Important Tax News You Can Use
Tax News Briefs

Important Tax News You Can Use

Penalty Relief for 2019 and 2020 Tax Returns The Internal Revenue Service (IRS) is providing relief for taxpayers from certain failure-to-file penalties with respect to tax returns for the ... TheTaxBook

Ethical Issues to Consider in Recent Tax News
Tax News Briefs

Ethical Issues to Consider in Recent Tax News

More Options to Correct Returns Electronically The Internal Revenue Service (IRS) has announced that more forms can now be amended electronically. These include people filing corrections to the Form 1040-N... TheTaxBook

The Challenges of Non-fungible Token Taxation
Feature Article

The Challenges of Non-fungible Token Taxation

By now, you have probably heard of nonfungible tokens (NFTs), but what are they? And how are they taxed? Non-fungible tokens have made big news lately: selling for astronomical sums at auction, becoming major status symbols, and attracting plenty of ire along the way.... Zac McClure and Tynisa (Ty) Gaines, EA

Tax Season News You Can Use
Tax News Briefs

Tax Season News You Can Use

Schedules K-2 and K-3 The Internal Revenue Service (IRS) has posted changes to the 2021 partnership instructions for Schedules K-2 and K-3 (Form 1065) on its website, www.ir... TheTaxBook

Questions for Clients During the 2021 Tax Season
Feature Article

Questions for Clients During the 2021 Tax Season

Every year, most tax professionals take a Form 1040 update class to understand the tax law changes that affect tax preparation. Then many take the cookie cutter organizer and send it to clients without review. Instead, take the... Beth Logan, EA

2021: Craziness in Action
Capitol Corner

2021: Craziness in Action

While it certainly would be hard to top 2020, the year 2021 was quite the roller coaster ride at the federal and state levels for tax professionals, especially enrolled agents. The year began with ... Thad Inge and Michelle McCaughey

Limited Partners and Self-Employment Tax
Feature Article

Limited Partners and Self-Employment Tax

As tax professionals, we are often given Schedule K-1 forms by our clients in order to report their income and/or losses from their investments in pass-through organizations. How involved are we, ... Keith A. Espinoza, EA

A Turning Point
My EA Journey

A Turning Point

I got into the tax business as a means to an end—a way to make decent money without working all year, frankly. My dad and uncle owned and operated a multilocation tax preparation business in the Los Angeles area: Pronto... Andrew Freiburghouse, EA

Three Untapped Niches of Opportunity for Your Firm in 2021
Practice Builder

Three Untapped Niches of Opportunity for Your Firm in 2021

Dentistry. Construction. Real estate. Working with clients in these industry verticals can provide your firm with incremental growth. While these niches are certainly solid areas to explore as you look toward increasing your firm’s profitab... Gaynor Meilke

The IRS Is Moving the Crypto Disclosure Question to the Front of Form 1040: Here Is What You Need to Know.
Feature Article

The IRS Is Moving the Crypto Disclosure Question to the Front of Form 1040: Here Is What You Need to Know.

Cryptocurrency Question Moved to the First Page of Form 1040 New for the 2020 tax year, the Internal Revenue Service (IRS) asks taxpayers on the very first page of Form 1040 the following disclosure question:... Zac McClure and Barrett Strickland