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As we bid farewell to another dynamic year in the tax industry and prepare for 2024, it’s only fitting we pause and reflect on the top stories and information gained over the last year. From navigating complex financial landscapes to staying ahead in the ever-evolving tax landscape, the NATP blog has been a go-to resource […]

Question: Jesse is 53 and has been working with his current employer for 30 years. He has $450,000 in his §401(k) account and all his contributions were made with pre-tax dollars. In July 2023, Jesse took a distribution of $40,000 from his §401(k) account to pay for surgery and medical expenses for himself due to

An IRS legal memorandum makes it clear that the agency will not treat Occupational Health and Safety Administration (OSHA) communications as government shutdown orders for the purposes of claiming the employee retention credit (ERC). The Office of Chief Counsel (OCC) memorandum (AM 2023-007) is significant because many ERC consultants that have targeted ineligible businesses have

Understanding required minimum distribution (RMD)s and the SECURE Act 2.0 is essential for you to educate, plan and provide valuable guidance to your clients in their retirement and estate planning. By optimizing the timing and amount of withdrawals, clients can minimize the tax impact, potentially enhancing their financial security in retirement. Below, you’ll find a

Tax season 2024 Mad LibBy: National Association of Tax Professionals December 18, 2023 Happy holidays! NATP staff put together a fun way to celebrate the end of the year and start thinking about the beginning of the 2024 tax season. Can you believe it? Feel free to download and print out this Mad Lib for

U.S. citizens and residents abroad can exclude foreign earned income and housing costs from their taxable income under §911. Tax pros must carefully assess these options, consider the complexities of U.S. and foreign earned income, and find ways to mitigate double taxation using foreign tax credits. Below, you’ll find a few of the top questions

If any of your clients work in the military, it’s essential for you to be aware of all of the unique financial circumstances that may affect them. Military life, marked by frequent relocations and complex benefit structures, can lead to potential tax advantages being overlooked or unexpected liabilities. Below, you’ll find a few of the

Question: Khalil and Sarah have procrastinated on filing their 2022 returns. When meeting with their tax professional, they were informed that e-filing of personal returns is currently unavailable and will re-open in mid to late January. Eager to get 2022 behind them, the taxpayers want to mail their returns in now. Their tax professional advises

Tax professionals need expertise in complex installment sales due to intricate tax rules. Understanding is crucial to calculate tax liabilities accurately, determine capital gains and comply with IRS regulations. This knowledge will prepare you to handle various scenarios, such as repossessions, reporting taxable transactions and mid-sale price adjustments, avoiding costly errors. Below, you’ll find a

IR-2023-223, Nov. 27, 2023 The holiday season is here and the Internal Revenue Service, state tax agencies and the nation’s tax industry, working together as the Security Summit, kicked off the eighth National Tax Security Awareness Week with tips for taxpayers and tax professionals to avoid scams and protect sensitive personal information. “As the holidays and