Blockchain Technology And What it Means For Tax Professionals
The business world has been slow to warm up to virtual currency. Bitcoins are accepted by Overstock.com , but not by Amazon.com. Signs reading “Bitcoin accepted here” are scattered throughout Chicago, New York, and San Francisco, but are not commonplace nationwide. In many ... Peter Horadan
Blockchain Technology Explained
Blockchain tech plays an important role in cryptocurrency mining Blockchain technology allows for fast, secure, and transparent peer-to-peer transfer of digital goods that include money and intellectual property. In cryptocoin miningiScott Orgera
Crypto Tax Tech Tools To the Rescue?
What is a crypto tax tool? For the purpose of this article, a cryptocurrency tax tool is defined as a software program designed to assist taxpayers and tax professionals with the often onerous job of calculating gains, losses, and other tax implications associated... Andy Frye, EA; Joshua Azran, CPA
Cryptocurrency Taxation Trends: Spring Always Follows Winter
Writers who cover the cryptocurrency space are nothing if not prolific. Well into 2018, legions of them trumpeted the glow of the crypto messiah. Those same writers now have the grimmer task of writing about what is commonly called the “crypto winter.” ... Michael Minihan
Does IRS Refusal of a Taxpayer’s Proposed Offer for an Installment Agreement Constitute an Abuse of Discretion?
James Loveland, Jr., and Tina C. Loveland, Petitioners v. Commissioner of Internal Revenue, Respondent 151 T.C. No. 7 | Filed September 25, 2018 The Tax Court abides by the “abuse of discretion standard”i when it reviews administrative determinations m... Steven R. Diamond, CPA, USTCP
Increasing Enrolled Agent Awareness – Let’s Do This
About a year ago, I received a letter from a client that began as follows: “Dear Jerry, First of all, congratulations on being elected to the position of President of the NAEA! It confirms our faith in choosing you as our CPA!” I wasn’t sure if I should laugh or cry – and I’m sure yo... Jerry Gaddis, EA, MBA
It’s All Greek to Me
Monks in the Middle Ages (rather than middle-aged monks, which would be something else entirely), many of whom served as scribes, would say Graecum est; non legitur (“it is Greek, [therefore] it cannot be read”). Tax professionals, particularly in the wake of the Tax Cuts and Jobs ... Robert A. Kerr, EA
Practice Management Tips for the Modern Accountant
A productive firm requires a stable foundation for its internal procedures, employee development, and work tools. Having a well-developed plan will enable your practice to achieve its goals, now and in the future. Respect Your Time (or No One Else Will) The ... Thomas J. Williams, EA
RPA Enables Tax Pros to Focus on Planning
It is not hard to recognize the value of robotic process automation (RPA). Robotic process automation relieves staff of repetitive tasks, increases the usability of data, virtually eliminates errors, and boosts efficiencies. Tax professionals would welcome any of these results, but is ther... McClur
Simple Solutions for a Better Tax System
Ask any experienced enrolled agent and he or she will tell you two things about the current tax system: IRS has fewer, more poorly trained personnel than at any time in the last 30 years; and at the same time, he or she can tell you that there is a proliferation of incompetent and (at ti... Jeffery S. Trinca, JD
Peace of Mind: Technology Security and Your Enrolled Agent Community
As an enrolled agent of some years, I began practicing when all you needed was your certification, a calculator, green columnar paper, blank tax forms – and clients. But the practice of tax professionals has altered so dramatically that we simply cannot ... Vicki Ferrantello, EA, NTPI Fellow®
Tax Technology APIs
Tax technology is rapidly changing to keep pace with the recent year’s tax law changes, be it federal income tax, state income and franchise, or state sales and use taxes. One configurable and customizable solution to tax technology is application programming interfaces (APIs). What... Alyssa Marchand, MST
Tech Speak
Let me introduce myself: I’m NAEA’s new(ish) managing editor. You’ve noticed by now that EA Journal looks different these days. I know how protective readers can feel about the magazines they love, and I respect that. A serious, loyal readership may be our most valua... Janelle Julien
The Problems with Form W-2c
Employees must receive Forms W-2, Wage and Tax Statement, by January 31. More than likely, they glace at their forms and then drop everything off with their tax professional. It is an annual ritual everyone understands. But that is assuming that all the information reported on t... Alice Gilman, Esq.
The Rise of the Tax Technologist
The demand for tax professionals who can handle technical and scientific details and can act as true partners and advisors to the business is stronger than ever in today’s complex enterprises. Audi. BMW. Daimler. We know what business these companies are in, right? But look... Kate Barton
We SpEAk Tax
Our meeting with the Internal Revenue Service agent was wrapping up. Sitting in the chair next to my husband, our two-year-old on my lap, I felt helpless. I knew it would take us years to pay the balance, especially with penalties and interest. All of the horror stories I had heard about ... Kesha M. Dawson Harris, EA, NTPIF, Mrs. Harris
Your Questions Answered
1. When Can You Deduct the Interest on a Home Equity Loan? My clients called to say they are considering buying a small lake home that they will use for long weekends, vacations, etc., and possibly for retirement in the future. To buy it, they are thinking of taking out a home equity loan on their primary residence. They did not give any particular reason other than to say “that will just be easier for us than getting a mortgage on ... Jackie Perlman, CPA