Drake Tax Accounting Software

1. Comprehensive Tax Preparation

• Wide Range of Forms: Supports federal, state, and local tax forms for individuals and businesses.
• Industry-Specific Tax Support: Offers specialized options for industries like real estate, healthcare, and self-employment.

2. Efficient Data Import and Export

• W-2 and 1099 Import: Automatically imports data from payroll and financial systems to save time.
• Export to Accounting Software: Seamlessly transfers data to tools like QuickBooks or Excel for further analysis.

3. Intuitive User Interface

• Customizable Workflows: Enables users to personalize workflows for ease of use.
• Smart Navigation: Offers shortcuts and suggestions to streamline the tax preparation process.

4. Integrated e-Filing

• Batch Filing: File multiple tax returns simultaneously for faster processing.
• Filing Status Alerts: Provides real-time updates on the status of submitted returns.

5. Drake Documents Integration

• Centralized Document Storage: Allows secure storage and retrieval of client documents.
• Paperless Workflow: Reduces reliance on physical documents by digitizing the entire process.

6. Built-In Accuracy Checks

• Error Detection: Highlights inconsistencies and missing information in tax returns.
• Audit Alerts: Flags items that could trigger an IRS audit, ensuring compliance.

7. Tax Planning Tools

• Scenario Analysis: Helps clients understand the impact of financial decisions on their taxes.
• Multi-Year Planning: Offers projections and strategies for up to 10 years.

8. Client Communication Tools

• Secure Messaging: Allows encrypted communication between tax preparers and clients.
• Automated Reminders: Sends email or text notifications for document requests and filing deadlines.

9. Multi-State Filing Support

• State Tax Templates: Provides pre-loaded templates for filing in multiple states.
• Automatic Adjustments: Handles income allocations for clients operating in several states.

1. Customizable Reporting

• Tax Summaries: Generates detailed summaries for clients, outlining refunds, owed taxes, and credits.
• Exportable Formats: Reports can be downloaded in formats like PDF or Excel for easy sharing.

2. Practice Management Features

• Client Database: Maintains organized records of all clients for efficient management.
• Task Tracking: Monitors the progress of each tax return, ensuring deadlines are met.

3. Bank Product Integration

• Refund Transfers: Offers direct deposit options for client refunds.
• Fee Collection: Allows tax preparers to deduct their fees directly from client refunds.

4. Time-Saving Tools

• Pre-Filled Templates: Minimizes repetitive data entry by auto-populating forms with existing data.
• Keyboard Shortcuts: Accelerates navigation and data input for experienced users.

5. Multi-User Support

• Role-Based Access: Assigns specific permissions to users based on their roles.
• Concurrent Use: Multiple team members can work on the same client file simultaneously.

6. Advanced Security Features

• Two-Factor Authentication: Enhances account security by requiring additional verification.
• Encrypted Data: Protects sensitive client information with high-level encryption protocols.

7. Flexible Licensing Options

• Pay-Per-Return: Ideal for small practices that handle a limited number of clients.
• Unlimited Filing Plans: Suitable for larger firms with high volumes of returns.

8. Comprehensive Knowledge Base

• Tax Law Updates: Provides real-time updates on changes to federal and state tax laws.
• Guided Help: Built-in tools explain tax terms and filing requirements for better understanding.

1. Drake Scheduler Integration

• Appointment Management: Helps schedule client meetings and manage deadlines.
• Calendar Sync: Integrates with popular calendar tools for seamless scheduling.

2. Mobile Compatibility

• Cloud Access: Enables tax preparers to access client files and work remotely.
• Mobile Notifications: Sends alerts about important tasks or updates directly to your device.

3. Audit Protection Support

• Audit Preparation: Offers resources to assist clients in case of IRS audits.
• Compliance Assurance: Ensures returns are prepared in accordance with tax laws to minimize audit risks.

4.  Integration with Financial Institutions

• Bank Data Import: Retrieves transaction data directly from banks for accurate reporting.
• Electronic Payments: Allows tax professionals to process client payments securely.

5. Multi-Year Tax Return Access

• Historical Records: Maintains detailed records of past returns for easy reference.
• Amendments Made Easy: Simplifies the process of filing corrected returns for previous years.

6. Custom Branding Options

• Firm Logo Integration: Personalize reports and client portals with your firm’s branding.
• Branded Client Communications: Enhance professionalism with customized email templates.

7. Third-Party Integration

• Accounting Software Sync: Seamlessly integrates with popular accounting tools for streamlined workflows.
• API Access: Enables custom integrations for firms with specific software requirements.

1. Streamlined K-1 Data Handling

• Partnership Returns: Efficiently manages and imports Schedule K-1 data for partnerships and S corporations.
• Data Sharing: Enables quick transfer of K-1 data between personal and business returns.

2. Integrated e-Signature Functionality

• Secure Signing: Allows clients to sign forms electronically, eliminating the need for physical signatures.
• Tracking Status: Monitors which forms have been signed and notifies preparers of pending items.

3. Client Organizers

• Pre-Filled Organizers: Automatically generates organizers based on prior-year returns to help clients prepare their documents.
• Editable Templates: Customizes client organizers to focus on specific tax items relevant to their situations.

4. Bulk Processing Capabilities

• Batch Printing: Print multiple tax returns or forms simultaneously, saving time for large-volume firms.
• Bulk Data Entry: Import or update client data in bulk for efficiency.

5. Depreciation and Asset Management

• Comprehensive Tracking: Manages fixed assets and calculates depreciation schedules automatically.
• Multiple Methods: Supports various depreciation methods, including MACRS and straight-line depreciation.

6. Real-Time Updates and Syncing

• Cloud-Based Updates: Automatically syncs data and software updates in real-time for consistent workflows.
• Cross-Device Syncing: Ensures that data is accessible and consistent across all devices and users.

7. Extensive Client Portal Features

• Secure Document Upload: Clients can upload sensitive documents directly through the portal.
• Progress Tracking: Provides clients with a visual tracker of their return's progress, from preparation to filing.

8. Tax Credit Optimization Tools

• Built-In Calculators: Identifies and calculates eligible tax credits for both individuals and businesses.
• Credit Carryovers: Tracks carryovers for unused credits, ensuring accurate application in future returns.

9. Interactive Tax Checklists

• Customizable Checklists: Prepares detailed checklists for clients based on their financial situations.
• Completion Tracking: Tracks completed and pending checklist items for better organization.

10. Enhanced Payroll Integration

• Payroll Tax Support: Prepares payroll-related forms like 940, 941, and W-2.
• Automatic Calculations: Calculates payroll tax withholdings and employer contributions.

1. Personalized Service: Tailors services to meet your specific financial needs. We take the time to understand your unique circumstances for better outcomes. 
2. Comprehensive Solutions: Offers a range of services like bookkeeping and tax planning, all in one place. This convenience saves you time and effort managing multiple service providers. 
3. Timely Filing: Ensures your tax returns are filed on time to avoid penalties. Staying ahead of deadlines protects you from unnecessary stress and financial consequences. 
4. Client-Centric: Focuses on client satisfaction with open communication and support. We prioritize your needs and are always ready to answer your questions. 
5. Cost-Effective: Competitive pricing for quality services. You get value for your investment without compromising on the quality of service. 
6. Audit Support: Offers help and representation in case of an audit. Our guidance can make a potentially stressful situation much easier to navigate.