Archives
An Introduction to the Supervisorial Approval of Penalties Under Internal Revenue Code Section 6751(b)
Internal Revenue Code (the IRC or the Code) §6751(b)’s supervisory approval requirement has been a hotly litigated issue over the past few years. This article will introduce you to §6751(b) and help explain how supervisory approval is obt... Frank Agostino and Phillip J. Colasanto
The IRS Is Moving the Crypto Disclosure Question to the Front of Form 1040: Here Is What You Need to Know.
Cryptocurrency Question Moved to the First Page of Form 1040 New for the 2020 tax year, the Internal Revenue Service (IRS) asks taxpayers on the very first page of Form 1040 the following disclosure question:... Zac McClure and Barrett Strickland
What President-Elect Joe Biden’s Tax Policies Could Mean for You
President-elect Joe Biden has developed a comprehensive plan to reorder the nation’s tax laws. In short, he would raise taxes on households over $400,000 and on corporations and provide myriad programs and tax cuts for working- and middle-class Americans. His ab... Jeffery S. Trinca and Michelle McCaughey
Pandemic-Related Payroll Deferrals Become Due This Year
The Coronavirus Aid, Relief, and Economic Security (CARES) allowed all employers, regardless of whether they were impacted by the coronavirus pandemic, to defer the deposit of their 6.2 percent share of Social Security taxes thro...
Your Questions Answered
QUESTION #1: My client, Camille, has been spending significant amounts of time reorganizing her home amid the pandemic. She spent time going through dressers, closets, the attic, the basement, and even the garage. She identified many items that sh... Catherine Martin, JD
Honing Your Entrepreneurial Spirit
The age old axiom, “The only constant in life is change,” is abundantly true. I have had an opportunity to analyze how much NAEA has changed since the spring of 2015 when I moved to another organization. I barely recognize any of the staff. The Board is comprised of many new faces. T... Michael Nelson
Is an Identity Protection Personal Identification Number a Required Element of a Taxpayer Signature for Purposes of the Assessment Statement of Limitations?
Robin J. Fowler (155 T.C. 7 (September 9, 2020)) answers the question of whether the Internal Revenue Service (IRS) can choose to reject a validly e-filed tax return because it is missing the identity protection personal identification number (IP PIN). T... Sherrill Trovato, EA, USTCP
Making the World Better – One Client at a Time
I am a polymath, whose interests span chemical engineering, medicine, biotechnology, business, and management, among other areas. Some of my inventions/developments include a dialyzer, a dialysate, a neurosurgical drill, a respiratory inspirometer, colon... Roy A. Ackerman, EA
The Key Differences Between Media, Analyst, and Influencer Relations
Raising awareness around your firm and its offerings should mean more than throwing spaghetti at the wall and seeing if it sticks. A strategic public relations (PR) and marketing plan will get you closer to your goal, whether that is recognition... Tanya Amyote
Reasonable Compensation: What Is It, Why Is It, and How the Heck Do We Get Our Clients to Understand It?
We doubt reasonable compensation compliance was part of your New Year’s resolution. However, the beginning of the year is the best time to address reasonable compensation with your clients. Getting all your ducks in a row now will make the end of the ... Paul S. Hamann and Jack Salewski, CPA
Navigating Tax Groups on Social Media: When Did Tax Become a Contact Sport?
It has been a rough year and I have seen it all. People who feel beaten up for asking questions and people doing the beating up. People arguing when they do not get the answer they want to hear from other people who are recognized experts on that particular topic. People argui... Amber Gray-Fenner, EA, USTCP
CARES Act and Retirement Plan Distributions
As with so many things in 2020, the tax laws changed in regard to distributions from various types of retirement plans. Just as we were getting comfortable with the changes made at the end of 2019 under the Setting Every Community Up for Retirement Enhancement (SECUR... Kathryn M. Morgan, EA, USTCP
Helping Clients in the Face of COVID-19
With hundreds of millions of Americans financially impacted by COVID-19, our role as tax professionals as trusted advisors will be of utmost importance this year as we help them navigate both their tax responsibilities and COVID-19 tax benefits. The articles this month will empowe... Thomas Gorczynski, EA, USTCP
Finance Leaders and AP Managers Key to Digital Transformation Strategy
When it comes to getting your business ready for the wave of digital transformation, getting up to speed and retooling with the help of new software is only one part of the necessary prep work. Experts from the MIT Sloan School of Business and consultancy Deloitte put it q... Yooz U.S. Editorial Staff
I Can See Clearly Now
Happy New Year! Welcome to a new, most welcome year. Although 2020 has come to a close, it doesn’t mean that there is an end to the troubles of the past year. The new year gives us a chance to reflect on how we are going to be. The big excitement in my... Donald Rosenberg, EA