Feature Article

Now that the extended deadlines have passed for 2018 returns, we can take a moment to reflect on the lessons learned throughout a challenging year. Below we have put together five major takeaways we have come across to aid in planning for the 2019 tax year and beyond. To this end, please kee... Megan Bierwirth, CPA

Payroll Corner

There are two basic tax forms employees use — Form W-4, Employee’s Withholding Certificate and Form 1040, U.S. Individual Income Tax Return. While employees often delegate preparing their Form 1040s to their accountants, they usually complete Form W-4 themselves. This ta... Alice Gilman, Esq.

Feature Article

As a result of the Tax Cuts and Jobs Act, passed at the end of 2017, many nonprofits found themselves facing a significant tax on both the compensation of certain employees and any separation payments, often called “parachute payments,” paid to highly-compensated employees, u... Joan Vines, CPA, Norma Sharara

Feature Article

Form 1040 changed significantly for the 2018 tax season. It is changing again for the 2019 tax year. It appears that the 2017 and 2018 forms had a baby — the 2019 form. In other words, the pendulum is swinging back a bit. Beth Logan, EA. 1040 and 1040-SR The cha... Beth Logan, EA

Practice Builder

Studying for the Special Enrollment Exam (SEE) can be an extensive process that, for many aspiring enrolled agents (EAs), can take hundreds of hours. Why should you take the exam? Because earning the enrolled agent credential grants you the privilege of representing ta... Lauren Nilssen

EVP Message

Happy New Year! Typically the greeting—or exhortation— causes people to consider resolutions, which can range from the expected (my annual favorite: lose 15 pounds) to the sublime (change the world). As tax professionals, we ask different questions when we face a new year, and they are mostly centered on preparation for t... Robert A. Kerr, EA

Feature Article

The Tax Cuts and Jobs Act of 2017 (TCJA) expanded the federal estate, gift, and generation-skipping transfer tax exemption amounts, dramatically changing the landscape of estate tax planning. Less appreciated has been the TCJA’s creation of a new tax-de - ferred investment opportuni... Kevin Matz, CPA, JD

Feature Article

I read Gil Charney’s analysis of the application of §199A to a rental activity in the September/October 2019 edition of EA Journal (“Your Questions Answered,” pp. 12-13) and I do not agree with it. In that case, I believe the taxpayer clearly qualifies to take the §199A deduction on th... Thomas A. Gorczynski, EA, CTC, USTCP

President's Message

With apologies to Andy Williams, I think you all know what I mean It’s TAX SEASON again! Time to start sleeping less, eating worse, and forsaking exercise for the privilege of serving our clients while cramming a year’s worth of work into a 90-day window. Are you excited yet? As you prepare ... Jerry Gaddis, EA, MBA

Capitol Corner

Ten years ago this December, IRS Commissioner Doug Shulman announced the creation of a program to regulate paid tax return preparers. After years of pushing and advocating, IRS had finally picked up the ball and scored a touchdown. Rebecca Hawes

My EA Journey

So how does a woman with a Master of Science degree in Electrical Engineering become an enrolled agent (EA)? As I often remind people, your school decisions at 18 years old should not lock you in for life. Mine did not. After spending years as an engineer, I decided to... Beth Logan, EA

Editor's Message

It’s believed the ancient Babylonians made the first New Year’s resolutions. It’s also a tradition for most people break their New Year’s resolutions by the time February rolls around. According to an Inc. survey, in 2019, the most popular resolutions were to - Di... Janelle Julien

Expert Notes

“Predicting rain doesn't count; building arks does.” – Warren Buffet In our profession, Buffet’s rain refers to the unwavering challenges of multiple tax seasons and their deadlines – February 28, March 15, April 15, May 15, June 15, September 15, S... John Sheeley, EA

Tax Court

If as a tax professional you use your office address as a mailing address for your clients’ tax returns, or are ever tempted to do so, consider there may be unintended consequences. FACTS Mr. Chapman and his late wife operated their bail bonds operation on Queen Emma Street in Hono... Sherrill Trovato, EA, USTCP

Tax Tech

It is no secret that millions of taxpayers owe the IRS billions in taxes, and that, in fact, the number is only expected to grow in the coming years. It is also no secret that most of these overwhelmed taxpayers are buried under an avalanche of confusing forms, letters, and... Doresa Ibrahim