Tax Tools for Tax Season Online

Breaking News

IRS seeks membership nominations for the 2025 Internal Revenue Service Advisory Council

Peter J. Scalise

On Thursday, April 18th the Internal Revenue Service announced that it is now accepting applications for the 2025 Internal Revenue Service Advisory Council (hereinafter “IRSAC”) through May 31, 2024, including nominees for a newly created subcommittee focused on fairness issues. The IRSAC serves as an advisory body to the IRS commissioner...

Treasury Secretary Yellen Addresses Global Minimum Tax Treatment of the U.S. Federal-Level R&D Tax Credit Program
On March 21st, Treasury Secretary Janet Yellen indicated that she was optimistic that the U.S. would be able to maintain…
A SALT Legislative Update: The New York State Legislature Proposes Increases to both Individual and Corporate Tax Rates
New York State’s highest individual earners and largest corporations may soon see an increase in their tax rates, while managed…
President Biden Proposes Fiscal 2025 Budget with Funding for an Enhanced IRS
On Monday, March 11th President Biden proposed a fiscal 2025 budget requesting $12.3 billion in annual funding supporting the IRS’s…

IRS Issues Final Treasury Regulations on Direct Pay for the CHIPS Act Tax Credit
On Tuesday, March 5th the IRS issued final treasury regulations for companies that would like to receive a direct payment…
The Food Bank For NYC calls for IRS VITA Volunteers
The USO’s Accountants Salute the Troops Council Honors National Pearl Harbor Remembrance Day
The United Service Organizations (USO) Accountants Salute the Troops Council and the New York Mets partnered to prepare care packages…

Introducing Peter J. Scalise as the new Editor-in-Chief of CPA Magazine
Introducing Peter J. Scalise as the new Editor-in-Chief of CPA Magazine [Dallas, Texas January 1. 2023] - We are delighted to…
An Industry Spotlight on Philanthropy: Accountants Salute to the Troops
Since 1941, the USO has been the nation’s leading organization to serve the men and women in the U.S. military…
Embrace Artificial Intelligence
Recent studies have shown that technology has reduced the time spent on routine tasks by 60-80 percent. Artificial intelligence (AI)…

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Marital Dissolution Planning and Crowdfunding

Divorce Taxation

Sidney Kess, CPA, J.D., LL.M.

When couples split up, it’s still common for one party to make support payments to the other. Sometimes this continues until the death of the party receiving support; sometimes it...

Due Diligence: An Area Demanding Caution
It is critical for tax professionals to periodically pause and…
IRS Issues New Administrative Authority Governing the Tax Treatment of Depreciation and Expensing Rules
On December 21st of 2018, the Internal Revenue Service (hereinafter…
Basis Planning and Other Tips for Practitioners
Many practitioners have tuned out estate planning because of the…

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The Bottom Line

Tax Strategies

Marital Dissolution Planning Post TCJA

Sidney Kess, CPA, J.D., LL.M.

The IRS reports that nearly 600,000 taxpayers claimed an alimony deduction on their 2015 returns (the most recent year for statistics) (https://www.irs.gov/pub/irs-soi/soi-a-inpd-id1703.pdf). The Tax Cuts and Jobs Act of 2017...

QBI Deduction Issues for Professionals
Most attorneys, accountants, and other professionals operate as unincorporated sole…
Tax Cuts and Jobs Act of 2017: Impact on Individuals
On December 19, 2017, Congress passed a major tax package…
Charitable Contributions for High-Income Taxpayers
The government views those with income of $200,000 or more…

Death of an Employee: Tax Ramifications
When an employee dies, family members, co-workers and others may…
Key Tax Laws by Birthday
Many of the tax rules for individual taxpayers depend on…
Tax Advantages for Working Children
With summertime approaching, many children will be getting jobs during…

Tax Issues of Long-Term Care
Long-term care is different from medical treatment designed to cure…
Tax Consideration of Identity Theft
In its annual release in 2016, the Federal Trade Commission…
Tax Aspects of Disasters
The flooding in parts of Louisiana on August 11, 2016…

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Feature Stories

Tax Court Upholds Strict Adherence to Requirements for IRS P…

Kathleen M. Lach

A recent decision issued by the U.S. Tax Court in Graev v. Commissioner 1 could prove pivotal in cases where a practitioner has requested abatement of penalties for their client...

