What President-Elect Joe Biden’s Tax Policies Could Mean for You
Capitol Corner

What President-Elect Joe Biden’s Tax Policies Could Mean for You

President-elect Joe Biden has developed a comprehensive plan to reorder the nation’s tax laws. In short, he would raise taxes on households over $400,000 and on corporations and provide myriad programs and tax cuts for working- and middle-class Americans. His ab... Jeffery S. Trinca and Michelle McCaughey

Your Questions Answered
Your Questions Answered

Your Questions Answered

QUESTION #1: My client, Camille, has been spending significant amounts of time reorganizing her home amid the pandemic. She spent time going through dressers, closets, the attic, the basement, and even the garage. She identified many items that sh... Catherine Martin, JD

CARES Act and Retirement Plan Distributions
Feature Article

CARES Act and Retirement Plan Distributions

As with so many things in 2020, the tax laws changed in regard to distributions from various types of retirement plans. Just as we were getting comfortable with the changes made at the end of 2019 under the Setting Every Community Up for Retirement Enhancement (SECUR... Kathryn M. Morgan, EA, USTCP

Helping Clients in the Face of COVID-19
Editor's Message

Helping Clients in the Face of COVID-19

With hundreds of millions of Americans financially impacted by COVID-19, our role as tax professionals as trusted advisors will be of utmost importance this year as we help them navigate both their tax responsibilities and COVID-19 tax benefits. The articles this month will empowe... Thomas Gorczynski, EA, USTCP

Relief Keeps Opportunity Zones an Attractive Option
Feature Article

Relief Keeps Opportunity Zones an Attractive Option

The Tax Cuts and Jobs Act’s powerful new investment tool, the opportunity zone program, was intended to enable companies to make smart, potentially profitable, investments in troubled economic areas. The economic downturn brought about by COVID-19 may, at first glance, appear to ... Dustin Stamper and Michael Eickhoff

New IRS FAQs: 2020 Employment Tax Deposits/ Payments Deferral
Feature Article

New IRS FAQs: 2020 Employment Tax Deposits/ Payments Deferral

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides employers with a deferral mechanism for the employer portion of any Social Security taxes and self-employed individuals with a deferral mechanism for the employer portion of any self-employment taxes... David E. Peritz, CPA

Notice 2020-51: The How-To Guide on Waiving and Rolling Over 2020 RMDs
Feature Article

Notice 2020-51: The How-To Guide on Waiving and Rolling Over 2020 RMDs

The IRS released Notice 2020-51 on June 23, 2020, in an effort to answer outstanding questions surrounding the waiver of required minimum distributions (RMDs) from retirement plans for 2020 brought about by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The ... Jennifer Kiffmeyer, JD

The State of ePayables in 2020: Why a Crisis Is the Right Time for AP Automation to Shine
Tax Tech

The State of ePayables in 2020: Why a Crisis Is the Right Time for AP Automation to Shine

Physical disruption and “work from home” mandates, furloughs and layoffs, downsizing, and outright business closures. The uncertainty gripping global markets during the COVID-19 pandemic and the challenging business climate has a silver lining for accounts payable (AP) groups. It is an oppo... Nimia Amaya

What Year-End 2020 Will Look Like
Payroll Corner

What Year-End 2020 Will Look Like

The pandemic laid waste to many tax deadlines this year. But year-end for payroll rolls around like clockwork, regardless of current events, including the pandemic. Thankfully, almost all of the upheaval everyone experienced during 2020 had only a minor impact on employers’ Forms W-2 ... Alice Gilman

Employee Payroll Tax Deferral Guidance Creates Risk
Expert Notes

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

Will You Do Your Part?
EVP Message

Will You Do Your Part?

In the midst of the pandemic as well as in the crucible of an exceedingly partisan political climate, it is human to want to throw your hands up in the air and feign disinterest. Often it appears as if a single voter or an individual member cannot make a difference. Yet, nothing is fart... Michael Nelson

Reimagining the Future of NAEA Education to Meet an Extraordinary Moment
NAEA Education

Reimagining the Future of NAEA Education to Meet an Extraordinary Moment

For enrolled agents,i it will be a year remembered as one of the most consequential and challenging tax filing seasons in recent memory, or, perhaps ever. That’s why I am happier than ever to be a member of the National Association of Enrolled Agents (NAEA),ii becaus... Lynn Jacobs, EA, USTCP

Stimulus Bill Provides Relief to Plan Participants
Payroll Corner

Stimulus Bill Provides Relief to Plan Participants

Earlier in the year, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted into law when it was signed by President Trump. The act is far-reaching for nearly every aspect of American life and business. This article focuses on Sections 2202 and 2203 of the CARES Act, w... John R. Kirk, JD, and Alex S. Mattingly, JD

