IRA Archives | EA Journal

Tax Court

When Did Congress Intend the New §4973 Statute of Limitations to Take Effect?

If a taxpayer contributes more than the allowed amount to an individual retirement account (IRA), §4973 imposes a 6 percent excise tax on those excess contributions. Before the SECURE... Thomas Gorczynski, EA, USTCP

Fall 2024, Tax Court, individual retirement account, §4973, Form 5329, §6501(l)(4)(A), Tax Court, Couturier, IRA, §6501(l)(4)(C), Form 1040, §6501(l)(4), required minimum distribution, §313(b), RMD, Sundstrand Corp. v. Commissioner, SECURE Act 2.0, lak Invs. v. Commissioner

Feature Article

2023 Energy Credits Updates and Planning

Changes made in the Inflation Reduction Act (IRA) of 2022 have created new planning opportunities for tax professionals and their clients. As enrolled agents (EAs), we need to be aware of these changes in order to better s... Patrick Knightly, EA

Winter 2023, Feature Article, §25D, Form 8908, Form 3800, s corporation, Form 5695, Schedule K, IRA, retirement savings contribution credit, Form 8978, elderly, child tax credit, disabled, adjusted gross income, mortgage interest credit, AGI, first-time homebuyers’ credit, Inflation Reduction Act, ENERGY STAR®, §25C, International Energy Conservation Code, residential clean energy credit, IECC

Capitol Corner

IRS 2023 and Beyond: Transition and Transformation

It is no secret that when Danny Werfel was confirmed as Commissioner of the Internal Revenue Service (IRS) in March 2023 the agency was facing difficult times. Customer service had been struggling since the beginning ... Michelle McCaughey, Thad Inge, and Samantha Ford

Winter 2023, Capitol Corner, Form 941SSPR, Centralized Authorization File, CAF, Form 941, employee retention tax credit, ERTC, Inflation Reduction Act, Electronic Tax Administration Advisory Committee, IRS, ETAAC, IRA, Form 940, Form 1040

What Is — and Isn’t — Included in the Inflation Reduction Act of 2022

Feature Article

What Is — and Isn’t — Included in the Inflation Reduction Act of 2022

The Inflation Reduction Act of 2022 (IRA) was signed into law by President Biden on Aug. 16, 2022. It has been championed by the administration and Congress as the most sweeping climate and energy reform in history, altho...

Mar/Apr 2023, Feature Article, short-term capital gain, real estate, STCG, Inflation Reduction Act, long-term capital gain, LTCG, corporate alternative minimum tax, §1061, AMT, §4501, §451(b)(3), §56A, s corporation, adjusted financial statement income, The Tax Cuts and Jobs Act, AFSI, COVID-19, private equity, IRA

Success or Failure at the IRS: What Will Make the Difference?

Capitol Corner

Success or Failure at the IRS: What Will Make the Difference?

For the first time, Congress has provided substantial long-term funding for the IRS. The unprecedented rebuilding program, which includes $80 billion of IRS funding over 10 years under the Inflation Reduction Act (IRA, P.L. 117-... Charles O. Rossotti

Mar/Apr 2023, Capitol Corner, Schedule K-1, Form 1099, Inflation Reduction Act, Return Review Program, Treasury Inspector General for Tax Administration, TIGTA, Internal Revenue Service, IRS, compliance, IRA

IRS Tax Examinations in the Past and Future and the Impact of the Inflation Reduction Act on the IRS’s Audit Activities

Feature Article

IRS Tax Examinations in the Past and Future and the Impact of the Inflation Reduction Act on the IRS’s Audit Activities

In June 2011, Internal Revenue Service (IRS) Commissioner Shulman warned that the proposed cuts of $2 billion to the IRS’s budget in the United States House-passed fiscal 2012 budget resolution could have a long-term impact on taxpayer compliance. Notwithstanding the commissioner’s warni... Marcus Dyer, CPA

Jan/Feb 2023, Feature Article, compliance, OCA, research, Applied Analytics, FinCEN, and Statistics, IRA, RAAS, Inflation Reduction Act, examination, tax return, Taxpayer Compliance Measurement Program, TCMP, data, Office of Compliance Analytics

