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Claiming a child or family member as a dependent can often have significant tax benefits for a taxpayer. For most individual tax returns, determining who qualifies as a dependent of a taxpayer is a straightforward proposition. However, the question can quickly get complicated in a number of situations tax pros see regularly. Below, you’ll find […]

Calling all tax pros! Get ready to embark on an unforgettable journey filled with education, inspiration and networking opportunities at Taxposium 2024. Hosted by the National Association of Tax Professionals (NATP), this premier in-person tax education conference is set to take place from July 22-24 at the enchanting Walt Disney World Dolphin Resort in Orlando,

The beneficial ownership interest (BOI) reporting requirements are new for 2024, Tax pros still have questions about how it works and who is authorized to file the reports with FinCEN on behalf of clients. Additionally, confused clients will question you about this, and in order to provide accurate answers you will benefit from a webinar

Question: Marcus, a sole proprietor, has been operating a successful bakery for the last few years. He has a high demand for his delicious cookies, and he would like to expand the business by offering delivery services. Marcus has a personal van that he would like to convert into the bakery’s delivery vehicle. Does the

The IRS and Department of Labor (DOL) issued guidance on pension linked emergency savings accounts (PLESAs) that were authorized under SECURE 2.0 to address employer uncertainty regarding the rules that apply to the accounts. PLESAs are short-term savings accounts that, within a defined contribution plan, allow non-highly compensated employees to draw from the accounts without

Get ready for a smooth tax season with essential updates! With significant tax law changes and IRS guidance on energy credits from the 2022 Inflation Reduction Act, you’ll need to equip yourself with the insights needed for precision in preparing your clients’ 2023 returns. Your success starts with staying informed! Below, you’ll find a few

Question: Cooper is a general partner in a partnership. He has a 40% interest in the partnership, which he has held for more than one year. He decides to sell his entire interest in the partnership to an unrelated party and receives $40,000 from the sale. His outside basis in the partnership is $25,000. The

IRS collection and non-filer enforcement has been, for the most part, non-existent since the beginning of the COVID-19 pandemic in March 2020. During the pandemic, the IRS, like most of the world, pivoted to remote operations and helping with the pandemic. Most IRS personnel fully returned to their offices in June 2022 but were still

The Internal Revenue Service reminded taxpayers that carefully choosing a tax professional to prepare a tax return is vital to ensuring that their personal and financial information is safe and secure and treated with care. Most tax return preparers provide honest, high-quality service. But some may cause harm through fraud, identity theft and other scams.

Question: Charles, a part-time student who lives at home with his parents, also works at Big Y Supermarket as a cashier. The company offers him a §401(k) plan, with an employer match. Charles loves guitars and wants to buy a new one, but his dad urges him to contribute as much as possible to the