AGI Archives | EA Journal

Capitol Corner

The Super Bowl of Tax

Congress has been gearing up and preparing for 2025 in what is expected to be a monumental year for tax legislation – the “Super Bowl of Tax.” With changes made by the Tax Cuts and Jobs Act of 2017 (TCJA) scheduled to expire at the end of n... Thad Inge, Samantha Ford, and Michelle McCaughey

Winter 2024, Capitol Corner, TCJA, Tax Cuts and Jobs Act, advocacy, §199A, SALT, additional child tax credit, ACTC, CTC, child tax credit, adjusted gross income, AGI, Robert T. Stafford Disaster Relief and Emergency Assistance Act, premium tax credit, PTC, Inflation Reduction Act, §401, specified service trade or business, SSTB, federal poverty level, FPL, New Market Tax Credit, NMTC, empowerment zone, work opportunity tax credit, WOTC, Revenue Procedure 2021-18

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

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

Health Savings Accounts: An Often-Overlooked Tax Savings

Feature Article

Health Savings Accounts: An Often-Overlooked Tax Savings

For certain taxpayers, such as high-income employees, it is challenging to find ways to reduce federal tax liabilities proactively. Since high-income employees often have sufficient cash to fund out-of-pocket medical expe... Thomas Gorczynski, EA, USTCP

July/Aug 2022, Feature Article, self-employed, healthcare, wealth, IRA, health savings account, adjusted gross income, AGI, HSA, HDHP, High-deductible health plan, Schedule A, §36B

Things You Need to Know for Tax Year 2021

Tax News Briefs

Things You Need to Know for Tax Year 2021

Advanced Payments of Child Tax Credit to Begin July 15 The Internal Revenue Service (IRS) has announced that the first monthly payment of the expanded and newly advanceable child tax credit from the American Rescue Plan will b... TheTaxBook

July/Aug 2021, Tax News Briefs, advanced, American Rescue Plan Act, Consolidated Appropriations Act, child tax credit, adjusted gross income, AGI, §274, §132(e)(2), §119, de minimis, dependent care assistance program, DCAP, flexible spending arrangement, FSA, Notice 2021-15, Notice 2021-26, §274(n)(2)(D), 100-percent deduction, 50-percent limitation