A quarterly magazine from the National Association of Enrolled Agents
Fall 2024 vol.42 no.3
IRS Tax Examinations in the Past and Future and the Impact of the Inflation Reduction Act on the IRS’s Audit Activities
Feature Article

IRS Tax Examinations in the Past and Future and the Impact of the Inflation Reduction Act on the IRS’s Audit Activities

In June 2011, Internal Revenue Service (IRS) Commissioner Shulman warned that the proposed cuts of $2 billion to the IRS’s budget in the United States House-passed fiscal 2012 budget resolution could have a long-term impact on taxpayer compliance. Notwithstanding the commissioner’s warni... Marcus Dyer, CPA

Jan/Feb 2023, Feature Article, OCA, research, Applied Analytics, FinCEN, and Statistics, IRA, RAAS, Inflation Reduction Act, examination, tax return, Taxpayer Compliance Measurement Program, TCMP, data, Office of Compliance Analytics, compliance
Tax Credit Bonanza: Benefits in the Inflation Reduction Act
Feature Article

Tax Credit Bonanza: Benefits in the Inflation Reduction Act

The Inflation Reduction Act (IRA) of 2022 uses dozens of tax credits to move the United States towards energy efficiency and clean energy development. Five of these credits will be essential to know for client tax planning and advi... Thomas Gorczynski, EA, USTCP

Jan/Feb 2023, Feature Article, §48E, IRA, clean hydrogen production credit, §30D(d)(1)), §45Z, modified adjusted gross income, manufacturer’s suggested retail price, §45Y, MAGI, MSRP, clean fuel production credit, electric vehicle, §25E, clean electricity investment credit, Inflation Reduction Act, §38, clean electricity production credit, §45W, renewable electricity production credit, §30D, §4053(8), energy investment credit, Notice 2016-51, §25C, carbon oxide sequestration credit, clean vehicle credit, residential clean energy credit, second generation biofuel credit, Clean Air Act, §25D, sustainable aviation fuel credit, §30B(b)(3)
Things to Discuss with Clients at 2023 Appointments
Tax News Briefs

Things to Discuss with Clients at 2023 Appointments

New Beneficial Ownership Information Reporting Rules On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the bipartisan Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) r... TheTaxBook

Jan/Feb 2023, Tax News Briefs, Corporate Transparency Act, LLC, CTA, FSA, Small Business Regulatory Enforcement Fairness Act, limited liability partnerships, Identity Protection PIN Opt-In Program, limited liability companies, §125, limited liability limited partnerships, qualified health plan, LLP, QHP, LLLP, Form 15227, Financial Crimes Enforcement Network, beneficial ownership information, FinCEN, BOI
Feature Article

2022 and 2023 by the Numbers

  KeyNumbers_2023David L. Mellem, EA

Jan/Feb 2023, Feature Article, Key numbers, tax season, 2022, 2023
The Passing of the (Winter) Guard
President's Message

The Passing of the (Winter) Guard

I have coached a competition winter guard team for our local school system for over 11 years. I got involved after attending a competition to watch a close friend’s daughter perform for a different high school winter guard team. While there, for the first ... Kathy Brown, EA

Jan/Feb 2023, President's Message, practice management
2023: The Sleeping Giant Is Awake!
Capitol Corner

2023: The Sleeping Giant Is Awake!

We have been good soldiers. We have been compliant. And for too long we have accepted the status quo for the appalling customer service at the Internal Revenue Service (IRS). 2023 will be a critical year on many levels for tax policy and tax administration for the... Michelle McCaughey and Thad Inge

Jan/Feb 2023, Capitol Corner, advocacy, IRA, Inflation Reduction Act
Bigger Bases and Pitch Timers
EVP Message

Bigger Bases and Pitch Timers

I recently listened to an interview with the Phillies announcer about the changes to Major League Baseball (MLB) that will be implemented next season. I should note that I am not really a baseball enthusiast (unless the Phillies are in the World Series!), but this conversat... Megan Killian

Jan/Feb 2023, EVP Message, practice management
Looking Forward to 2023
Editor's Message

Looking Forward to 2023

I am excited about 2023 – are you? There is much opportunity in our profession if you ask me. Demand for our services is high, and the supply of qualified tax professionals is decreasing. This gives us the opportunity to be selective about selec... Thomas Gorczynski, EA, USTCP

Jan/Feb 2023, Editor's Message, TCJA, Tax Cuts and Jobs Act, practice management, IRA, Inflation Reduction Act