In 2022, millions of Americans received special state-issued payments designed to provide economic relief to residents struggling with financial burdens exacerbated by issues ranging from the pandemic to natural disasters. One week after urging recipients to postpone filing their returns, the Internal Revenue Service has issued official guidance regarding the federal taxability of those payments.…

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As part of the Inflation Reduction Act of 2022, lawmakers made changes to the Clean Vehicle Credit that were meant to encourage the purchase of U.S.-made electric and fuel cell vehicles. Unfortunately, the criteria for qualifying vehicles has proven confusing for some taxpayers.…

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Every year, the New York State Society of CPAs surveys its membership to learn what those who prepare tax returns think about the performance of their practice management and tax preparation tools. Unsurprisingly, the authors found that the pandemic continued to cast a shadow over filing season, specifically highlighting trouble resulting from the IRS backlog.…

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In 2022, email inboxes are inundated with phishing scams. For most people, one wrong click can result in a stolen identity or lost access to important files.…

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From initial client setup to posting transactions, professional accountants need simple, efficient software that helps address each client’s unique financial circumstance. Drake Accounting was designed from the ground up to streamline accounting workflow and provide convenient customization options.…

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In 2022, the Internal Revenue Service faced a historic backlog of unprocessed tax returns that the Department of Treasury attributed to underfunding and pandemic-related challenges.…

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Californians have been battered by torrential rains and flooding from a recent series of storms. To help victims recover, the Internal Revenue Service recently announced tax relief for federally declared disaster areas in the state.…

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The wait is over for tax professionals eager to learn when the 2023 filing season will begin. Today, the Internal Revenue Service revealed they will start accepting and processing individual returns on January 23, 2023. The federal tax agency reassures that the service it provides this year will be improved by the recent hiring of more than 5,000 telephone and in-person staff.…

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High gas prices have understandably made plug-in electric and fuel cell vehicles more attractive in recent years. While a provision in the Inflation Reduction Act of 2022 is designed to make the switch less of a financial burden, there is confusion surrounding some of the new requirements for the Clean Vehicle Credit.…

Read more about IRS Addresses Final Assembly, MSRP Requirements for Clean Vehicle Credit

Many tax offices first dabble in accounting services by providing payroll for existing business clients. This transition is built upon the trust established by years of positive results, and it is an opportunity to grow the tax practice in a meaningful way. Whether entering the market for the first time or having provided these services for years, you need a dependable, flexible payroll solution.…

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