COVID-19 Presents Opportunities for Leave Sharing
Feature Article

COVID-19 Presents Opportunities for Leave Sharing

In an attempt to find a silver-lining to the current health situation, this article examines how the current national emergency for COVID-19 presents an opportunity for employers to enhance their benefits for employees. While leave-sharing programs are common in the public s... John Kirk, JD, and Alex Mattingly, JD

Recent Developments in Employment Tax Controversies
Feature Article

Recent Developments in Employment Tax Controversies

THE INTERNAL REVENUE CODE (IRC OR THE CODE) IS CHOCK-FULL of laws employers must follow. They are required to collect and remit taxes withheld from employee wages, including federal income tax and taxes under the Federal Insurance Contributions Act (FICA), which ... Marcus E. Dyer, CPA

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

Teleworking Employees, COVID-19, and the Resulting SALT Effects
Feature Article

Teleworking Employees, COVID-19, and the Resulting SALT Effects

The novel coronavirus (COVID-19) pandemic is changing the way we work. More specifically, it is changing where we work. At first blush, simply working from home might not raise any tax-related red flags. Why should it matter for a business whether its employees work f... Scott Smith, JD

As Streaming Subscriptions Surge, So Do Tax Complexities
Feature Article

As Streaming Subscriptions Surge, So Do Tax Complexities

Is your streaming company seeing a sudden surge in subscriptions? Many providers are. With consumers spending the bulk of their time at home these days, trials and signups are skyrocketing. While it can be easy for companies to get caught up in a whirlwind of widespre... Steve Lacoff

Keeping a Pandemic at Arm’s Length: A COVID-19 Transfer Pricing Example
Feature Article

Keeping a Pandemic at Arm’s Length: A COVID-19 Transfer Pricing Example

The COVID-19 pandemic is impacting global supply chains – and, as a result, international tax transfer pricing policies – at alarming speeds. Amid this chaos, companies risk making impulsive, short-term decisions with long-term effects. In order to successfully prepare for sign... Kevin Croy, CPA

Impact of COVID-19 on Accounting for Income Taxes
Feature Article

Impact of COVID-19 on Accounting for Income Taxes

The spread of COVID-19 is impacting businesses around the world. As entities consider the effects of COVID-19 on their global operations, careful consideration is needed in understanding the accounting implications of these developments. The many ramifications of the curr... April D. Little, Ciro Buttacavoli, and Adam Lehmann

Revisiting Base Erosion and Anti-Abuse Tax Post-Pandemic: Final and Proposed Regulations are Worth a Second Look
Feature Article

Revisiting Base Erosion and Anti-Abuse Tax Post-Pandemic: Final and Proposed Regulations are Worth a Second Look

In today’s economic environment, the base erosion and anti-abuse tax (BEAT) may apply to taxpayers who did not need to consider it as recently as three months ago. Considering recent economic developments and the Coronavirus Aid, Relief, and Economic Security (CA... Brian Abbey, JD

Data and Network Security Risks Relating to the Coronavirus Outbreak and Response
Tax Tech

Data and Network Security Risks Relating to the Coronavirus Outbreak and Response

In their response to the coronavirus outbreak, employees and other stakeholders will begin remote work and there is increased pressure on an organization’s cybersecurity risk management. A likely derivative effect of the outbreak, lower in priority but still significant, is increased pressure ... John Doernberg

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

What a Difference a Day Makes
President's Message

What a Difference a Day Makes

In our last issue, I wrote about change and how we have to be prepared to step up to the plate and break out of the “we always did it that way” frame of reference. The year 2020 hit us like a sledge hammer. One day we were sitting in our offices working and wondering, “Will we ever get to th... Donald Rosenberg, EA

Remote Work for Enrolled Agents: How to Increase Productivity and Protect Client Data
Practice Builder

Remote Work for Enrolled Agents: How to Increase Productivity and Protect Client Data

Making the change to work from a home office presents unique challenges for enrolled agents (EAs) and other tax professionals. However, adopting a few key best practices and utilizing the right tools can help you boost productivity, maintain work-life balance, and ensure ... David McKeegan, EA

Keep an Eye on Special Payroll Tax Credits for the Rest of the Year
Payroll Corner

Keep an Eye on Special Payroll Tax Credits for the Rest of the Year

Congress enacted two laws — the Families First Coronavirus Response Acti (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Actii (CARES Act) — in response to the coronavirus pandemic, which devastated the country late last winter. Both law... Alice Gilman, Esq.

How We Tech
Editor's Message

How We Tech

This year, our annual technology issue has collided with the coronavirus (COVID-19) pandemic. Whether you consider yourself a techie or are tech-averse, COVID-19 has increased our need to use technology, for better or for worse. Our heightened dependence on technology during the pandemi... Janelle Julien

The New Normal?
Editor's Message

The New Normal?

The outbreak of the coronavirus (COVID-19) has caused all of us to stop in our tracks, take stock of what’s important, and reassess the plans we set out for the year. This pandemic is changing our world. The novel coronavirus has disrupted modern working life for everyone. We’re all bei... Janelle Julien