Drake Tax – Software Purchase Assistance (SPA)

Article #: 14076

Last Updated: October 28, 2024

 

Tags: Drake Tax

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What is Software Purchase Assistance?

The Software Purchase Assistance (SPA) program is a program in which your chosen bank partner assists with the purchase of Drake Tax (upon approval of application). Once successfully enrolled, your chosen bank partner provides a zero-percent-down, zero-percent-interest loan on Drake Tax. Once e-filing begins, a percentage of your preparer fees will be withheld until the software payment is repaid in full. The percentage of fees withheld is determined by the respective bank and is detailed in the Software Purchase Assistance Agreement.

There are two options for enrollment timing:

  • Early SPA – Available May 1 enables you to get pre-approved for the SPA program so you can take advantage of early renewal software pricing.

  • SPA – Available in October, when “Early SPA” enrollment closes and Bank enrollment for the upcoming tax season opens. During this period, SPA enrollment is available as part of the bank application.

Note   

  • The SPA program is only available for the purchase of Drake Tax. If you want to purchase Drake Accounting, you must contact the accounting department at (828) 349-5900 to purchase DAS separately.

  • Only single site offices may apply through the Support website. Multi-site offices must contact Drake Support at (828) 524-8020 for further assistance.

  • You can only apply for Software Purchase Assistance with a single bank.

  • Drake Tax packages that are purchased through SPA are not eligible for shipping. Software delivery is by online download only.

What is Early SPA?

Early SPA enables you to get pre-approved for the SPA program so you can take advantage of Drake Software’s early renewal discount and defer the payment until January of 2024. It is recommended that you enroll early, in May, to take advantage of the largest software discount. The Early SPA enrollment period runs from May – October. In October, bank enrollment opens and the process for applying for SPA is available as part of the bank application.

Drake software works with five banks that support the SPA Program:

  • EPS Financial

  • Refund Advantage

  • Refundo

  • Republic Bank

  • Tax Products Group (TPG)

How do I qualify for Software Purchase Assistance?

A history of bank enrollment and accepted bank products in the prior tax year. The minimum required number of bank products accepted varies from bank to bank.

How can I apply for Software Purchase Assistance?

To apply for SPA during the Early SPA enrollment period (May – October):

  1. Sign into your Drake Account at Support.DrakeSoftware.com.

  2. Go to Account > Account Info and confirm your account information is up to date and complete. If necessary, make changes, and Save.

  3. Go to Account > Software Purchase Assistance and choose the bank that you want to apply to from the drop list. Review the SPA order details with the price, sales tax, and total.

The bank will then make contact by email or phone call for follow up. Once accepted, a bank application is required to be completed when banks open up enrollment in October.

To apply for SPA as part of bank enrollment (beginning in October):

  1. Sign into your Drake Account at https://support.drakesoftware.com/AuthMenu/Home.

  2. Go to Account > Account Info and confirm your account information is up to date and complete. If necessary, make changes, and Save.

  3. Go to Account > Bank Application and choose the bank that you want to apply to from the drop list.

  4. Check the box to enroll in the Software Purchase Assistance Program, at the top of the online application*.

  5. Complete the bank application.

Important  *Some banks require that you agree to the terms of their SPA Agreement before you can submit the application. To complete this step, click on the blue link to open the agreement and read it carefully. After closing the agreement, you will be able to select the box indicating you want to enroll.

Bank enrollment approvals can take up to approximately 5 business days depending on the bank. You can check the status of your enrollment by signing into your Drake Account and go to Account > Bank Application.

Note  (Republic Bank customers) If you have a pending SPA application that shows a code of BNO (Business Owner Information), you must contact your bank. This indicates that additional information is required to be submitted by the business owner before the application can be processed.

For further information regarding the Software Purchase Assistance Program, contact:

  • Republic Bank at (866) 491-1040.

  • Tax Products Group (TPG) at (800) 779-7228

  • EPS Financial at (877) 801-4411 or (484) 546-2241.

  • Refund Advantage at (800) 967-4934.

  • Refundo at (908) 445-5544