Teleworking Employees, COVID-19, and the Resulting SALT Effects
The novel coronavirus (COVID-19) pandemic is changing the way we work. More specifically, it is changing where we work. At first blush, simply working from home might not raise any tax-related red flags. Why should it matter for a business whether its employees work f... Scott Smith, JD
As Streaming Subscriptions Surge, So Do Tax Complexities
Is your streaming company seeing a sudden surge in subscriptions? Many providers are. With consumers spending the bulk of their time at home these days, trials and signups are skyrocketing. While it can be easy for companies to get caught up in a whirlwind of widespre... Steve Lacoff
Keeping a Pandemic at Arm’s Length: A COVID-19 Transfer Pricing Example
The COVID-19 pandemic is impacting global supply chains – and, as a result, international tax transfer pricing policies – at alarming speeds. Amid this chaos, companies risk making impulsive, short-term decisions with long-term effects. In order to successfully prepare for sign... Kevin Croy, CPA
Impact of COVID-19 on Accounting for Income Taxes
The spread of COVID-19 is impacting businesses around the world. As entities consider the effects of COVID-19 on their global operations, careful consideration is needed in understanding the accounting implications of these developments. The many ramifications of the curr... April D. Little, Ciro Buttacavoli, and Adam Lehmann
Revisiting Base Erosion and Anti-Abuse Tax Post-Pandemic: Final and Proposed Regulations are Worth a Second Look
In today’s economic environment, the base erosion and anti-abuse tax (BEAT) may apply to taxpayers who did not need to consider it as recently as three months ago. Considering recent economic developments and the Coronavirus Aid, Relief, and Economic Security (CA... Brian Abbey, JD
Your Questions Answered
1. Question: My clients, husband and wife, called to say that in 2019 they contracted with a local cooperative to facilitate the sale of grain from their farming operation. The business is operated as an LLC and taxed as a partnership with the clients as the sole partners. For tax...
Data and Network Security Risks Relating to the Coronavirus Outbreak and Response
In their response to the coronavirus outbreak, employees and other stakeholders will begin remote work and there is increased pressure on an organization’s cybersecurity risk management. A likely derivative effect of the outbreak, lower in priority but still significant, is increased pressure ... John Doernberg
What Does a Taxpayer Have to Do in Order to Show Abuse of Discretion in a Collection Due Process Case?
Valerie Bishop, Petitioner v. Commissioner of Internal Revenue, Respondent T.C. memo, 2020-36 | Filed March 17, 2020 In this collection due process (CDP) case, the taxpayer has the option of selecting a collection alternative such as an installment agreement or offe... Steven R. Diamond, CPA, USTCP
COVID-19 is Accelerating the Rise of the Digital Economy
If there were any lingering doubts about the necessity of digital transformation to business longevity, the coronavirus has silenced them. In a contactless world, the vast majority of interactions with customers and employees must take place virtually. With... Malcolm Cohron
What a Difference a Day Makes
In our last issue, I wrote about change and how we have to be prepared to step up to the plate and break out of the “we always did it that way” frame of reference. The year 2020 hit us like a sledge hammer. One day we were sitting in our offices working and wondering, “Will we ever get to th... Donald Rosenberg, EA
Remote Work for Enrolled Agents: How to Increase Productivity and Protect Client Data
Making the change to work from a home office presents unique challenges for enrolled agents (EAs) and other tax professionals. However, adopting a few key best practices and utilizing the right tools can help you boost productivity, maintain work-life balance, and ensure ... David McKeegan, EA
Keep an Eye on Special Payroll Tax Credits for the Rest of the Year
Congress enacted two laws — the Families First Coronavirus Response Acti (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Actii (CARES Act) — in response to the coronavirus pandemic, which devastated the country late last winter. Both law... Alice Gilman, Esq.
I Am an Enrolled Agent
After college in 1989, I had to move back in with my parents because, let's face it, who is going to hire a 21 year-old with no experience being part of a team? And my degree was in communication, a double-whammy when it came to corporate governance in the 90s. I was feeling sorry for myself, ... Cheryl Williams, EA
Demand Better
Ordinarily, we wouldn’t be dropping on your doorstep (or laptop) with two weeks remaining in the filing season. These are not ordinary times, however, and we’ve been forced as a profession and an organization to adapt, rapidly. I couldn’t be more proud of what I’ve seen on our membe... Robert A. Kerr, EA
How We Tech
This year, our annual technology issue has collided with the coronavirus (COVID-19) pandemic. Whether you consider yourself a techie or are tech-averse, COVID-19 has increased our need to use technology, for better or for worse. Our heightened dependence on technology during the pandemi... Janelle Julien
Hard Stops at IRS Provide Hard Lessons for Practitioners
In little more than a year, the Internal Revenue Service has experienced two complete shut-downs – the first, from December 2018 to the end of January 2019, caused by a lapse in funding and the second during the current coronavirus pandemic. While some external-facing processes, like electr... Jeff Trinca, Esq. and Robert Kerr, EA