A quarterly magazine from the National Association of Enrolled Agents
Fall 2024 vol.42 no.3
The Two Biggest Conflicts of Interest Overlooked by Tax Professionals
Feature Article

The Two Biggest Conflicts of Interest Overlooked by Tax Professionals

Election years always serve as a reminder to avoid conflicts of interest. They also serve as a reminder that it is often easier to identify someone else’s conflict of interest than one... Amber Gray-Fenner, EA, USTCP

Summer 2024, Feature Article, conflict of interest, OPR, §0.29(a), ethics, Enron, Office of Professional Responsibility, Arthur Andersen, entity, Loving v. IRS, Circular 230, §7216, FBAR, stakeholder, Financial Crimes Enforcement Network, FinCEN, Foreign Bank Account Report
What Enrolled Agents Need to Know About Form 8300 and Digital Assets
Feature Article

What Enrolled Agents Need to Know About Form 8300 and Digital Assets

Businesses who accept cryptocurrency (crypto) as payment and many tax practitioners who provide compliance services for those businesses were relieved to hear that the Internal Revenue Service (IRS) has delayed the require... Amber Gray-Fenner, EA, USTCP

Summer 2024, Feature Article, crypto, BOI, Treasury Regulation 1.183-2, FBAR, U.S. Securities and Exchange Commission, Foreign Bank and Financial Accounts, SEC, Financial Crimes Enforcement Network, FinCEN, §6045(g)(3)(D), Social Security, decentralized finance, Form 8300, DeFi, §6050I, Notice 2024-4, Non-fungible token, Infrastructure Investments and Jobs Act, NFT, digital assets, cryptocurrency, beneficial ownership information, §183
Tax Compliance for Refugees
Feature Article

Tax Compliance for Refugees

          “Give me your tired, your poor, your huddled masses yearning to breathe free…” – Emma Lazarus   All... Mary Beth Lougen, EA, USTCP

Spring 2024, Feature Article, §6428, foreign, §7701(b), Form 5471, §7701(b)(1)(A), immigrants, Form 8865, Form 8621, FBAR, Form 3520, refugees, COVID-19, Form 3520-A, asylees, Form 114, nonresident alien, permanent resident, earned income tax credit, international information returns, green card, EITC, humanitarian, child tax credit, §6013(g), visa, Economic Impact Payment, §6013(h), employment authorization document, Form 8858, §6428B, EAD, Form 8938
From Expat to Entrepreneur to EA
My EA Journey

From Expat to Entrepreneur to EA

I did not know it at the time, but my enrolled agent (EA) journey began in 2002 when my wife, Carrie, and I moved from the United States to Barcelona to pursue our Master of Business Administration (MBA) degrees. When we graduated in 2004, we... David McKeegan, EA

July/Aug 2021, My EA Journey, COVID-19, pandemic, practice management, Foreign Bank Account Report, foreign earned income exclusion, FEIE, FBAR, digital nomads, expat, entrepreneur, expatriate, financial crisis, international
Do No Harm
Expert Notes

Do No Harm

As someone who has been in the tax game for over 40 years and exclusively in the world of international tax for the last 18 years, my company has flourished and prospered on the mistakes of others. In 2013, when I... Mary Beth Lougen, EA, USTCP

July/Aug 2021, Expert Notes, international, practice management, Foreign Bank Account Reports, Circular 230 §10.35, FBAR, expat, expatriate
Anti-Money Laundering: A Primer
Feature Article

Anti-Money Laundering: A Primer

The Problem Despite the prevalence of credit and debit cards, Cash App, and Venmo, cash still is, in many circles, king (or queen). As of November 11, 2020, there was US$2.01 trillion in circulation.Ellie Nava-Jones, EA

Mar/Apr 2021, Feature Article, SAR, Colorado, BSA, cash-intensive business, Form 112, Form 1099, Form W-3, AML, Schedule 1, anti-money laundering, Washington, immigrants, Financial Bank Account Reporting, TIN, marijuana, PATRIOT Act, FBAR, Form 8300, FinCEN, Bank Secrecy Act, Form W-2, CTR
Feature Article

Preparing an Accurate FBAR: Ten Common Mistakes

The failure to file an accurate and complete Financial Crimes Enforcement Network (FinCEN) 114, (Report of Foreign Bank and Financial Accounts (FBAR)) can result in serious penalties and consequences for a taxpayer. Unfortunately, the FBAR is one of those deceptively simple forms that does not appear to be complex due to the limited number of entries required. However, those unfamiliar with the form are prone to mistakes, as detailed rules ex... Randall Brody, EA

Nov/Dec 2017, Feature Article, Financial Crimes Enforcement Network, FinCEN, Foreign Account Tax Compliance Act, tax, FATCA, preparation, penalties, accurate, FBAR, common, mistakes, Foreign Bank and Financial Accounts