Drake Software Taxing Subjects

  • Accounting and Tax Prep Among the 15 Most Profitable Industries

     The 15 Industries with the Highest Net Profit Margin – Last 12 Months Based on an analysis of the financial statements of privately-held companies, Sageworks, a financial information company, ranked all industries by net profit margin over the last 12 months and found that accounting services topped the list, with a net profit margin averaging…

  • IRS Releases Draft Versions of New Affordable Care Act Forms

    As a tax software company, we get excited when the IRS releases a new form for the upcoming season.  Forms drive our development cycle, and the earlier we can get our hands on them, the better. The Affordable Care Act forms have created heightened anticipation this year, and when the draft versions were finally posted…

  • Drake Supports Tax Preparers in Spanish

    This article is available en Español   While the English language is the most common spoken at home in the United States (by roughly 85 percent of households, according to the most recent census data), there are six other languages spoken in this country by more than 1 million people each.  Of these, the one most…

  • Microsoft: Windows 7 Support Ending

      At the height of tax season, Microsoft retired Windows XP and announced the debut of Windows 8.1.  Now the company is warning of other major software changes coming in the next six months.  

  • New 1023-EZ Form Makes Applying for 501(c)(3) Tax-Exempt Status Easier; Most Charities Qualify

    The Internal Revenue Service today introduced a new, shorter application form to help small charities apply for 501(c)(3) tax-exempt status more easily. “This is a common-sense approach that will help reduce lengthy processing delays for small tax-exempt groups and ultimately larger organizations as well,” said IRS Commissioner John Koskinen. “The change cuts paperwork for these…

  • Unused ITINS to Expire After Five Years; New Uniform Policy Eases Burden on Taxpayers, Protects ITIN Integrity

     Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years, the Internal Revenue Service announced today. To give all interested parties time to adjust and allow the IRS to reprogram its systems, the IRS will not begin deactivating ITINs until 2016.  The new, more uniform…

  • IRS Adopts “Taxpayer Bill of Rights;” 10 Provisions to be Highlighted on IRS.gov, in Publication 1

    Español IR-2014-72, June 10, 2014 WASHINGTON ― The Internal Revenue Service today announced the adoption of a “Taxpayer Bill of Rights” that will become a cornerstone document to provide the nation’s taxpayers with a better understanding of their rights.

  • The IRS Office of Appeals

    People sometimes disagree on tax matters, and the decision of a tax examiner may not always be the final word.  For this reason, the Internal Revenue Service created an independent appeal system that seeks to settle differences without going to court.  Every year, this Office of Appeals helps over 100,000 taxpayers resolve their tax disputes. …

  • If the Customer Can’t Pay The Tax VI If You Receive an IRS Notice, Here’s What to Do

    Each year the IRS sends millions of letters and notices to taxpayers. Although some people may feel anxious when they receive one, many are easy to resolve. Here’s what to do if you receive a letter or notice from the IRS: Don’t panic. Follow the instructions in the letter. There are many reasons the IRS…

  • 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…