Feature Article

As a tax professional, what do you do when you encounter a client who has a problem or an issue which you have limited familiarity with or experience with? Do you prefer the client to another practitioner? Do you contact a colleague (or post a question in a forum) and hope that any advice that you receive will be sound? Or do you tell the client that you will do some additional research on the issue and get back to him? Your course of act... John G. (“Jack”) Wood, EA

Capitol Corner

NAEA had an action-packed summer, advocating on behalf of more than 53,000 enrolled agents across the country. The following are some of the efforts we took part in. PTINs Are Back In the U.S. District Court for the District of Columbia’s June 1 decision in Adam Steele et al. v. the United States of America, the IRS lost the ability to charge user fees for the issuance and renewal of preparer tax identification num... Justin Edwards

Feature Article

Many of us look for additional income- generating avenues during the off-season. I became a certified estate planner to bring in extra money. You may be thinking, “What exactly is a tax professional’s role in estate planning?” Simply put, it is our job to watch for issues like the estate tax, while at the same time having a solid understanding of what will be done at the time of death and how to adhere to the estate plan. First of all, th... Craig W. Smalley, EA

Tax Court

David W. Schieber and Janet L. Schieber, Petitioners v. Commissioner of Internal Revenue, Respondent T.C. Memo. 2017-32 Filed February 9, 2017 Generally, a taxpayer realizes income equal to the portion of a debt that is owed when the debt is canceled or discharged. However, the income from the discharge of the debt may be excluded from income if, among other reasons, the discharge occurs when the taxpayer is insol... Steven R. Diamond, CPA

Feature Article

With today’s hot real estate market and rapidly escalating property values, many clients are engaging in real estate investing and house flipping. Indeed, there are many reality TV shows and real estate networks dedicated to glamorizing the quick profits that can be made in these activities. What these programs fail to mention are the tax consequences of these transactions. As tax professionals, that’s where we come in... Keith A. Espinoza, EA