Capitol Corner

Championing Taxpayer Rights

NAEA continues its advocacy and relationship- building efforts with tax writers and other key policymakers through the remainder of the 115th Congress. IRS National Taxpayer Advocate Nina Olson keynoted the July 30 plenary session at the NAEA National Conference, facilitating a Q&A session on IRS reform and tax administration issues. During her most recent annual report to Congress, she debuted a new publication, Te Purple... Justin Edwards

Feature Article

Five Secrets Client Wealth

Enrolled agents typically focus on compliance, asking such questions as: How do we complete the required forms correctly? How do we determine the correct amount of tax? Are the positions we take on tax returns likely to meet our ethical and legal requirements? However, to be the most effective tax professional possible, and the best advocate for our clients, we must move beyond compliance and form preparation for proactive tax planning. Wit... Thomas A. Gorczynski, EA, USTCP

Tax Court

Fraudulent Tax Returns, Penalties, and Amended Tax Returns

Generally, a taxpayer may correct an error in a tax return without incurring interest or penalties by filing an amended return and paying any additional tax due on or before the due date (last day prescribed for filing). An amended return filed after the due date may be accepted, rejected, or ignored by the IRS in its sole discretion. It has been held that where the taxpayer files a false or fraudulent tax return but later... Steven R. Diamond, CPA, USTCP

Feature Article

International Representation: What You Should Know

Return preparation and representation of clients with offshore accounts and assets has become one of the hottest and fastest-growing areas in tax practice. It is a difficult and convoluted world of rules with high stakes that often lack definitive and clear guidance. Before taking on a taxpayer with foreign ties, be sure to read up on what needs to be filed, when it needs to be filed, and what defines “filed.” You will also want to know what ... Mary Beth Lougen, EA, USTCP

Making a Difference
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Making a Difference

NAEA is an organization of like-minded individuals who have come together to build a community and who would like to make a difference in their profession. NAEA makes a difference in a number of ways, both large and small. For instance, this issue includes info... Robert A. Kerr, EA

Feature Article

2018 Tax Law Changes

This year, we get to deal with many tax changes. Members of Congress, as well as presidential candidates, stated that one of their goals was to simplify the tax code (U.S. Code title 26). And simplification has occurred to some extent with Public Law 115-97, also known as the Tax Cuts and Jobs Act of 2017 (TCJA). Congress made some issues simpler while creating at least one new issue that has confused many. Many popular de... David Mellem, EA

Feature Article

The Ins and Outs of Day-Care Provider Taxes: Part 2

IRC Section 162, Trade or Business Expenses Section 162(a) states: In general there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business... . In a home daycare, many of the expenses have personal and business elements. Te Audit Technique Guide for child-care providers (ATG for CC) states: The examiner needs to evaluate in a fair a... Laura Strombom, EA, MBA, NTPI Fellow®