Is Crowdfunding Easy Money or Tax Trap for the Unwary?
It has become fairly common these days for individuals and…
New ‘Qualified Opportunity Zone’ Guidance
Earlier today the Internal Revenue Service released the first set…
Qualified Business Income Deduction Clarified
The Tax Cuts and Jobs Act of 2017 introduced a…

Sales Tax After Supreme Court Overrules Physical Presence Standard
In the 5-4 decision of South Dakota v. Wayfair, Inc…
The Impact of the New Tax Law
The Tax Cuts And Jobs Act ("TCJA") was passed by…
When is it OK to Not Meet the Tax Deadline?
Consequence of Filing Your Tax Return Late or Failure to…

IRS Examining Coinbase Accounts
Coinbase, America’s largest platform exchanging bitcoin into U.S. dollars serving…
IRS Streamlined Installment Agreement Test Program Extended
The IRS is testing expanded criteria for streamlined processing of…
The IRS and Private Collection Agencies
If the IRS is bugging you about your unpaid taxes…

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Financial Planner

Understanding Pay Options with the new DOL Regulations

Jerry Love, CPA/PFS, CFP, CVA, ABV, CITP, CFF, CFFA

This article is a follow up to the prior article which highlights the new regulations for the Fair Labor Standards Act (FLSA) from the Department of Labor (DOL) raising the...

What is a Credit Score?
This is a question on many people’s minds. A few…
Department of Labor Releases New Regulations on Overtime Rules
It has taken the Department of Labor (DOL) almost two…
Signing Up for Medicare
Most people do not know they can incur penalties by…

Affordable Care Act - Plan of Attack
By now every employer and CPA assisting employers is well…
SSARS 21 and Other Critical Changes
I am going to give you the highlights of four…
Will Your Clients Run Afoul of ACA's Largest Penalty?
Failure to read this article and understand it could cost…

Employee or Independent Contractor for ACA?
The question of when a person can be paid and…
Helping Clients Develop a Household Budget
I am frequently asked by clients to help them develop…
Affordable Care Act - 1040 Reporting Requirements
When Congress passed the Affordable Care Act (ACA) in 2010…

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Client Tax Tip

How Interest Can Be Deducted When Money is Borrowed to Buy I…

Julie Welch, CPA, CFP

If a taxpayer borrows money to purchase investments, such as mutual funds, bonds or stock, the interest paid on the loan can usually be deducted. There are two limitations, however...

Audits and Tax Return Retention
"How long should my client keep his/her tax returns and…
Tactics to Use When Preparing 1040s
Be Alert for Digital Documentation Now that companies are going digital…
Even A Nonworking Spouse Can Contribute $5,500 To An IRA
If your client is married and either that person or…

Contribute An Extra $1,000 to Your IRA and An Extra $6,000 to Your 401(k) if 50+
If your client is age 50 or older, he or…
Roth IRA Contribution Withdrawals Are Tax-Free
Roth IRAs are similar to traditional IRAs in that the…
You Can Claim Lifetime Learning Credits for Continuing Education Courses
You can offset the costs of higher education with two…

Favorable Tax Rate On Dividends
Generally dividends you receive on stock you own are taxable…
Tax Return Retention Policy
“How long should my client keep his/her tax returns and…
You Can Use Health Savings Accounts to Reduce the Cost of Your Medical Care
Health Savings Accounts (HSAs) are similar to individual retirement accounts…

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Editor Blog

CPAs Wanting to Do It Themselves

Joshua Fluegel

In its ongoing effort to stay on the forefront of developments in tax profession technology, CPA Magazine talks to Mark Strassman, president of Make My Day CPA. Strassman discusses CPAs’...

