QBI

  • IRS Updates Clean Vehicle Credit Guidance

    As electric cars become more common on American roads, fully electric autos (termed “clean vehicles” by the Internal Revenue Service) are now showing up in the used car markets.   Owners of new electric vehicles are already able to claim the Clean Vehicle Credit for 2023, but starting in 2024, a credit will also be offered…

  • How To Grow Your Tax Business

    In our modern competitive market, growing your business is not only an industry advantage, but a necessity. Learning where to start in taking practical steps toward upward growth can be challenging, but we at Drake are here to provide applicable insights into how you can grow your business. In this post, we’ll take a three-pronged…

  • Tax Year 2023 Desk Reference Guide [DOWNLOAD]

    To help you navigate the busy tax filing season, we have created a comprehensive desk reference guide that includes a wide range of commonly accessed tax information. This guide covers everything from due diligence requirements to MACRS recovery periods—perfectly designed to make your life a little easier during this time of year. If you’re interested…

  • IRS Imposes Moratorium on Improper Employee Retention Credit Claims Amid Rising Fraud Concerns

    As of last week, the Internal Revenue Service (IRS) has taken decisive action to address concerns regarding the improper filing of Employee Retention Credit (ERC) claims, announcing a moratorium on new claims through at least the end of the year. This decision is aimed at protecting unsuspecting tax businesses from falling prey to scams that…

  • IRS Shifting Audit Focus Toward More High-Income Taxpayers

    The Internal Revenue Service says it’s about to move its main audit spotlight from the everyday working-class individual taxpayer to those engaged in high-income activities. Now on the audit radar: high-income earners, partnerships and large corporations, and promoters pushing schemes that abuse the tax laws.   This turn of focus comes after a comprehensive review of…

  • Tips for Attracting More Clients

    As a tax preparer, one of your primary goals is likely to attract more clients. After all, a growing client base is not only a sign of a successful business, but also a means to greater financial stability and professional growth. In today’s digital age, achieving this goal requires a multifaceted approach that combines a…

  • Contactless Tax Preparation – Here to Stay

    By Matt Jagst, Drake Software Head of Product     For many tax and accounting firms, methods of client interaction changed dramatically in the spring of 2020. Firms accustomed to having their clients visit the office to serve them face-to-face had to switch to a completely contactless and often remote working environment. This shift has become…

  • Form 8300 to Shift to Electronic Filing Platform

    The push toward an all-electronic filing future continues at the IRS. The agency’s latest move has Form 8300, Report of Cash Payments Over $10,000, e-filed starting in 2024, in an effort to avoid backlogs that the old paper forms presented while speeding up processing times.   The shift is included in final regulations amending e-filing rules…

  • Mission Statement for Tax Preparation Businesses

    A well-crafted mission statement not only defines your purpose and values as a tax preparer, but also communicates your commitment to clients and stakeholders. Whether you’re an independent tax preparer or a tax preparation firm, we at Drake hope to provide you with insights to create a mission statement that reflects your identity and resonates…

  • Hawaii Wildfire Victims Get Tax Relief from IRS

    As recovery efforts are underway for victims of the devastating wildfires in Hawaii, the Internal Revenue Service is moving to give survivors one less thing to worry about.  The agency has launched its tax relief package for victims in Maui and Hawaii counties that basically delays an array of federal individual and business tax deadlines…