A quarterly magazine from the National Association of Enrolled Agents
Fall 2024 vol.42 no.3
Key Considerations for Enrolled Agents in the Upcoming Tax Season
Preparation

Key Considerations for Enrolled Agents in the Upcoming Tax Season

The Tax Cuts and Jobs Act (TCJA) of 2017 brought substantial changes to individual income taxes, but many of these provisions are scheduled to expire at the end of 2025. As tax practitioner... Stephen Molchan, EA

Winter 2023, Preparation, TCJA, RMD, Tax Cuts and Jobs Act, capital gains, s corporation, c corporation, §199A, SECURE Act 2.0, partnership, Alternative minimum tax, ROTH IRA, limited liability company, LLC, sole proprietor, adjusted gross income, AGI, required minimum distribution
Ice, Ice Baby and the Accession to Wealth
Back to Basics

Ice, Ice Baby and the Accession to Wealth

Clarice’s grandma left her an old wooden box full of recipes and a set of antique furniture. Clarice was excited to see the exact recipe for her grandma’s famous apple pie, but, to her surprise, the box held another secret. Nestled in that recipe box, in it... Kimberly Nava-Jones, EA

Mar/Apr 2022, Back to Basics, income, §199A, wealth, IRC §102(a), inheritance, Treasury Regulation §1.61-1(a), Commissioner vs. Glenshaw Glass Co., accession
Tax Planning Versus Preparation – What Is the Difference?
Feature Article

Tax Planning Versus Preparation – What Is the Difference?

Visit social media or Google these days and you will most likely see advertisements for tax planning. But many taxpayers (and even tax professionals) are confused about the differences between tax planning... Dominique Molina, CPA

Nov/Dec 2021, Feature Article, capital gains, business, c corporation, §199A, deductions, tax preparation, tax planning, employee retention credit, net operating loss, NOL
Assessable Penalties and Abating Them
Feature Article

Assessable Penalties and Abating Them

The United States federal tax system operates on a system of somewhat voluntary compliance. However, human nature being what it is, a voluntary system without a means of enforcement lends itself to fraud, ignorance, and disregard. I... David Woods, EA

Sept/Oct 2021, Feature Article, §199A, §6651(a)(2), penalties, §6663, fraud, Form 926, §6038, Form 5471, §6662, Form 8865, accuracy-related penalty, Form 3520, Form 8858, Form 3520-A, Form 8938, §6662(j), abatement, §6651(a), §6038D, §6651(a)(1)
Demystifying §199A and Rental Activities
Feature Article

Demystifying §199A and Rental Activities

I read Gil Charney’s analysis of the application of §199A to a rental activity in the September/October 2019 edition of EA Journal (“Your Questions Answered,” pp. 12-13) and I do not agree with it. In that case, I believe the taxpayer clearly qualifies to take the §199A deduction on th... Thomas A. Gorczynski, EA, CTC, USTCP

Jan/Feb 2020, Feature Article, §199A, section, rental, tax, activities, preparation, filing, business, season, TCJA, trade, Tax Cuts and Jobs Act, safe, income, harbor, return, preparers