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Reporting information from a partner’s Schedule K-1 (Form 1065) or a shareholder’s Schedule K-1 (Form 1120-S) can be a challenging task for preparers. In a three-part webinar series, we will debunk the process of reporting pass-through items on the owner’s return. Below, you’ll find a few of the top questions from a recent webinar on […]

Question: Aaron is 25 and serves as a member of the Army Reserve. He was ordered to active duty for 190 days. One month after being ordered to active duty, he took a distribution of $10,000 from his 401(k) retirement plan. The distribution was entirely allocable to elective deferrals, and Aaron met all of the

With the ever-changing landscape of tax laws and regulations, there has never been a better time to invest in your education and expertise. A Master of Science in Taxation (MST) could be your ticket to unlocking new opportunities and advancing your career in this dynamic field. Here are three compelling reasons why pursuing an MST

Since Schedule C is the primary method through which sole proprietors report their earnings, tax pros catering to clients who own small businesses must be adept in its preparation. It’s a cornerstone of tax compliance for this demographic, requiring attention to detail to accurately reflect the financial activities of the business. Below, you’ll find a

Question: Lina filed Form 990, Return of Organization Exempt From Income Tax, by May 15, 2024, which is the due date for Alley Cats Rescue, a tax-exempt organization filing on a calendar year basis. Shortly after, the Form 990 was returned to her along with IRS Letter 2694C indicating there was information missing from her

With the IRS resuming its campus collection operations, it is more important than ever for you to be able to help clients who owe back taxes or have a balance due with their 2023 tax return. More and more taxpayers now owe the IRS back taxes and an increasing number of taxpayers are filing with

Family situations can be unique and ever-changing. Because of this, you understand the intricacies of the child tax credit (CTC), the additional child tax credit (ACTC) and the other dependent credit (ODC) to accurately assess your clients’ tax situations. This understanding will ensure your clients receive the full benefits they’re entitled to, optimizing their tax

Question: Joe has owned a residential rental real estate property since 1993. He has taken straight-line depreciation, using 27.5 years as the life of the property. He is selling the property in 2024. Does Joe have any potentially ordinary income to report from the gain, or from the gain due to previous depreciation allowed or

With the end of tax season rapidly approaching, NATP is reminding tax preparers of recent news items that could impact your practice, your clients or returns you prepare. 1. New RMD rules in effect for 2023 tax year The SECURE 2.0 Act of 2022 raised the age at which account owners are required to take

Navigating the landscape of eligibility criteria for the self-employed health insurance (SEHI) deduction requires careful consideration of various factors, including the nature of the entity and how the insurance policy was procured. These elements shape the determination of a taxpayer’s eligibility and the methodology employed for computing the deduction. Below, you’ll find a few of