A quarterly magazine from the National Association of Enrolled Agents
Spring 2026 vol.44 no.1
How to Address Unmade or Incorrect Wage Expense Disallowances for Employee Retention Credit Claims
Preparation

How to Address Unmade or Incorrect Wage Expense Disallowances for Employee Retention Credit Claims

The employee retention credit (ERC) required the disallowance of the income tax deduction for the corresponding wages in the amount of the credit received.i Uncertainty as to whether the credit amounts shown on refund cla... Patrick D. Dimmitt, EA

Winter 2025, Preparation, s corporation, partnership, Schedule C, Schedule K-1, Form 1065, employee retention credit, ERC, §3121(l), §111, Treasury Regulation §1.702-1(a)(8)(i), Form 1120S, Unvert, 656 F.2d 483 (9th Cir. 1981)
A Hard Lesson in Tax Preparation: Growth Through Trust, Education, and Redemption
Preparation

A Hard Lesson in Tax Preparation: Growth Through Trust, Education, and Redemption

As tax professionals, we often hear about cases of fraud or negligence in seminars, books, or articles, but nothing compares to the reality of witnessing how a criminal investigation unfolds. Today, I want to share the story of a fe... Jose Delgado, EA, NTPI Fellow®

Summer 2025, Preparation, ethics, practice management, criminal investigation, §6695, §7206(2)
Tax Complexities for Mixed-status Families
Preparation

Tax Complexities for Mixed-status Families

America: The bold, the beautiful, the ultimate melting pot, where people from all over the world come in search of opportunity, freedom, and the American dream. In their pursuit of a better life in this great country, immigrants may grow t... Brittany Sabalza, EA

Spring 2025, Preparation, TCJA, Tax Cuts and Jobs Act, immigrants, COVID-19, CARES Act, Social Security, EIC, additional child tax credit, ACTC, CTC, child tax credit, ITIN, individual taxpayer identification number, SSN, undocumented, mixed-status, §32(c)(1)(E), earned income credit, Center on Budget and Policy Priorities, CBPP
Preparation

The Premium Tax Credit: History, Recent Developments, and Future Prospects

The premium tax credit (PTC) is a cornerstone of the Affordable Care Act (ACA), designed to make health insurance more affordable for middle-income Americans. As a refundable credit, the PTC helps individuals and families purchase health insurance through the Health Insurance Marketplace, directly impacting the affordability of healthcare coverage. This article explores the history of the PTC, recent developments, and future prospects, provid... Cody Adams, EA

Winter 2024, Preparation, Affordable Care Act, Medicare, Medicaid, ARPA, American Rescue Plan Act of 2021, premium tax credit, ACA, PTC, Health Insurance Marketplace
Debt Basis: Is It What You Think It Is?
Preparation

Debt Basis: Is It What You Think It Is?

With the creation of Form 7203, basis has become a hot topic. In 2019, the Internal Revenue Service (IRS) started sending Letter 5969i which said: “Our research indicates you may have claimed pass-through loss o... LuSundra Everett, EA, NTPI Fellow®

Spring 2024, Preparation, s corporation, basis, loans, debt, Form 7203, Letter 5969, §1366(d)(1), §1.1366-2(a)(2)(i), §385(a), Notice 94-97, §1.1366-2(a)(2)(ii), §1.1366-2(a)(1)(i), §1.1366-2(a)(1)(ii)
Key Considerations for Enrolled Agents in the Upcoming Tax Season
Preparation

Key Considerations for Enrolled Agents in the Upcoming Tax Season

The Tax Cuts and Jobs Act (TCJA) of 2017 brought substantial changes to individual income taxes, but many of these provisions are scheduled to expire at the end of 2025. As tax practitioner... Stephen Molchan, EA

Winter 2023, Preparation, TCJA, Tax Cuts and Jobs Act, s corporation, c corporation, §199A, partnership, ROTH IRA, LLC, adjusted gross income, AGI, required minimum distribution, RMD, capital gains, SECURE Act 2.0, Alternative minimum tax, limited liability company, sole proprietor
IRS Clarifies Timing of Paycheck Protection Program Loan Forgiveness Basis Increase
Preparation

IRS Clarifies Timing of Paycheck Protection Program Loan Forgiveness Basis Increase

The Internal Revenue Service (IRS) released three new revenue procedures last month clarifying Paycheck Protection Program (PPP) loan and other federal COVID-19 grant tax-exempt income recognition, expense deductions paid with COV... Jane Ryder, EA, CPA

Jan/Feb 2022, Preparation, s corporation, partnership, COVID-19, PPP, Paycheck Protection Program, SBA loans, Schedule K-1, Form 1065, net operating loss, NOL, COVIDTRA, COVID-related Tax Relief Act of 2020, tax-exempt income, loans, Rev. Proc. 2021-49, Emergency Economic Injury Disaster Loan, EIDL, SBA 7(a) loans, Rev. Proc. 2021-50, SBA Community Advantage loans, SBA microloan, Restaurant Revitalization grants, subsidiary member, Bipartisan Budget Act of 2015, carryback, pass-through