Drake Software

  • 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:

  • IRS Press Release: How to Determine if the Net Investment Income Tax Applies to You

    If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income and your income for the year is more than certain limits. Here are some key tips you should know about this tax:

  • IRS Press Release: Tax Refunds Reach Almost $125 Billion Mark; IRS.gov Available for Tax Help

    WASHINGTON — Almost 40 million tax refunds worth nearly $125 billion have been issued as of Feb. 20, according to Internal Revenue Service statistics released yesterday. The average refund is $3,120. The IRS has processed nearly 50 million returns, about one-third of the total individual federal income tax returns the agency expects to receive this…

  • Drake Update Schools…

    It’s been an active year of change for tax preparers, with a new voluntary certification program for tax preparers, the effects of the Affordable Care Act, and substantial other changes to tax laws. To keep pace with these changes, Drake Software recommends that you attend one of our annual update schools. In addition to the…

  • Meet Phil Drake

    Founder, President & CEO of Drake Software,  Shares His Thoughts About The Tax Industry,  Technology, And Business.      What is the biggest challenge facing the tax professional today?  Compliance, compliance with the EIC rules, compliance with the Due Diligence Rules, compliance with the ACA (coming up). Those used to be the responsibility of the…