Non-practice Ownership Enrolled Agent Career Paths
Introduction The reality of our modern corporate world is that moonlighting is growing at a rate three times faster than the traditional workforce with no signs of slowing down.i Moonli... Dannie Lynn Fountain, EA
The PTC, Itemized Deductions, Employer Leave-Based Donation Programs, Tracking Refunds, and Bribes
Premium Tax Credit Regulations Amended Wages are deductible by a C corporation in computing taxable income, but dividends are not. In a closely held corporation, the owners might decide to take ... TheTaxBook
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
When Married Filing Jointly May Not Be Best
Ask any tax preparer the best filing status for a married couple, and most of the time the answer will be “married filing jointly,” of course. The filing status normally is one of the easier items when prep... Jennifer L. Cable, EA
Recent Court Cases of Interest
Gambling Loss Not Deductible as Casualty Loss The Ninth Circuit Court of Appeals has ruled that the taxpayer’s gambling losses did not qualify as deductible casualty losses. The taxpayer gambled occasionally, but only small amounts, and... TheTaxBook
Preparer Due Diligence Under IRC §6695(g)
Section 6695(g) was added to the Internal Revenue Code (IRC or the Code) by P.L. 105-34, the Taxpayer Relief Act of 1997. It was one of several statutory changes intended to improve earned income credit (EIC) reporting compliance. As originally enacted, the law... Patrick D. Dimmitt, EA
Excluding Medicare Waiver Payments from Income
The Internal Revenue Service (IRS) has provided guidance on the tax treatment of certain payments to individual care providers for the care of eligible individuals under a state Medicaid waiver program in IRS Notice 2014-7.i The prog... Laurie W. Ziegler, EA
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
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