A quarterly magazine from the National Association of Enrolled Agents
Winter 2024 vol.42 no.4
What Enrolled Agents Need to Know About Form 8300 and Digital Assets
Feature Article

What Enrolled Agents Need to Know About Form 8300 and Digital Assets

Businesses who accept cryptocurrency (crypto) as payment and many tax practitioners who provide compliance services for those businesses were relieved to hear that the Internal Revenue Service (IRS) has delayed the require... Amber Gray-Fenner, EA, USTCP

Summer 2024, Feature Article, cryptocurrency, crypto, FBAR, Foreign Bank and Financial Accounts, Financial Crimes Enforcement Network, FinCEN, Social Security, Form 8300, §6050I, Non-fungible token, NFT, beneficial ownership information, BOI, U.S. Securities and Exchange Commission, SEC, §6045(g)(3)(D), decentralized finance, DeFi, Notice 2024-4, Infrastructure Investments and Jobs Act, digital assets, §183, Treasury Regulation 1.183-2
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
2021 Employee Retention Credit Overview
Tax News Briefs

2021 Employee Retention Credit Overview

Employee Retention Credit Guidance for First and Second Quarters of 2021 The Internal Revenue Service (IRS) has now released guidance to address changes made by the Consolidated Appropriations Act, 2021, for... TheTaxBook

Nov/Dec 2021, Tax News Briefs, business, Internal Revenue Code, CARES Act, PPP, Social Security, Paycheck Protection Program, Medicare, American Rescue Plan Act, Consolidated Appropriations Act, Form 941, employee retention credit, Notice 2021-23, wages, §3121(a), §3231(e), grant
Payroll Taxes in 2021: The Dos and Don’ts
Payroll Corner

Payroll Taxes in 2021: The Dos and Don’ts

Filing payroll taxes accurately takes work, especially when keeping track of changing tax regulations. The following payroll tax tips will help your clients stay compliant. The subject of payroll taxes can be a prickly one for human resources p... Justworks

Sept/Oct 2021, Payroll Corner, payroll, FICA, Social Security, health savings account, Flexible spending account, Medicare, FSA, employer taxes, FUTA, Federal Unemployment Tax Act, Federal Insurance Contributions Act, Form 941, Revenue Procedure 2020-45, HSA, State Unemployment Tax Act, SUTA
Due Diligence: How Do You Do It and How Much Is Enough?
Feature Article

Due Diligence: How Do You Do It and How Much Is Enough?

When I was director of the Office of Professional Responsibility, one of the most frequent questions I received from tax professionals around the country was: "How do I know when I have done enough due diligence?" The ultimate answer: “It depends,” sho... Karen L. Hawkins

May/June 2021, Feature Article, OPR, ethics, Office of Professional Responsibility, Circular 230, FATCA, practice management, Schedule C, Social Security, due diligence, §10.22, Fair and Accurate Credit Transactions Act, §10.37
Excluding Medicare Waiver Payments from Income
Feature Article

Excluding Medicare Waiver Payments from Income

The Internal Revenue Service (IRS) has provided guidance on the tax treatment of certain payments to individual care providers for the care of eligible individuals under a state Medicaid waiver program in IRS Notice 2014-7.i The prog... Laurie W. Ziegler, EA

Mar/Apr 2021, Feature Article, Form W-2, Schedule C, Social Security, SECURE Act, Medicare, Medicaid, waiver, Form 1099, Notice 2014-7, HCBS, home and community-based services, earned income tax credit, EITC, caregiver, Notice CP 2000, Form 1099-MISC, Wisconsin, §131, §1915(c)
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
Employee Payroll Tax Deferral Guidance Creates Risk
Expert Notes

Employee Payroll Tax Deferral Guidance Creates Risk

The IRS issued guidance on August 28, 2020, (Notice 2020-65) implementing a White House directive to defer certain employee payroll taxes, but the guidance raises more questions than it answers and appears to expose employers to potentially significant repayment obligations and ... Dustin Stamper

Nov/Dec 2020, Expert Notes, tax, payroll, COVID-19, withholding, Notice 2020-65, deferral, §7805A, Social Security