Top Small Business Software All Provide Phone Support
CPAs serving small businesses have many demands for their accounting…
Breaking Developments in 1040 Tax Software
There have been many changes to 1040 tax software over…
The IRS Issues Final Treasury Regulations Governing R&D Tax Credit Claims
On October 3, 2016, the IRS issued Final Treasury Regulations…

Identity Theft: Response Plan
In this information age, identity theft is no longer something…
Tax Resolution Services Prove Valuable
Tax Resolution is a fascinating way to expand your firm…
Lewis Testifies at Congressional Committee
Chairman of the AICPA Tax Section’s Tax Executive Committee, Troy…

Crowdfunding Requires Reviews by CPAs
The need for CPA reviews may explode when Jumpstart Our…
6 Tax Tips for Tax Season
The dawn of a new year brings a fresh opportunity…
Tips and Tricks for Tax Professionals
Here are three quick tips and tricks to help tax…

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Tax Checklist

Non-Grantor Trust Planning Tips Benefit Many Clients

Martin M. Shenkman, CPA, MBA, PFS, AEP, JD

Why You Must Understand the New Planning Benefits of Non-Grantor Trusts The 2017 Tax Act dramatically changed tax planning. In the new tax environment, there are a number of significant income...

Post TCJA Estate Planning Checklist
The Tax Cut and Jobs Act enacted in late December…
Estate Planning After Tax Reform
Tax Reform has not been enacted at the time this…
Crowdsource Funding to Help Victims of the Las Vegas Massacre
One of the authors just received a call to assist…

Technology and CPA Estate and Longevity Planning
Estate planning is a vital service for clients. While historically…
Checklist: Elder Financial Abuse
Aging clients are growing in number and practitioners should address…
16 Ways to Turn 1040s into Planning Clients
An individual income tax return can be a treasure trove…

CPAs' Role Grows After Estate Tax Repeal
Donald Trump won the Presidency and the Republicans control both…
Documentation to Transfer Closely Held LLC Interests by Gift or Sale
Funding Irrevocable Trust with Family or Closely Held LLC Interests LLCs…
Checklist: 1040 Planning Idea
√ MULTI-GENERATION CRT Blended families are common, perhaps the norm (only…

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Details: Written by: T. Steel Rose, CPA, ACS Editor; Published: 17 March 2016

rose steel The dawn of a new year brings a fresh opportunity to help clients make tax-optimized decisions. Here are additional three tips and tricks to help tax professionals manage, enhance and expand their practice this tax season. Click HERE to view my 3 previous tax tips for this tax season

IRS Tax Tools

Reliable resources to answer common tax questions are worth their weight in gold. Two such tools are the IRS Tax Map and the IRS Interactive Tax Assistant tool. The Tax Map provides tax law information integrated with related tax forms, instructions and publications. While both resources are slow to the point of timing out, they are reliable and worthy of a spot in a tax professional’s toolbox.

AICPA Marginal Tax Rate Calculator

Helpful tools are available to enhance the work you already perform. The AICPA provides a Marginal Tax Rate Calculator to show clients and new staff members the effect of deductions and tax credits on the actual tax rate: http://www.360financialliteracy.org/Calculators/Marginal-Tax-Rate-Calculator. Whether clients are in the 15% or 39.6% tax bracket, it helps to show them their effective tax rate on tax decisions. This calculator is one of several provided by the AICPA at http://www.360financialliteracy.org.

Publishing CPA Magazine since 2002, T. Steel Rose began his career with Price Waterhouse leading to the start of Rose & Cash, CPAs. He was a VP for Solomon Software, now owned by Microsoft, and launched CPA Software News in 1991.