Winning at the Tax Planning Game
Tax planning is like playing a game with the Internal Revenue Service (IRS)—they hand us a rule book, we have to follow their rules, and if your client overpays in taxes, you lose. If you can play by the rules and find savings for your clients... Duke Alexander Moore, EA
Practicing Patience
Patience. That is the word that comes to mind when working to resolve a collections case with the Internal Revenue Service (IRS) throughout the COVID-19 pandemic. With continuous budget constraints and lack of manpower, the IRS faced new challenges with sh... Clarice Landreth, EA
Do No Harm
As someone who has been in the tax game for over 40 years and exclusively in the world of international tax for the last 18 years, my company has flourished and prospered on the mistakes of others. In 2013, when I... Mary Beth Lougen, EA, USTCP
Ethics in Publishing: Cite Your Sources
“… citation, the actual process of choosing which papers to cite when writing papers, has largely escaped scrutiny. Like it or not, citations are the currency of success in science.”i Discover magazine noted th... Christine Kuglin, 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
Navigating Tax Groups on Social Media: When Did Tax Become a Contact Sport?
It has been a rough year and I have seen it all. People who feel beaten up for asking questions and people doing the beating up. People arguing when they do not get the answer they want to hear from other people who are recognized experts on that particular topic. People argui... Amber Gray-Fenner, EA, USTCP
Employee Payroll Tax Deferral Guidance Creates Risk
The IRS issued guidance on August 28, 2020, (Notice 2020-65) implementing a White House directive to defer certain employee payroll taxes, but the guidance raises more questions than it answers and appears to expose employers to potentially significant repayment obligations and ... Dustin Stamper
Five Best Practices for Nonprofit Accounting in a Pandemic
There are some best practices that should be followed to ensure a nonprofit organization’s accounting needs are not only met, but maximized. Despite their diligence, nonprofit organizations are often the victims of accounting mistakes or fraud. By implementing a few best practic... Jon Osterburg, Jitasa
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
When Should a Tax Practitioner Review a Client’s Records?
During tax season, it is common for tax practitioners to ask clients whether they have the required documentation necessary to claim a deduction or credit. The general rule is that a tax practitioner may “rely in good faith without verification upon information furnishe... Mike Tucker, CPA, JD
Building Arks
“Predicting rain doesn't count; building arks does.” – Warren Buffet In our profession, Buffet’s rain refers to the unwavering challenges of multiple tax seasons and their deadlines – February 28, March 15, April 15, May 15, June 15, September 15, S... John Sheeley, EA
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
The Five-Year Resolution
Since becoming an NTPI Fellow® in 2008, I have assisted many clients with IRS collection issues. My favorite by a long shot was a 60-year- old divorced blue-collar Vietnam Veteran named Larry. During my first meeting with Larry on June 17, 2009, he brought in collect... Geri Bowman, EA, CPA, USTCP
Peace of Mind: Technology Security and Your Enrolled Agent Community
As an enrolled agent of some years, I began practicing when all you needed was your certification, a calculator, green columnar paper, blank tax forms – and clients. But the practice of tax professionals has altered so dramatically that we simply cannot ... Vicki Ferrantello, EA, NTPI Fellow®
Ethical Behavior and Tax Prep
Last August, Paul M. was convicted on five charges of tax fraud, and one charge of hiding foreign bank accounts. While these are criminal offenses, let’s look at the ethical behavior of his tax preparer. Cindy L., an employee of KWC, prepared Paul M.’s 2014 and 2015 ... Lonnie Gary, EA, USTCP
Typical Payroll Tax Issues Amid Changes in the TCJA
After processing 2018 year-end payroll, employers may see the need to reevaluate processes, procedures, and tax configurations in the payroll system to ensure compliance amid the substantial changes created by the 2017 tax reform known as the Tax Cuts and Jobs Act... Joan Vines
Rethinking Our Use of the DMSH
When the IRS added the de minimis safe harbor (DMSH) election to the repair and capitalization regulations, practitioners rejoiced. Use of this election allows our clients to immediately expense small asset purchases provided that the asset cost is $2,500 or... Thomas A. Gorczynski, EA, CTC, USTCP