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Question: Sam received a $15,000 signing bonus in 2023 with an agreement to work for two years. She only worked nine months for the employer and then quit her job. The employer sent a notice stating she must repay $9,000 by end-of-year and adjustments for the repaid bonus would be included on her Form W-2, […]

As we step into the 2024 education season, there’s one term that’s dominating conversations across industries: artificial intelligence (AI). From revolutionizing customer service to transforming manufacturing processes, AI’s impact is felt far and wide. But what does it mean for tax professionals? How can we navigate this rapidly evolving landscape to better serve our clients

Question: Shirley has a rental house that she has owned and used in a rental activity for the last 10 years. Shirley now wants to give the property to her son, Joey. Will converting it to personal use be a taxable event, including recognition of depreciation recapture? Answer: No. Because it is a gift rather

Despite the recent high-profile court decision finding the 2021 Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirements are unconstitutional, most businesses are still subject to the act’s reporting rules. Nearly all entities created or registered in 2024 that are subject to the reporting requirements must still file a BOI report with

Earning a designation is not just a huge personal accomplishment, it can help take your tax career to new heights, too. Depending on your professional goals, this could be the first step toward taking on new clients, working your way into new industries within tax or even teaching others how to do what you do.

Question: Remy is a sole proprietor who just started a business as a limited liability company (LLC). He has no employees and wants to lease a vehicle in the name of his LLC that is used 100% for his business. If Remy leases the vehicle under his LLC, can he write off any of the

In sports, plays drawn up in the coaching room are designed to work 100% of the time. There’s only one catch: plays executed on the playing field are faced with opponents, adverse weather, et al, which significantly bring the success rate of said plays down. Such an analogy squares well with your own tax practice,

Question: Paul, Ringo, George and John are attorneys with their own separate law firms, each lawyer owning 100% of their respective company. One of the companies is a C corporation, the other three are Schedule C disregarded entities. The four law firms form a partnership and purchase a building with four floors, each entity owning

Now that the 2024 tax season is over, it’s time for tax pros to start looking forward to 2025. We understand that over the past few months tax preparers have been focused on looking back at the 2023 tax year while preparing returns. However, the past few months have also seen several notable developments that

As National Small Business Week approaches, we’re excited to showcase the diverse and dynamic tax offices that make up the National Association of Tax Professionals (NATP) community. From bustling urban hubs to quaint small-town storefronts, our members’ tax offices serve as vital pillars of support for entrepreneurs and small business owners across the nation. In