Tax Tech

How to Construct a Data Breach Incident Plan A breach in data for any business can be both costly and stressful for employees and customers alike. Whether the breach leaks sensitive information, personal records, or credit card information, you should do eve... Gallagher Affinity Member Benefits and Services

Tax Tech

In their response to the coronavirus outbreak, employees and other stakeholders will begin remote work and there is increased pressure on an organization’s cybersecurity risk management. A likely derivative effect of the outbreak, lower in priority but still significant, is increased pressure ... John Doernberg

Practice Builder

Making the change to work from a home office presents unique challenges for enrolled agents (EAs) and other tax professionals. However, adopting a few key best practices and utilizing the right tools can help you boost productivity, maintain work-life balance, and ensure ... David McKeegan, EA

Feature Article

Managing a tax practice is tricky. I frequently meet clients who defend their tax choices and dicey positions because they feel it is correct. The disdain for tax agencies, particularly the IRS, becomes transparent in their conversations. To them, I am the governm... Thomas J. Williams, EA

Tax Tech

The International Ethics Standards Board for Accountants (IESBA) recently restructured and revised its Code of Ethics for Professional Accountants. While the IESBA Code is not specifically geared toward management accounting and finance professionals, it d... Daniel Butcher

Practice Builder

Asking clients great questions is central to ruthlessly efficient workflow (REW) management. Great client questions can save hundreds of hours of time during tax season and prevent projects from falling behind schedule. Here is an example of questions done badly. ... Frank Stitely, CPA

Feature Article

The nature of tax practice presents a number of unique ethical issues. Tax practice requires compliance with multiple ethical frameworks. This creates ambiguities and raises complex questions. Courts have even questioned whether certain regulatory... Ryan Dean

Feature Article

After the Civil War in 1884, Congress enacted a law known as the “Horse Act,” which allowed citizens to make claims against the Treasury Department for the value of horses confiscated for use by the troops. The Treasury soon discovered that people were making cl... Anita Robinson, EA

Practice Builder

Being a tax professional, you have certain due diligence requirements for the preparation of income tax returns. There are minimum standards that we all must follow. But I believe it is much more than a due diligence when preparing returns. Why, you might ask? I believe that our im... Dawn W. Brolin

Practice Builder

Taxes stress many people. As tax professionals, we end up asking questions which can raise a client’s anxiety level. “Do you have any interest income?” can lead to the answer “If my spouse would stop spending . . .” Looking for an exception to the Form 1099-R early wit... Beth Logan, EA

Tax Tech

There is no doubt that finance and accounting leaders are realizing the value of automating their invoice and payment (AP) processing workflows. In fact, an impressive 84 percent of accounts payable practitioners are optimistic about the progress their department will make ove... Laurent Charpentier

Practice Builder

A productive firm requires a stable foundation for its internal procedures, employee development, and work tools. Having a well-developed plan will enable your practice to achieve its goals, now and in the future. Respect Your Time (or No One Else Will) The ... Thomas J. Williams, EA

Feature Article

It is not hard to recognize the value of robotic process automation (RPA). Robotic process automation relieves staff of repetitive tasks, increases the usability of data, virtually eliminates errors, and boosts efficiencies. Tax professionals would welcome any of these results, but is ther... McClur

Tax Tech

The demand for tax professionals who can handle technical and scientific details and can act as true partners and advisors to the business is stronger than ever in today’s complex enterprises. Audi. BMW. Daimler. We know what business these companies are in, right? But look... Kate Barton

Tax Court

Clark J. Gebman and Rebecca Gebman v. Commissioner T.C. Memo. 2017-184) Even if we never practice in the U.S. Tax Court, as taxpayer representatives we must always be aware of our ethical duties. This is especially true when representing a husband and wife who previously filed a ... Sherrill Trovato, EA, USTCP

Feature Article

"Who makes more money: the general practitioner doctor or the specialist spine surgeon?" Consultants love to ask that question, as part of recommending that tax professionals specialize our services. And, yes, we must admit: the question is a valid one. Specialists often do enjoy str... Andy Frye, EA; Joshua Azran, CPA

Practice Builder

Although social media sites started over twenty years ago, their role as a communications tool is continually evolving. Many enrolled agents look to social media sites for an opportunity to network with colleagues, seek answers to perplexing issues, and even commiserate ... Trish Evenstad, EA; Melissa Longmuir, EA,

Practice Builder

Many tax professionals may start their career working in a tax office gaining experience while others start out completely on their own. Either way, you may eventually ask yourself the question, “How do I grow my practice?” There is definitely no right, wrong, or easy answer... Twila D. Midwood, EA, NTPI Fellow®

Tax Tech

As the tax deadline approaches, work hours increase and more time is spent going through emails. This is the time when it is important to be extra vigilant when answering emails, and fulfilling client email requests. However, cybercriminals are a constant threat and once the new... Linda Hamilton, MFA

