Tax season can be a daunting time for many individuals and businesses, and the Internal Revenue Service (IRS) understands the importance of providing accessible assistance to address your inquiries. To help you navigate the intricacies of tax matters, we'll guide you through the various channels available for reaching the IRS and obtaining the information you need. Our blog post gives you all the details.…

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Navigating identification numbers may seem complex, but it's essential for tax preparation. This discussion aims to make things clearer, breaking down the terminology and explaining the importance of different tax ID numbers. Read this post to find out more.…

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As tax season approaches, the importance of early access to tax software becomes increasingly evident for tax preparers. Beyond the convenience of having tools at your disposal sooner, there are numerous advantages that can significantly impact the efficiency and success of the tax preparation process. Read our latest blog post for more insight.…

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The IRS delayed the implementation of the new $600 Form 1099-K reporting threshold for third-party payment organizations. They plan a phased-in approach, with a $5,000 threshold set for 2024 to gradually implement the reporting requirements introduced under the American Rescue Plan. Read about the policy in our latest blog post.…

Read more about IRS Delays 2023 Form 1099-K Threshold, Introduces $5,000 for 2024

The IRS and its Security Summit partners from the national tax industry and state tax agencies announced the 8th annual National Tax Security Awareness Week, set to begin November 27. Read more about the education and resources available to tax preparers in the latest edition of the blog.…

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We uncover the newest industry insight on tax prep fees in our latest infographic blog post! Drake Software surveyed over 1000 tax preparers to discover their accepted payment methods, anticipated charges per form, pricing approach, and plans to modify fees. The responses also include demographic information and how it relates to these categories. Read our blog post to learn more!…

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It’s almost that time of year when tax professionals need to renew their Preparer Tax Identification Numbers (PTINs). This identification number expires annually on December 31st for paid tax professionals. Our blog post provides tips and tricks for PTIN renewal so you can hit the ground running for the new tax season.…

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The IRS is updating regulations for tax forms and filing requirements. One such regulation establishes a new threshold for electronic filing of certain returns. This change has implications for employers and taxpayers alike, as it affects the way tax-related information is submitted to the IRS. In this blog, we discuss the details of this amendment, its significance, and how it may impact employers and taxpayers in the years to come.…

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Drake Software® Update Schools return this year in 4 U.S. cities plus our hometown of Franklin, NC! Experts from Drake Software will be sharing important updates with Users about what to expect in the 2024 Tax Season plus exciting new software updates. Read more in our latest blog post.…

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Mistakes are inevitable, so why not be prepared? Learn how you can be proactive by obtaining Errors & Omissions Insurance. Thanks to our friend Steve Ferguson from the Business Insurance arm of Protection Plus for his contribution to this article.…

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