One of the most time-consuming tasks in tax preparation is sifting through prior-year information for facts and figures. To streamline this process, Drake Tax provides the LookBack feature.…

Read more about Drake Tax Feature Spotlight: Use LookBack to Check Prior-Year Data

Hurricane Ian slammed into the Florida coast last week, leaving a trail of destruction that resulted in more than a million without power and 81 confirmed dead. The Internal Revenue Service announced tax relief and dyed diesel fuel penalty relief for storm victims following a disaster declaration for the entire state by the Federal Emergency Management Agency (FEMA).…

Read more about Florida Storm Victims Get Tax and Fuel Penalty Relief

Identity theft. Just the mere mention of this mayhem masquerade is enough to make the blood of tax professionals everywhere run cold.…

Read more about Multi-Factor Authentication Can Head Off Sophisticated Scammers

President Biden signed into law the $369 billion Inflation Reduction Act of 2022 (IRA), which proponents say will lower the deficit, invest in renewable energy, and lower health care costs. This sweeping legislation also addresses issues that will specifically interest tax professionals: increased funding for the Internal Revenue Service, new corporate taxes, and adjustments to tax credits.…

Read more about Top Tax Issues in the Inflation Reduction Act

We all know that identity thieves aren’t letting up in their efforts to steal your clients’ personal information so they can file fraudulent tax returns. If anything, they’re picking up the pace.…

Read more about Know the Signs of Possible ID Theft

Most tax-season-preparation checklists include updating software, reviewing tax law changes, earning continuing professional education credits, and training seasonal staff. Creating or updating a written information security plan (WISP) is one often-overlooked item that should make everyone's list. After all, tax professionals are required by the Federal Trade Commission’s Safeguards Rule to have one of these plans in place to protect client information.…

Read more about Security Summit Announces New Sample Security Plan

Many people review user ratings for critical insight when considering a new product, and annual tax-preparation software surveys are a rich resource for tax professionals. The surveys draw clear comparisons of user experience in areas that directly impact office performance. Seeing how applications stack up against the competition can influence the decision to switch, especially when peers overwhelmingly praise one solution.…

Read more about Drake Takes 10 Categories in Journal of Accountancy Survey!

It would be an understatement to suggest that interest in virtual currency grew during the early days of the pandemic. By 2021, virtual currency (or cryptocurrency) had seemingly arrived as a mainstream investment vehicle—with exchanges even purchasing Super Bowl ads featuring Hollywood celebrities.…

Read more about Virtual Currency and Taxes [Infographic]

This summer, the country has been hammered by extreme weather—from oppressive heat waves to torrential rains. In response to deadly flooding in Eastern Kentucky, the Internal Revenue Service announced tax relief for counties the Federal Emergency Management Agency declared disaster areas.…

Read more about IRS Announces Tax Relief for Kentucky Flood Victims

It’s never too early to start planning for the next tax season. For millions of tax pros, that means figuring how to make their operations more secure.…

Read more about Use IP PINs for Extra Security