Practice Builder

It seems that every time I talk to other tax professionals, they are worried about the changes in our industry and what is coming on the horizon. I know of four seasoned professionals who have retired primarily because they do not want to deal with the tax code changes i... Jennifer Brown, EA

Feature Article

This article will focus on income tax deficiency and collection due process (CDP) jurisdiction, but the Tax Court also has jurisdiction over IRS’s denial or refusal to act on abatement of interest under IRC §6404 and innocent spouse cases under §6015; cases related to employment status; and denial of whistleblower claims, among others. The Tax Court was established to handle tax deficiency cases that require a timely filed notice of defic... Sherrill Trovato, EA, USTCP

Feature Article

BECOME AMERICA’S ADVANCED TAX EXPERT BY Mary Sunderland, EA, USTCP & Bill Nemeth, EA Do you want to stand out as a tax practitioner? Are you confident that you offer the latest and best tax advice to your clients? Do you want to grow your business by taking on more complicated tax returns and representation clients? Do you want to know the tax experts in these areas? ... Mary Sunderland, EA, USTCP

Feature Article

The first in a series on using tax planning to guarantee satisfied clients and grow your business By Beth Logan, EA People think of tax season as running January through April. But most people make their biggest tax mistakes from May through December. There are two reasons for this. First, they aren’t thinking about taxes. Second, there are more days in which to err. This is my tax mantra. If you tell clients this, they ... Beth Logan, EA

Feature Article

In the “Capitol Corner” column of the January/February 2017 EA Journal, Robert Kerr acknowledged that enrolled agents “did not become enrolled agents because of a deep and abiding passion for information technology, firewall construction, and/or secure remote access.” Kerr, however, added a warning to tax practitioners not to delude themselves: “The bad guys are out there, and they are after information that modestly sized practices h... Marshall J. Heap EA

Feature Article

Are great leaders born or made? This question has been debated for generations. In my opinion, the answer is a resounding, “both.” Some people do seem to have an innate something that makes others gravitate toward them and follow their lead. Yet leadership is also a skill that can be studied, practiced, and developed over time. Imagine what kind of leader you would be today if you had been taking 30 hours of leadership edu... Jerry Gaddis, EA, MBA

Feature Article

The Tax Appointment Worksheet is a tool to help you gather the needed information for new and returning clients for the 2016 tax year. This year’s worksheet has been enhanced to reflect the changes in tax law. Now that the American Opportunity Credit is permanent, the need for the proper Form 1098-T and the educational expense evidence is increasingly crucial. Type of plan Amount of contribution Form 1099-... Mary Mellem, EA

Feature Article

While many portions of the U.S. tax code possess confusing and sometimes harsh rulings, the tax rules for passive foreign investment companies (PFICs) are almost unmatched in their complexity and draconian features. Countless times, Americans overseas uncover a startling revelation that the small foreign investment they had made in a non-U.S. mutual fund is now subjecting them to all the significant filing requirements and tax obligat... Michael J. DeBlis III, Esq. and Randall Brody, EA

Feature Article

Autumn is the perfect time to begin promoting yourself and your EA credential in preparation for the upcoming tax season. Many members already know that NAEA provides tools to help them attract new clients and raise awareness of their EA credential, but many may not know that these tools are regularly refreshed. It’s time to take another look. Last year, NAEA formed a new partnership to present the improved “Find a Tax Expert... Gigi Jarvis, CAE

Feature Article

This issue of the EA Journal is all about ethics. Preparer penalties are often about a lack of ethics or a lack of due diligence. Here is one of the most comprehensive definitions of due diligence I have ever heard, given by my friend, fellow NAEA member, and NTPI Fellow, Conrad Mangapit, EA: Definition of Due Diligence – Part I A duty that paid tax professionals must perform to the best of their abilities in order... Kathy Morgan, EA

Feature Article

One of the primary reasons people become enrolled agents is to be able to help their clients with tax problems. EAs (as well as attorneys and CPAs) can represent taxpayers before all administrative levels of the IRS. In order to effectively represent taxpayers, however, EAs need to be aware of just how far a practitioner can go, both ethically and professionally, without exceeding the limits of authority granted by the EA designation. In the ... Thomas A. Gorczynski, EA, USTCP, Kevin C. Huston, EA, USTCP

Feature Article

Matt Groening, creator of The Simpsons, once lamented, “I know all those words, but that sentence makes no sense to me.” As an enrolled agent, you may mutter something similar to yourself as you scan through the latest IRC update for the umpteenth time. Then, once you master the tax jargon, you must translate it into layman’s terms and communicate with your clients. Challenging as this may be in English, some NAEA members go another step furt... Julia Shenkar