A quarterly magazine from the National Association of Enrolled Agents
Spring 2024 vol.42 no.1
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, §56A, s corporation, adjusted financial statement income, The Tax Cuts and Jobs Act, AFSI, COVID-19, private equity, IRA, 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)
Nonresident Aliens Who Own U.S. Real Property: A Primer
Feature Article

Nonresident Aliens Who Own U.S. Real Property: A Primer

The United States (U.S.) tax system allows for residentsi and nonresidentsii to file a federal income tax return and pay any taxes owed by the due date of the return. Though the Internal Revenue Service (IRS) has various tools in its arsenal to go...

Mar/Apr 2022, Feature Article, Foreign Investment in Real Property Tax Act, FIRPTA, FDAP, nonresident alien, IRC 7502, §1441, Form 8288, Form 8288-A, Form 1040-NR, real estate, ITIN, §871(d)
The Desirable (Yet Complex) Real Estate Professional Classification
Feature Article

The Desirable (Yet Complex) Real Estate Professional Classification

Being a real estate professional has its tax advantages, And the average landlord does not want to pass it up. But misusing the classification can unravel expected tax consequences. Investing in rental real estate can be a l... Thomas J. Williams, EA, and Iris K. Palma, JD

Mar/Apr 2021, Feature Article, landlord, modified adjusted gross income, business, MAGI, professional, participation, rental, personal service, trade, nonpassive, Tax Court, activity, property, Schedule E, real estate