Case Study: How Hackers Attacked Tax Preparers and Enrolled Agents and How to Protect Yourself
While cyber insurance is a financial safeguard against a wide range of cyber-related events, one of the most powerful protections is from getting sued by a client after you have been hacked. Attackers have set their targets on ta... Gallagher Affinity
Ethical Considerations with Cryptocurrency Tax Preparation
Cryptocurrency taxation is an area that is here to stay, even though many tax professionals may wish otherwise. A March 2022 NBC News survey shows that more than 20 percent of American adults have interacted with cryptocurrency.i Some professionals... Matt Metras, EA
The Role Technology Plays in Your Practice
Wikipedia has defined technology as "the sum of any techniques, skills, methods, and processes used in the production of goods or services or in the accomplishment of objectives, such as scientific investigation.” As a n... Nayo Carter-Gray, EA
Tax Needs Digital-Age Toolsets for Digital-Age Problems
The tide turned during the pandemic. Flood gates are buckling as it becomes clear that the need for action around technology and digitalization is now urgent and imperative. We see it happening across our contacts and network, and the big service providers, speciali... Geoff Peck
What Is Tax Technology?
There is a sea change happening in the tax industry: Where the focus was once on compliance, it is now about value—ensuring fair taxes are being paid, managing tax risk, evaluating the tax consequences of business activities, and more. Underlying this shift to a more... Brandon Van Volkenburgh
The Future Is Cloud-First
Seventy-three percent of businesses are running at least one application on the cloud. It is a far cry from the 1990s—when people were planning for complete technological annihilation at the hands of the year 2000 (Y2K). Today, there is a sense of trust with a... Kate Wilson
Finance Leaders and AP Managers Key to Digital Transformation Strategy
When it comes to getting your business ready for the wave of digital transformation, getting up to speed and retooling with the help of new software is only one part of the necessary prep work. Experts from the MIT Sloan School of Business and consultancy Deloitte put it q... Yooz U.S. Editorial Staff
The State of ePayables in 2020: Why a Crisis Is the Right Time for AP Automation to Shine
Physical disruption and “work from home” mandates, furloughs and layoffs, downsizing, and outright business closures. The uncertainty gripping global markets during the COVID-19 pandemic and the challenging business climate has a silver lining for accounts payable (AP) groups. It is an oppo... Nimia Amaya
Creating a Data Breach Incident Response Plan
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
Building a Cathedral…
During 2020, a year I wouldn’t want to relive professionally or personally for a number of reasons, I kept my foot to the floor by focusing on the two most important issues: 1. Readying NAEA for the next step on its journey. 2. Driving value by nurturing the enrolled agent community.... Robert A. Kerr, EA
Turn! Turn! Turn!
With apologies to The Byrds, Pete Seeger, and King Solomon, the year 2020 underscores the notion that for everything there is a season! And I suggest that for NAEA, we may have reaped the harvest of what we have sown over the past almost 50 years and for the tax industry,... Donald Rosenberg, EA
As Streaming Subscriptions Surge, So Do Tax Complexities
Is your streaming company seeing a sudden surge in subscriptions? Many providers are. With consumers spending the bulk of their time at home these days, trials and signups are skyrocketing. While it can be easy for companies to get caught up in a whirlwind of widespre... Steve Lacoff
Teleworking Employees, COVID-19, and the Resulting SALT Effects
The novel coronavirus (COVID-19) pandemic is changing the way we work. More specifically, it is changing where we work. At first blush, simply working from home might not raise any tax-related red flags. Why should it matter for a business whether its employees work f... Scott Smith, JD
Data and Network Security Risks Relating to the Coronavirus Outbreak and Response
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
COVID-19 is Accelerating the Rise of the Digital Economy
If there were any lingering doubts about the necessity of digital transformation to business longevity, the coronavirus has silenced them. In a contactless world, the vast majority of interactions with customers and employees must take place virtually. With... Malcolm Cohron
Remote Work for Enrolled Agents: How to Increase Productivity and Protect Client Data
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
How We Tech
This year, our annual technology issue has collided with the coronavirus (COVID-19) pandemic. Whether you consider yourself a techie or are tech-averse, COVID-19 has increased our need to use technology, for better or for worse. Our heightened dependence on technology during the pandemi... Janelle Julien
Adapting Accounting Ethics to New Technology
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
In the Game of Fraud, How Accounting and Tax Leaders Take Charge
Concern for security in today’s public and private sector companies continues to be more and more critical in a world of ongoing digital transformation, and it involves preventing and fighting fraud. The Association of Certified Fraud Examiners reports that U.S. businesses will lose an... Laurent Charpentier
Five Simple Tips Enrolled Agents can use to Find Lucrative Tax Resolution Clients
It is no secret that millions of taxpayers owe the IRS billions in taxes, and that, in fact, the number is only expected to grow in the coming years. It is also no secret that most of these overwhelmed taxpayers are buried under an avalanche of confusing forms, letters, and... Doresa Ibrahim
Is Cryptocurrency a Major Opportunity for Enrolled Agents?
