How AP Automation Puts the Smart in Smart Data Extraction
When it comes to invoice and payment processing (AP) automation, there is a lot of reference to optical character recognition (OCR). It is a buzzword that accounting professionals have likely heard about. What is it exactly? Optical character reco... Laurent Charpentier
Is Cryptocurrency a Major Opportunity for Enrolled Agents?
The short answer is yes. Cryptocurrency is a major opportunity for enrolled agents. However, seeing the opportunity and capitalizing on it are two different things. Blockchain > Cryptocurrency > Bitcoin You might already know this, but stil... Andy Frye, EA, Joshua Azran, CPA
Joy in the Doing
Holiday prep, for tax professionals, is inevitably something approached with mixed emotions. The holidays— whichever ones you celebrate, however ... Robert A. Kerr, EA
Looking to 2020
If you had a magic crystal ball, what would you see for 2020? The second filing season under the Tax Cuts and Jobs Act (TCJA) will be interesting, to say the least, since more rules and regulations were enacted after the first filing season at both the federal and state levels. We’r... Janelle Julien
NAEA Advocacy
NAEA Government Relations Chair, Jennifer MacMillan, EA, gave a presentation during the 2019 National Conference in Las Vegas about some of NAEA’s recent successes on the advocacy front. It was well-received and we had numerous requests from members for a copy of the slide deck for var... Jennifer MacMillan, EA
One Year after Wayfair – What Nonprofits Need to Know
It has been more than one year since the Supreme Court announced the landmark decision in the South Dakota v. Wayfair case, opening the door for states to require organizations to collect and remit sales tax even if the organization has no in-state physical presence. Th... Marc Berger CPA, JD, LLM, Katherine Gauntt
Buzzworthy Insights Worth Sharing
After reflecting on my practice this last tax season, here are two buzzworthy insights worth sharing. First, our most excellent federal designation is increasingly coming under attack at the state level, in many different states. We need to aggressively prot... John R. Dundon II, EA
Tax Change Transforms Charitable Giving Landscape
Donor-advised funds are growing in popularity as a way for individuals and corporations to give to charities. Broad-sweeping changes to the tax code at the end of 2017 sent nonprofits into a state of panic. The doubling of the standard deduct... Kim Moore
The 941 Resolution Clients Marketing Challenge
Ready to grow your tax firm? If you are looking to add the lucrative service of tax resolution to your practice, keep reading. The Habit of Daily Marketing To start, you are going to need to create a small piece of 941-specific messaging that answers the cla... Jassen Bowman, EA
The Life Cycle
Legendary Hall of Fame football coach Lou Holtz likes to say that things are either growing or dying. Grass, trees, relationships, businesses, people—all growing or dying. Do you agree? As I write this, NAEA just wrapped up its 47th annual conference. This year the conference grew and ch... Jerry Gaddis, EA
The Power of Building Relationships
My entrance into the tax industry began like so many others, in that it really was not my chosen field. My college education was in business computer information systems. After college, I went to work in the retail industry never utilizing my passion and skills. During the year prior to enter... Timothy W. Adams, EA
Top 10 Changes in the Taxpayer First Act of 2019
On July 1, 2019, President Trump signed into law the Taxpayer First Act of 2019 (TFA), enacting changes to the IRS’s organizational structure, customer service, enforcement procedures, management of information technology, and use of electronic systems, with a focus on improving its int... Sidney Kess, JD, LLM, CPA, Steven I. Hurok, JD, CPA
Understanding the Complexity and Confusion Over Internal Revenue Code Section 199A
The 2017 Tax Cuts and Jobs Act (TCJA) created a 20 percent qualified business income (QBI) deduction for non-C corporation businesses. On August 16, 2018, the IRS, as part of the rulemaking process inherent to administrative law, opened the proposed ... Christine Kuglin, EA, JD
What Constitutes Sufficient Notification to a Taxpayer When the Commissioner Mails out a Notice of Deficiency?
Damian K. Gregory and Shayla A. Gregory, Petitioners v. Commissioner of Internal Revenue, Respondent 152 T.C. No. 7 | Filed March 13, 2019 Internal Revenue Code (IRC) §6212 authorizes the Commissioner to send out a notice of deficiency to a taxpayer by certified ... Steven R. Diamond, CPA, USTCP
When Is a State Refund Taxable
The TCJA Raises Some Questions. As anyone not living under a rock these last 18 months knows, the Tax Cuts and Jobs Act (TCJA) imposed a $10,000 ($5,000 married filing separately) cap on deductions of state and local taxes (SALT)—including income, real estate, property, and s... Gil Charney, CPA/PFS, CFP, CGMA, CMA, MBA
Why 2020 Will Probably Be the Start of a New Era for Payroll
Your payroll operations have been humming along for quite some time. Forever, maybe. All of that is about to change. The IRS is resolved to shake up all things payroll, beginning next year. The changes are wide-ranging and profound. Here is what we know now, based on draft forms ... Alice Gilman, Esq
Your Questions Answered
1. QUESTION: My client sustained considerable damage to his home in Dayton, Ohio, following the storms, flooding, etc., in his area this past June. It may take him some time to get appraisals, resolve his insurance claim, etc. At this point, he does not know the size of the loss ... Jackie Perlman