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

When Married Filing Jointly May Not Be Best
Representation

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
Tax News Briefs

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)
Feature Article

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 As originally enacted, the law...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
Feature Article

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
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

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