Tax Credit Bonanza: Benefits in the Inflation Reduction Act

Feature Article

Tax Credit Bonanza: Benefits in the Inflation Reduction Act

The Inflation Reduction Act (IRA) of 2022 uses dozens of tax credits to move the United States towards energy efficiency and clean energy development. Five of these credits will be essential to know for client tax planning and advi... Thomas Gorczynski, EA, USTCP

Jan/Feb 2023, Feature Article, §45W, renewable electricity production credit, §30D, §4053(8), energy investment credit, Notice 2016-51, §25C, carbon oxide sequestration credit, clean vehicle credit, residential clean energy credit, second generation biofuel credit, Clean Air Act, §25D, sustainable aviation fuel credit, §30B(b)(3), §48E, IRA, clean hydrogen production credit, §30D(d)(1)), §45Z, modified adjusted gross income, manufacturer’s suggested retail price, §45Y, MAGI, MSRP, clean fuel production credit, electric vehicle, §25E, clean electricity investment credit, Inflation Reduction Act, §38, clean electricity production credit

Capitol Corner

2023: The Sleeping Giant Is Awake!

We have been good soldiers. We have been compliant. And for too long we have accepted the status quo for the appalling customer service at the Internal Revenue Service (IRS). 2023 will be a critical year on many levels for tax policy and tax administration for the... Michelle McCaughey and Thad Inge

Jan/Feb 2023, Capitol Corner, advocacy, IRA, Inflation Reduction Act

Editor's Message

Looking Forward to 2023

I am excited about 2023 – are you? There is much opportunity in our profession if you ask me. Demand for our services is high, and the supply of qualified tax professionals is decreasing. This gives us the opportunity to be selective about selec... Thomas Gorczynski, EA, USTCP

Jan/Feb 2023, Editor's Message, IRA, Inflation Reduction Act, TCJA, Tax Cuts and Jobs Act, practice management

Inching Back to Normalcy…and Some Big Wins, Too

Capitol Corner

Inching Back to Normalcy…and Some Big Wins, Too

Following several difficult years for tax professionals, big wins were realized in 2022 for several of the National Association of Enrolled Agents’ (NAEA’s) top policy priorities: protecting the enrolled agent (EA) credential, funding t...

Nov/Dec 2022, Capitol Corner, IRS, advocacy, IRA, Inflation Reduction Act

Health Savings Accounts: An Often-Overlooked Tax Savings

Feature Article

Health Savings Accounts: An Often-Overlooked Tax Savings

For certain taxpayers, such as high-income employees, it is challenging to find ways to reduce federal tax liabilities proactively. Since high-income employees often have sufficient cash to fund out-of-pocket medical expe... Thomas Gorczynski, EA, USTCP

July/Aug 2022, Feature Article, adjusted gross income, AGI, HSA, HDHP, High-deductible health plan, self-employed, Schedule A, healthcare, §36B, wealth, IRA, health savings account

Correcting Partnership Returns After the Centralized Partnership Audit Regime

Feature Article

Correcting Partnership Returns After the Centralized Partnership Audit Regime

Practitioners who make or find errors on a filed Form 1065 for their partnership clients may find themselves in for a bit of a shock when it comes to correcting those errors. Congress passed the Bipartisan Budget Act (BBA) of ... David Woods, EA

Mar/Apr 2021, Feature Article, 401(k), disregarded entity, c corporation, TIN, Reg. §301.6221(b)-1(c), nonprofit, Bipartisan Budget Act, Form 1065X, trust, BBA, Form 8988, estate, TEFRA, Form 8978, partnership, Tax Equity and Fiscal Responsibility Act, audit, CPAR, amended, §6221(b), IRA, §6221(a), LLC, Schedule K-1, foreign entity, s corporation

Notice 2020-51: The How-To Guide on Waiving and Rolling Over 2020 RMDs

Feature Article

Notice 2020-51: The How-To Guide on Waiving and Rolling Over 2020 RMDs

The IRS released Notice 2020-51 on June 23, 2020, in an effort to answer outstanding questions surrounding the waiver of required minimum distributions (RMDs) from retirement plans for 2020 brought about by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The ... Jennifer Kiffmeyer, JD

Nov/Dec 2020, Feature Article, COVID-19, CARES Act, Notice 2020-51, RMDs, IRA, retirement