Enrolled Agents tend to react with some anxiety when tax preparation clients claim no knowledge of their cost basis for sold assets. However, detecting correct basis is an opportunity for an EA to imp
Preparing tax returns for famous athletes may seem like an exotic career, but the reality is that this area of specialization is highly challenging. Athletes are certainly inclined to obtain tax servi
When the IRS makes adjustments to a tax return, a bill sent to the taxpayer typically includes penalties and interest. Although assessment of interest is a legal mandate, penalties are discretionary.
Gathering tax information is a frustrating process for most taxpayers, but Enrolled Agents can simplify the exercise by offering some organizational assistance. This has the added benefit of improving
Tax professionals nationwide have long been confronted with a difficulty involving individuals who work part of a year in California. That state aggressively assesses tax on income earned within its b
Leaders of income tax scams typically don’t advertise their illegal acts like Rashia Wilson, but the industry is plagued by an unfortunate number of fraud promoters. For tax professionals holding En
Nothing in the tax laws prohibit businesses from conducting operations in a manner that minimizes the tax impact of their activities. However, an important tax principle that Enrolled Agents must reco
An unfortunate fact of many businesses involving multiple owners is that the tax aspects of their arrangements commonly confuse them. Partnerships have an unusual tax characteristic that causes them t
An especially baffling matter for some taxpayers is the imposition of income tax on money that they haven’t received. This mostly arises for bond investors who purchase those securities at discounte
Gift and estate tax issues are a major area of Enrolled Agent expertise. Determinations of taxable gifts are standard Enrolled Agent exam questions and these matters often arise when preparing income
