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How To Start A Successful Tax Preparation Business

The tax preparation industry consists of some 1.2 million paid professionals, according to US News and World Report, engaged in the preparation and filing of forms required by the federal, state and local governments. ...
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Tax Preparation Outlook for 2016

A key component of strategic planning for any company is an understanding of the analytics for the industries in which they participate.  For tax preparations services, that can be a problem. Much of the available...
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SIMPLE IRA/401(k) PLAN vs. SAFE HARBOR 401(k) PROFIT SHARING PLAN

There are several considerations in deciding between a SIMPLE IRA/401(k) and a SAFE HARBOR 401(k) PROFIT SHARING PLAN: Cost, Deferral limits, Eligibility, Required Contributions and Flexibility.
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The “Big Three” Tax Software Companies Slip in Market Shares

Tax professionals are looking for the best value in their tax software program, and are quickly learning bigger is not always better...
ID Thieves Target Preparers

ID Thieves Again Target Preparers, Filing Fraudulent Returns

Tax professionals aren’t surprised when a new identity theft scheme makes the rounds, but fraudsters recently haven’t settled for just targeting taxpayers. When the Internal Revenue Service announced a new scheme targeting preparers, it...
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Still Looking for That Lesser of Evils: The Wonderfully Useless Form 8919

We know what’s going on, and we know the right thing to do. Our client is being short-changed by a boss who wants to get out of paying the employer’s share of the Social Security and Medicare taxes that are due on the client’s wages. The way for our client to get a fair shake is to file Form 8919 (and probably Form SS-8).
Standard Mileage Rates Decreased for 2017 Business, Medical and Moving Deductions

IRS Releases 2017 Standard Mileage Rates

Declining energy prices have apparently made their mark on the rates used to figure deductible costs of operating a vehicle for business, medical or moving purposes. The Internal Revenue Service has shaved those rates, beginning January 1, 2017.
Additional Security Measures Added to IRS Online Tools

Additional Security Measures Added to IRS Online Tools

The Internal Revenue Service has toughened its security for their online applications. The upgrade was taken this year in an expanded effort to protect the nation’s taxpayers from identity theft. The new process means a few more steps for taxpayers using the IRS tools – but much better security in the long run.
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Expanding Profits by Preparing Forms 990

In a matter of weeks, the 2015 tax season will be over.  The federal individual and most state returns will be filed by mid-April (the exceptions are Hawaii, which has a filing deadline of...
Health Care-Related Tax Responsibility

Health Care-Related Tax Responsibility

The Internal Revenue Service recently suggested that taxpayers consider checking their eligibility for health care-related tax exemptions. Taxpayers who plan their finances around a refund check may be better able to budget during tax season by researching their options before January 23, 2017.

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New Scam Targets Tax Professionals

Security Summit Warns of New Email Scam
The Internal Revenue Service today announced a new email scam from cybercriminals that targets tax professionals. Using a two-stage process, this latest phishing scheme attempts to collect private data from tax preparers.

IRS Announces the First Day of Tax Season, Issues Refund Delay Reminder

IRS Announces the First Day of Tax Season, Issues Refund Delay Reminder
Tax professionals across the country are gearing up for tax season, which the Internal Revenue Service today announced will officially begin on January 23, 2017. The press release included yet another reminder about PATH Act-delayed refunds: taxpayers claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) will not have their refund issued until February 15, 2017.

New Features in Drake Software

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Improve Your Efficiency in 2016 For the tax industry, the months leading into January build tension in increments, like a banjo string tightening from every turn of the tuning peg. The days are filled with preparatory tasks for tax professionals and software developers alike, a...

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