Feature Articles | EA Journal

Feature Article

Are You Prepared for the Corporate Transparency Act?

As the clock strikes midnight on January 1, 2024, the Corporate Transparency Act (CTA) will come into full effect. In simple terms, the CTA requires that every company organized in the United States identifies its beneficial owne... Fernando Juarez Hernandez, EA

Winter 2023, Feature Article, financial intelligence unit, FIU, limited liability company, Egmont Group of Financial Intelligence, corporation, Title 26, beneficial owner, partnership, Title 31, inactive company, Financial Crimes Enforcement Network, National Defense Authorization Act, BOI report, FinCEN, NDAA, Schedule C, terrorism, LLC, money laundering, beneficial ownership information, Financial Action Task Force, Corporate Transparency Act, FATF, CTA

Feature Article

2023 Energy Credits Updates and Planning

Changes made in the Inflation Reduction Act (IRA) of 2022 have created new planning opportunities for tax professionals and their clients. As enrolled agents (EAs), we need to be aware of these changes in order to better s... Patrick Knightly, EA

Winter 2023, Feature Article, adjusted gross income, mortgage interest credit, AGI, first-time homebuyers’ credit, Inflation Reduction Act, ENERGY STAR®, §25C, International Energy Conservation Code, residential clean energy credit, IECC, §25D, Form 8908, Form 3800, s corporation, Form 5695, Schedule K, IRA, retirement savings contribution credit, Form 8978, elderly, child tax credit, disabled

Feature Article

Small Business Inventory Rules Under the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) made a significant change to the rules for eligible small business taxpayers that were previously required to maintain inventories and utilize the accrual method of account... Patrick D. Dimmitt

Winter 2023, Feature Article, Tax Cuts and Jobs Act, designated automatic accounting change number, §52(b), §1.451-3(a)(5), s corporation, DCN, §414(m), U.S. Securities and Exchange Commission, Schedule C, §22.18(17), §414(o), SEC, NIMS, Rev. Proc. 2023-15, nonincidental materials and supplies, Form 10-K, §274, applicable financial statement, Financial Industry Regulatory Authority, AFS, §1.446-1(c)(2), inventory, §1.162-3, §5.01(1)(f), Form 3115, first-in, §22.18(6)(b), §471(c), first-out, Rev. Proc. 2015-13, §1.471-1(b), FIFO, TCJA, §22.18(6)(a), §52(a), §461

Feature Article

2023 and 2024 By the Numbers

Many numbers we use in our profession are indexed for inflation. The effective date for many of these inflation calculations is August 31st. This chart contains the amounts for 2023 and 2024 for many items we deal with on a regular basis. T... Compiled by David L. Mellem, EA

Winter 2023, Feature Article, Key numbers, tax season, 2023, 2024

Feature Article

Tax Appointment Worksheet

The tax appointment worksheet is a tool to help you gather the needed information for new and returning clients for the 2023 tax year. This year’s worksheet has been enhanced to reflect the changes in tax law. The energy credits will be... Compiled by Mary Mellem, EA

Winter 2023, Feature Article, appointment, worksheet, practice management, 2023