A quarterly magazine from the National Association of Enrolled Agents
Winter 2024 vol.42 no.4
Tax Season News You Can Use
Tax News Briefs

Tax Season News You Can Use

Schedules K-2 and K-3 The Internal Revenue Service (IRS) has posted changes to the 2021 partnership instructions for Schedules K-2 and K-3 (Form 1065) on its website, www.ir... TheTaxBook

Mar/Apr 2022, Tax News Briefs, S Corporations, self-employment, property, partnership, mileage, Form 1040, Form 1065, foreign earned income exclusion, Schedule K-2, Schedule K-3, Form 1116, base erosion and anti-abuse tax, Form 1120-S, §250, §864(c)(8), §721(c), §7874, IRC §469, Regulation §1.469-1T(d)(1), IRC §1401, IRC §1402(a)(1), Regulation §1.1402(a)-4(c)(2), IRC §911(a), IRC §162(a)(2), Form 2555
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

Nov/Dec 2021, Feature Article, s corporation, Tax Court, Internal Revenue Code, self-employment, FICA, Form W-2, Social Security, Form 1040, Schedule K-1, Schedule 1, LLC, limited partnerships, limited liability partnerships, limited liability companies, limited liability limited partnerships, LLP, LP, LLLP, §1402(b), Self-Employment Contributions Act of 1954, SECA, Federal Insurance Contributions Act of 1935, §1402(a)(13), §1402(a)(1)-(17), Revised Uniform Limited Partnership Act of 1976, SE, employee stock ownership plan, ESOP, Renkemeyer, Form 8275, Form 8082
New IRS FAQs: 2020 Employment Tax Deposits/ Payments Deferral
Feature Article

New IRS FAQs: 2020 Employment Tax Deposits/ Payments Deferral

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides employers with a deferral mechanism for the employer portion of any Social Security taxes and self-employed individuals with a deferral mechanism for the employer portion of any self-employment taxes... David E. Peritz, CPA

Nov/Dec 2020, Feature Article, self-employment, taxes, COVID-19, CARES Act, Families First Coronavirus Response Act, deferral, Social Security, Paycheck Protection Program, SBA loans, Form 941-X
The Gig Economy
Feature Article

The Gig Economy

The gig economy is a growing income sector in the world and a growing niche for tax professionals to harvest. Before jumping into this market, it is necessary to know some things about this area of practice. Let’s start with the definition of a gig, per Merriam-Webster: “a job usually for ... Kathryn M. Morgan, EA

Mar/Apr 2019, Feature Article, tax, business, income, rental, nonprofit, charitable, giving, gig, economy, self-employed, self-employment, worker, transportation, products, services, start-up
Feature Article

Tax Implications of Home Flipping: Dealer Or Investor

With today’s hot real estate market and rapidly escalating property values, many clients are engaging in real estate investing and house flipping. Indeed, there are many reality TV shows and real estate networks dedicated to glamorizing the quick profits that can be made in these activities. What these programs fail to mention are the tax consequences of these transactions. As tax professionals, that’s where we come in... Keith A. Espinoza, EA

Sept/Oct 2017, Feature Article, tax, business, income, gig, economy, self-employed, self-employment, investment, estate, home, implications, flipping, dealer, investor, real