Drake Software

Summer events for the tax industry are in full swing as professionals from around the country gather to share resources, insight, software, and tools for the 2024 filing season. The Drake Software team has enjoyed the time on the road and the opportunities to meet users, demonstrate our tax prep solutions, and share industry expertise.…

The Internal Revenue Service is going the extra mile to ensure taxpayers have the newest information on the third-round Economic Impact Payment. The agency’s frequently asked questions on the third-round payment have been updated with new dates and other information so taxpayers can make better decisions. The new FAQs are published in the IRS Fact…

IRS Highlights Gig Economy, Virtual Currency, and Foreign Source Income Some new sources of income sometimes go where tax law hasn’t gone before. This leads to income slipping through the cracks for a while until the law catches up. The IRS wants taxpayers to know that in the areas of gig economy income, virtual currency…

The Internal Revenue Service has published a new set of frequently asked questions on the Premium Tax Credit, giving taxpayers the latest and best information on how—and why—to claim the credit. Start with the basics The Premium Tax Credit is aimed at low- or moderate-income taxpayers and families who may not be able to afford…

Judging from the likes of food, gasoline and other staples, it should come as no surprise that the Internal Revenue Service is revising its interest rates, starting in the second quarter of this year. The Internal Revenue Code dictates that interest rates are to be determined quarterly, and beginning next quarter, those rates are going…

Phishing emails are a common threat found in your inbox. While these scams range from too-good-to-be-true business opportunities to aggressive threats from “government agencies,” one specific type—spear-phishing scams—can be more challenging to identify at a glance because they are custom-built for each target.   The Internal Revenue Service shared a Security Summit warning about a…

Workers have returned to the service industry lately—in droves. With the threat of coronavirus subsiding in many locations, restaurants and other establishments have sprung back to life. With the surge in employment, we thought it appropriate to remind workers throughout the service industry there’s one phrase they should never forget: Tips are taxable income. Anyone…

The wait is over; the filing season for 2021 income tax returns has been opened by the IRS. But before taxpayers start sharpening pencils, cranking up the calculator and putting on a pot of coffee, they need to know they’ve got everything together to get the job done right. The IRS has put together its…

It’s official: the gates are open; the race is on. Tax season for 2022 is officially underway. The IRS kicked off this year’s filing season urging taxpayers to help them get refunds out faster this year by not filing paper tax returns and instead filing electronically. Last year, tax season didn’t get started until February…

Millions of Americans are preparing to get their income tax returns in order for the 2021 tax year. While many are mostly concerned about getting their returns in on time, they should also be thinking about filing a correct return. Most often, it’s the simple tax return errors that trip up taxpayers and delay refund…