Five Best Practices for Nonprofit Accounting in a Pandemic
Expert Notes

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
Expert Notes

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?
Expert Notes

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

Divorce and Retirement Planning
Expert Notes

Divorce and Retirement Planning

Beth Logan, EA

Building Arks
Expert Notes

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
Expert Notes

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
Expert Notes

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
Expert Notes

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
Expert Notes

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
Expert Notes

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
Expert Notes

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