Drake Software

  • Small Town Marketing

    If you grew up “shooting the loop” every Friday night in high school, knew the names of every single person living on your block, or rode a tractor to school at least once, chances are that you grew up in a small American town.

  • The Hidden Costs of Expense Report Fraud

    If there is one thing that tax preparers and accountants present to clients, it is their integrity. They are the professionals who can be consigned a client’s personal financial information or an entire firm’s financial well-being. They are the trusted business advisors and the ones most often tasked with rooting out fraud and theft. There…

  • Health Care Tax Credit for Small Businesses

    The IRS recently released information pertaining to the Small Business Health Care Tax Credit, outlining the prerequisites for receiving the credit and which forms need to be filed.

  • How To Start A Successful Tax Preparation Business

    The tax preparation industry consists of some 1.2 million paid professionals, according to US News and World Report, engaged in the preparation and filing of forms required by the federal, state and local governments.  The industry generates $9 billion in revenue, and last year prepared more than 82 million individual income tax returns.  The Bureau…

  • Essential Business Insurance for Tax Preparation Firms

    One of the most critical errors in managing a tax preparation firm is failure to properly insure the business against losses and lawsuits.   There are a number of reasons why tax preparers might under-insure their businesses.  They may believe that having policies for general liability and errors & omissions is all they require.  They may…

  • The Premium Tax Credit: Do You Qualify?

    April 15 is just around the corner, but there is still time to make sure clients have submitted the proper forms to secure the credits they are due. The IRS recently published a tax tip checklist to help taxpayers determine if they are eligible to receive the Premium Tax Credit (PTC). If a client –…

  • Help! I Received a Letter from the IRS!

    Given recent reports of ID theft-related tax fraud, it’s no wonder that some taxpayers are wary after receiving what appears to be a letter from the IRS requesting personal information. You might have seen Facebook posts from clients asking about strange letters requesting “ID verification.” It turns out that these Letters 5071C are not only…

  • IRS “Tax Tip” Covers Small Business Health Care Tax Credit

    The IRS released a notice for small businesses employing less than 25 people, outlining how they may be able to take advantage of the Small Business Health Care Tax Credit. The “Tax Tip” covers the prerequisites for claiming the tax credit, which forms are needed, and additional resources. Read the full notice below:

  • Five Key Facts about Unemployment Benefits

    On Tuesday, the IRS released unemployment benefits information that can help tax preparers keep their clients informed of available compensation. The article discusses whether recipients need to report this income on their taxes, if their benefits are paid by the state or federal government, where they can go for further help, and more.

  • IRS Notices: N-2015-21 and N-2015-22

    The IRS recently published notices concerning gross income and waivers for farmers and fishermen who received erroneous Forms 1095-A: