Tax News Briefs

For some types of expenses, lack of substantiation can be overcome. If a taxpayer establishes that a deductible expense has been paid but cannot establish the precise amount, the Tax Court may estimate the amount under the s... TheTaxBook

Practice Builder

Studying for the Special Enrollment Exam (SEE) can be an extensive process that, for many aspiring enrolled agents (EAs), can take hundreds of hours. Why should you take the exam? Because earning the enrolled agent credential grants you the privilege of representing ta... Lauren Nilssen

Tax Tech

There is no doubt that finance and accounting leaders are realizing the value of automating their invoice and payment (AP) processing workflows. In fact, an impressive 84 percent of accounts payable practitioners are optimistic about the progress their department will make ove... Laurent Charpentier

Practice Builder

A productive firm requires a stable foundation for its internal procedures, employee development, and work tools. Having a well-developed plan will enable your practice to achieve its goals, now and in the future. Respect Your Time (or No One Else Will) The ... Thomas J. Williams, EA

Tax Tech

The demand for tax professionals who can handle technical and scientific details and can act as true partners and advisors to the business is stronger than ever in today’s complex enterprises. Audi. BMW. Daimler. We know what business these companies are in, right? But look... Kate Barton

Tax Court

Clark J. Gebman and Rebecca Gebman v. Commissioner T.C. Memo. 2017-184) Even if we never practice in the U.S. Tax Court, as taxpayer representatives we must always be aware of our ethical duties. This is especially true when representing a husband and wife who previously filed a ... Sherrill Trovato, EA, USTCP

Feature Article

Due diligence. Two little words with oversized implications for tax professionals. In most cases, under the due diligence guidelines set forth in Circular 230, tax professionals can rely on the representations of their clients without having to verify the accuracy or veracity of those rep... Dave Du Val, EA

Feature Article

"Who makes more money: the general practitioner doctor or the specialist spine surgeon?" Consultants love to ask that question, as part of recommending that tax professionals specialize our services. And, yes, we must admit: the question is a valid one. Specialists often do enjoy str... Andy Frye, EA; Joshua Azran, CPA

Practice Builder

Many tax professionals may start their career working in a tax office gaining experience while others start out completely on their own. Either way, you may eventually ask yourself the question, “How do I grow my practice?” There is definitely no right, wrong, or easy answer... Twila D. Midwood, EA, NTPI Fellow®

Practice Builder

It seems that every time I talk to other tax professionals, they are worried about the changes in our industry and what is coming on the horizon. I know of four seasoned professionals who have retired primarily because they do not want to deal with the tax code changes i... Jennifer Brown, EA

Feature Article

BECOME AMERICA’S ADVANCED TAX EXPERT BY Mary Sunderland, EA, USTCP & Bill Nemeth, EA Do you want to stand out as a tax practitioner? Are you confident that you offer the latest and best tax advice to your clients? Do you want to grow your business by taking on more complicated tax returns and representation clients? Do you want to know the tax experts in these areas? ... Mary Sunderland, EA, USTCP

Feature Article

In the “Capitol Corner” column of the January/February 2017 EA Journal, Robert Kerr acknowledged that enrolled agents “did not become enrolled agents because of a deep and abiding passion for information technology, firewall construction, and/or secure remote access.” Kerr, however, added a warning to tax practitioners not to delude themselves: “The bad guys are out there, and they are after information that modestly sized practices h... Marshall J. Heap EA

Feature Article

Perhaps one of the most important, but also one of the most overlooked, parts of the 1040 U.S. Individual Income Tax Return is the section near the bottom of the second page that states: “Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct and accurately list all amounts and sources of income I received duri... Anthony Santullo, EA

Feature Article

Websites and social media are great ways to attract younger clientele to your business. In our digitally interconnected age, it is imperative to have a website that is more than an online business card. Here are five tips for an effective website: 1. A modern website must be mobile-friendly. In a world where there are more mobile devices than there are people on Earth, it is essential that your website be mobile-friendly. What e... Jennifer Brown, EA