Keeping a Pandemic at Arm’s Length: A COVID-19 Transfer Pricing Example
The COVID-19 pandemic is impacting global supply chains – and, as a result, international tax transfer pricing policies – at alarming speeds. Amid this chaos, companies risk making impulsive, short-term decisions with long-term effects. In order to successfully prepare for sign... Kevin Croy, CPA
Impact of COVID-19 on Accounting for Income Taxes
The spread of COVID-19 is impacting businesses around the world. As entities consider the effects of COVID-19 on their global operations, careful consideration is needed in understanding the accounting implications of these developments. The many ramifications of the curr... April D. Little, Ciro Buttacavoli, and Adam Lehmann
The IRS Revenue Officer: Friend or Foe?
It is likely you will encounter an IRS revenue officer who is difficult, unyielding, and possibly aggressive. You may perceive that the revenue officer's job is to make your and your client’s lives difficult. However, the truth is very different. Sure, a collection case making its way to a revenue officer is deemed serious by the IRS. After all, revenue officers are the IRS’s most experienced and sophisticated collection agents. Their foc... Howard S. Levy, JD
Indirect Methods of Proving Income
Did you know the IRS requires its agents to perform a minimum income probe on every audit? And did you know that a minimum income probe can result in the IRS agent using indirect methods of proving income? If you have a client who is being audited—and even if you don’t—it is to your advantage to learn everything you can about indirect methods of proving income. Minimum income probes are discussed as part of the examination process governed... Jo-Ann Weiner, EA
Why Clients Hire Us to Represent Them
ONEDAY. I was meeting with a revenue agent (RA), representing a client during an audit. The office was set up with cubicles, and it was easy to hear what was going on in the cubicle next to me. I happened to hear a taxpayer who was representing herself while another RA was raking her over the coals. The RA who was helping me went off to make photocopies as I heard this lady begin to sob. I mean, the RA was really handing it to her. I got u... Craig W. Smalley, EA
Portrait of a non-filer
What is a non-filer? A non-filer is defined as a person (individual, corporation, estate, trust or partnership) who has met certain thresholds but has yet to file a tax return by the statutory or extended due date. As enrolled agents, we have to figure out how to help these people get compliant. Aft er all, besides making sure our clients do not pay more in taxes than they are required to, part of our job is to make sure that they are complia... Jeffrey A. Schneider, EA