Feature Article

Affordable Care Act For The 2017 Filing Season

This may be the final year for the Affordable Care Act (ACA). The incoming administration has vowed to repeal and replace Obamacare as quickly as possible. With that being said, the purpose of this article is to update you on the ACA changes affecting your clients for the 2017 tax filing season. The changes that began in 2013 are intensifying in 2017. So strap yourself in and get ready for the new changes. Since this article was written in De... Ben A. Tallman, EA, USTCP

Tax Court

Can an Estate Deduct a Theft Loss That Relates to Property Owned by an LLC in Which the Decedent Owned an Interest at the Time of His Death

Estate of James Heller, Deceased, Barbara H. Freitag, Harry H. Falk, and Steven P. Heller, Co-Executors, Petitioners v. Commissioner of Internal Revenue, Respondent 147 T.C. No. 11 Filed September 26, 2016 Internal Revenue Code Sec. 2054 provides that the value of a taxable estate shall be reduced by the value of gross estate losses incurred during the settlement of the estate ... Steven R. Diamond, CPA

Capitol Corner

Embalm, Cremate, Bury at Sea

In this column, we return to the topics we’ve discussed before. This is not because I’m suffering from writer’s block (heaven forbid!). It is because the topics are critical for the enrolled agent profession, and members need to be adequately focused Let’s start with security. I recently had the pleasure of sitting on a panel at a tax industry meeting here in DC. The Council for Electronic Revenue Communications Advancem... Robert Kerr

Feature Article

Ride Share

Rideshares are a new phenomenon that replaces taxi services. These services use technology as the main apparatus for their business strategy. Customers can now request a ride through a smartphone application that will subsequently ping a driver nearby. Uber Technologies, Inc. started this idea in 2009, which led to numerous other startups. Rideshare services are more efficient than typical taxi cabs and are less expensive for the customer. Fu... Christine Kuglin, EA, Angela Busila, CPA, Brandon Anderson

Feature Article

Tax Implications of Owning Vacation Rental Property

One of the greatest feelings is being on vacation. At some point in our lives, we seek to travel to a special place to enjoy time away from work and the daily routines of life where we can relax and explore a place that we have dreamed about. Many people fall in love with their vacation destinations, and they want to come back to them on a regular basis. Some are fortunate and wise to purchase a place to live at one or several of these locati... Anthony Santullo, EA