokens, digital assets present unique challenges—and opportunities—in tax compliance. Staying informed about digital assets and how they are treated for tax purposes is vital for tax professionals to serve their clients effectively. What Are Digital Assets?…

  • IRS Extends Tax Relief for Southern California Wildfire Victims

    IRS Extends Tax Relief for Southern California Wildfire Victims The IRS has announced significant tax relief measures for individuals and businesses affected by wildfires and straight-line winds in southern California. These relief measures extend federal tax filing and payment deadlines and provide additional tax benefits to help those impacted recover financially. Who qualifies for relief?…

  • Tax Filing Timeline: When Does E-File Start?

    The IRS will begin accepting individual returns on Monday, Jan. 27, 2025 More and more taxpayers are leaning towards the convenience and speed of electronic filing (e-file) leading to many of us wanting to know exactly when e-filing starts. The IRS will begin accepting individual returns on Monday, January 27, 2025. Direct File will be available…

  • Resources for Tax Professionals for Tax Season 2024

    The start of tax season is an opportunity for tax professionals to shine by providing exceptional service and staying ahead of industry changes. To help you tackle tax season 2024 with confidence and efficiency, we’ve compiled a list of essential resources covering everything from new tax updates and cybersecurity tips to continuing education and tax…

  • Tax Year 2024 Updates: Essential Insights for Tax Professionals

    As we prepare for tax year 2024, professionals must stay ahead of industry shifts to provide top-tier service to their clients. From the ethical use of AI to significant IRS updates affecting compliance, reporting thresholds, and tax credits, understanding these changes is vital. Below, we explore key updates and their implications for tax practices. Using…

  • Drake Refund Pay™ is Here: A No-Cost-to-Client “Pay-by-Refund” Option

    Are you ready to make your tax preparation service even more appealing to clients? Drake Refund Pay allows clients to pay tax prep fees directly from their refund at no cost to them, making your preparation services easier, more affordable, and more attractive for them. Here’s how integrating pay-by-refund can benefit your business and your…

  • Now Available: Get Your Tax Year 2024 Desk Reference Guide [Free Download]

    Save time during the busy filing season with a comprehensive tax reference guide for tax year 2024. It’s back— an updated desk reference guide to help make your life a little easier. The guide is available in English and Spanish.  Why is the 2024 desk reference guide considered a tax season best practice? From a preseason…

  • Help Taxpayers Settle their IRS Debts with Community Tax

    We’ve teamed up with Community Tax, a leading provider of tax resolution services  In an upcoming webinar, Community Tax will be discussing how to confidently navigate IRS notices to protect your clients.  Many of your clients may face a moment of crisis in the next few months. It’s only when the notices threaten seizure and…

  • Drake Pay™ Launches New Feature: Request Payments via Email with Secure Payment Link

    At Drake Software®, we are continually refining the tools you need to manage your tax and accounting practice effectively. We’re excited to introduce a new feature in Drake Pay that enhances the payment process for tax preparers and their clients. New Feature: Request Payments via Email with a Secure Payment Link Our latest update enables…

  • Drake Tax Wins Best “Overall Rating” for the 13th Year in a Row

    The Journal of Accountancy and The Tax Adviser recently released results for the 2024 Tax Survey. Drake Tax led the way in 2023 and continues to show high marks in 2024. Drake Software is known for its industry-leading customer service and in the survey received the highest score for product support. And – aside from…