The short answer is yes. Cryptocurrency is a major opportunity for enrolled agents. However, seeing the opportunity and capitalizing on it are two different things. Blockchain > Cryptocurrency > Bitcoin You might already know this, but stil... Andy Frye, EA, Joshua Azran, CPA
How AP Automation Puts the Smart in Smart Data Extraction
When it comes to invoice and payment processing (AP) automation, there is a lot of reference to optical character recognition (OCR). It is a buzzword that accounting professionals have likely heard about. What is it exactly? Optical character reco... Laurent Charpentier
The Dollars and “Sense” of Accounts Payable Automation: How Cost Savings Translate Directly to the Bottom Line
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
The Rise of the Tax Technologist
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
Tech Speak
Let me introduce myself: I’m NAEA’s new(ish) managing editor. You’ve noticed by now that EA Journal looks different these days. I know how protective readers can feel about the magazines they love, and I respect that. A serious, loyal readership may be our most valua... Janelle Julien
Tax Technology APIs
Tax technology is rapidly changing to keep pace with the recent year’s tax law changes, be it federal income tax, state income and franchise, or state sales and use taxes. One configurable and customizable solution to tax technology is application programming interfaces (APIs). What... Alyssa Marchand, MST
Peace of Mind: Technology Security and Your Enrolled Agent Community
As an enrolled agent of some years, I began practicing when all you needed was your certification, a calculator, green columnar paper, blank tax forms – and clients. But the practice of tax professionals has altered so dramatically that we simply cannot ... Vicki Ferrantello, EA, NTPI Fellow®
Cryptocurrency Taxation Trends: Spring Always Follows Winter
Writers who cover the cryptocurrency space are nothing if not prolific. Well into 2018, legions of them trumpeted the glow of the crypto messiah. Those same writers now have the grimmer task of writing about what is commonly called the “crypto winter.” ... Michael Minihan
Blockchain Technology Explained
Blockchain tech plays an important role in cryptocurrency mining Blockchain technology allows for fast, secure, and transparent peer-to-peer transfer of digital goods that include money and intellectual property. In cryptocoin miningiScott Orgera
Blockchain Technology And What it Means For Tax Professionals
The business world has been slow to warm up to virtual currency. Bitcoins are accepted by Overstock.com , but not by Amazon.com. Signs reading “Bitcoin accepted here” are scattered throughout Chicago, New York, and San Francisco, but are not commonplace nationwide. In many ... Peter Horadan
NAEA’s Cyber-insurance Program
This article introduces the coverage within the cyber-liability policy offered to the NAEA membership. The policy is supported by Lloyds of London utilizing a London managing general underwriter (CFC), and a U.S. domestic surplus lines broker (Evolve) and offered through The Arrow Group locate... The Arrow Group
Tax Season Is Phishing Season
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
Increasing Business through Social Media
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
Cyber Security For Tax Professionals
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
Using Your Website and Social Media to Gain Clients
Websites and social media are great ways to attract younger clientele to your business. In our digitally interconnected age, it is imperative to have a website that is more than an online business card. Here are five tips for an effective website: 1. A modern website must be mobile-friendly. In a world where there are more mobile devices than there are people on Earth, it is essential that your website be mobile-friendly. What e... Jennifer Brown, EA
A World Of Alternative Fundraising A World Of Uncertainty
There are many ways our clients seek to get money for their businesses, inventions, or new endeavors. They apply for bank loans, ask family members, dip into personal savings, or in some circumstances, seek the help of venture capitalists. As with most things in life, each option has its plusses and minuses. But now there is a new kid on the block: crowdfunding. What is crowdfunding? According to Oxford Dictionaries.com, it is defined as ... Jeffrey A. Schneider, EA
Walking the Tight Rope
NINE STEPS TO MAKE YOUR MARKETING EFFORTS FROM RUNNING AFOUL OF CIRCULAR 230 Marketing your business is a critical skill to develop for bringing in customers and preventing violations of the tricky regulations surrounding how we represent ourselves before the public. Frequently, there are posts on social media groups about how best to market our businesses, yet few responses ever mention the legalities. Most areas of Circular 230 ha... Crystal Stranger, EA