Cooperation, Collaboration, and Community
I am writing this at the beginning of my third week as the new executive vice president of NAEA. To say it has been a whirlwind the past few weeks would be an understatement. But with all new roles, there is so much to learn, there are relationships to build, and policies a... Megan Killian
What Jurisdiction Does the Tax Court Have Over Passport Actions Under §7435(b)?
Vivian Ruesch, Petitioner v. Commissioner of Internal Revenue, Respondent 154 T.C. 13 | Filed June 25, 2020 Vivian Ruesch (154 T.C. 13 (6/25/20)) provides the first Tax Court guidance on Internal Revenue Code (IRC) §7345, captioned “Revocat... Sherrill Trovato, EA, USTCP
Three Untapped Niches of Opportunity for Your Firm in 2021
Dentistry. Construction. Real estate. Working with clients in these industry verticals can provide your firm with incremental growth. While these niches are certainly solid areas to explore as you look toward increasing your firm’s profitab... Gaynor Meilke
The Future Is Cloud-First
Seventy-three percent of businesses are running at least one application on the cloud. It is a far cry from the 1990s—when people were planning for complete technological annihilation at the hands of the year 2000 (Y2K). Today, there is a sense of trust with a... Kate Wilson
IRS Updates Small Business Accounting Method Regulations
The Internal Revenue Service (IRS) has issued final regulations to implement the changes to the accounting method rules made by the Tax Cuts and Jobs Act (TCJA). Under Internal Revenue Code (IRC) §448(c), a business with gross receipts under $25 m... TheTaxBook
SECURE Act Offers New Retirement Opportunities for Part-Time Workers
If your client sponsors or works with a 401(k) plan that currently excludes part-time employees from participating or accruing vesting service, read this article closely. The Setting Every Community Up for Retirement Enhancement (SECURE)... John R. Kirk, JD, and Alex S. Mattingly, JD
Correcting Partnership Returns After the Centralized Partnership Audit Regime
Practitioners who make or find errors on a filed Form 1065 for their partnership clients may find themselves in for a bit of a shock when it comes to correcting those errors. Congress passed the Bipartisan Budget Act (BBA) of ... David Woods, EA
The Desirable (Yet Complex) Real Estate Professional Classification
Being a real estate professional has its tax advantages, And the average landlord does not want to pass it up. But misusing the classification can unravel expected tax consequences. Investing in rental real estate can be a l... Thomas J. Williams, EA, and Iris K. Palma, JD
Excluding Medicare Waiver Payments from Income
The Internal Revenue Service (IRS) has provided guidance on the tax treatment of certain payments to individual care providers for the care of eligible individuals under a state Medicaid waiver program in IRS Notice 2014-7.i The prog... Laurie W. Ziegler, EA
The Will to Succeed
As a child, I was a refugee, a destitute immigrant, and a member of a family of Holocaust survivors. English was not my first language; perhaps my third, by the time I was 5 years old. I also had a speech impediment and spent years in speec... Eva Rosenberg, EA
State-Legal Marijuana Businesses and Taxes
2020 was a big year for the marijuana industry. As the COVID-19 pandemic led to shutdowns across the country, many states labeled their marijuana dispensaries as “essential businesses,” allowing them to stay open during the stay-at-home orders. Despite their “esse... Kasia A. Parecki, JD
Don’t Stop Thinking About Tomorrow
With apologies to Fleetwood Mac, “Don’t stop, it will soon be here. It’ll be better than before.” Throughout these columns I have emphasized change: Change that is here and change that is coming. This is my last chance to address you and I want to focus on where NAEA i... Donald Rosenberg, EA
Staying Sane in the Chaos of Tax Changes
In the last three years, we have gone through several significant revisions to the tax law: the Tax Cuts and Jobs Act (TCJA), the Families First Coronavirus Response Act (FFCRA), the CARES (Coronavirus Aid, Relief, and Economic Security) Act, the Consolidated Appropriations Act, 2... Thomas Gorczynski, EA, USTCP
Anti-Money Laundering: A Primer
The Problem Despite the prevalence of credit and debit cards, Cash App, and Venmo, cash still is, in many circles, king (or queen). As of November 11, 2020, there was US$2.01 trillion in circulation.Ellie Nava-Jones, EA
NAEA’s Reform Proposals Included in IRS Taxpayer First Act Report: Where to Now?
Just over one year ago, the National Association of Enrolled Agents (NAEA) presented its whitepaper, “Creating a Taxpayer-Focused Internal Revenue Service,” to the Internal Revenue Service (IRS) Taxpayer First Office for consideration as it at... Jeffery S. Trinca