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Hi, Everyone, Time is running out to register for the best live EA Review Course anywhere! Once registered, you will have access to a private online community where Bill and I hope to provide some useful information leading up to our course. We will post tips, practice questions, and perhaps some additional diagrams that might help you understand the material that we will cover in class. And, as always, we welcome your questions and comments; there are no bad questions! We can all learn from the discussions (and that includes Bill and me, who are not out there in practice where the fire is burning. The materials that you will receive include 150 questions...
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Open the IRS CD-ROM and Prioritize. I know. You purchased a review course to avoid opening the CD-ROM package of IRS Study Materials. And most review courses promise that you won’t need to open the package. But if you did not purchase a review course you must open the package, and even if you did purchase such a course there is still much to be gained by examining these IRS materials. For one thing, many of the answers are word- for-word from these publications, and your memory can surprise and delight you at times. Not all of these materials are created equally, and some publications (such as Publication 17 , Your Federal Income Tax ) provide enough...
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Stephen A. Whitlock has been named as the Director of the Office of Professional Responsibility effective August 3, 2015. Steve previously served as the Director, Whistleblower Office where, as the first to hold this role, he oversaw development of the program, set policy and provided oversight for Service action on information provided by whistleblowers. Prior to that, Steve held the position of Deputy Director, Office of Professional Responsibility where he oversaw the conduct of attorneys, CPAs, enrolled agents, enrolled retirement plan agents, actuaries and appraisers who practice before the IRS under Treasury Circular 230. Steve also served as the...
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by John Everett, CPA, Ph.D. Know the Cardinal Rule of Studying - There are absolutely no shortcuts to passing the SEE. You must have an organized approach. Plan to study at least 50 hours for each part of the exam, at a pace of at least 10 to 15 hours per week.Take plenty of notes (in your own words) that provide shorthand references to the tax law for the more important provisions. Leave time to take a practice exam at least two weeks prior to the exam to highlight weak spots. Past exams are available at www.irs.gov, although these are in the old format. Still, they’ll give you a feel for the types of questions (and time pressure)...
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Tips from the IRS Miscellaneous deductions can cut taxes. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. So if you usually claim the standard deduction, think about itemizing instead. You might pay less tax if you itemize. Here are some IRS tax tips you should know that may help you reduce your taxes: Deductions Subject to the Limit. You can deduct most miscellaneous costs only if their sum is more than two percent of your adjusted gross income. These include expenses such as: Unreimbursed employee expenses. Job search costs for...
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Everybody has to pay taxes, but in today’s economy, it doesn’t hurt anyone more than small businesses. They pay thousands of dollars in taxes every year, but thanks to tax deductions, these companies don’t need to pay more than necessary. It’s important that you recognize and utilize the tax deductions available to you as a business. There’s no sense paying more than you have to during tax season. Though tax deductions will vary by business, here are some of the most common tax deductions you can utilize. 1. Auto Expenses There are certain tax deductions available to companies that use automobiles for business purposes. If your business owns its own...
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Tips from the IRS Millions of people enjoy hobbies. They can also be a source of income. Some of these types of hobbies include stamp or coin collecting, craft making and horse breeding. You must report any income you get from a hobby on your tax return. How you report the income is different than how you report income from a business. There are special rules and limits for deductions you can claim for a hobby. Here are five basic tax tips you should know if you get income from your hobby: Business versus Hobby. A key feature of a business is that you do the activity to make a profit. This differs from a hobby that you may do for sport...
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by John Everett, CPA, Ph.D. Examine the Exams . The more previous exam questions you review, the better. For one thing, the Prometric Licensing Information Bulletin (at www.prometric.com/IRS) provides detailed lists of possible topics for each part of the exam. These, by and large, mirror questions asked on previous exams under the old IRS format. True, there are some new topics, mainly related to client relations and audit and representation responsibilities, and we’ll discuss this factor next. But you need to get a flavor of the questions and the depth of knowledge expected on the exam under the old format. More importantly, such reviews...
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In property owner and real estate investment circles, the terms positive and negative gearing have been frequently tossed around. Some investors are firm believers in pursuing positively geared properties only; others argue that it’s more financially savvy to diversify your portfolio and incorporate a couple of negatively geared properties into the mix. Despite what people may tell you, there isn’t one right answer here. So much depends on the individual property, as well as the particular investor’s financial status. You’ll have to sort through a number of independent variables with your clients, but this article offers a basic overview...
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Tips from the IRS If you’re an employer or health coverage provider, you can attend a series of educational webinars this summer to help you understand the Affordable Care Act’s employer provisions and related requirements. The IRS is presenting three different webinars in July that will each be repeated in August and September. The IRS designed these webinars for business owners, tax managers, employee benefits managers and health coverage providers. All time listed below are Eastern Daylight Time. Employer Shared Responsibility and Information Reporting Learn about the ACA’s employer shared responsibility provisions and information reporting...
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Tips from the IRS Federal law allows taxpayers to deduct all the ordinary and necessary expenses they incur during the taxable year in carrying on their trade or business, including the costs of certain materials, supplies, repairs, and maintenance. However, taxpayers are required to capitalize the costs of acquiring, producing, and improving tangible property, regardless of the size or the cost incurred. In 2013, the Internal Revenue Service issued final regulations clarifying how federal tax law applies to tangible property. In general, the new rules apply to taxable years beginning on or after Jan. 1, 2014. For most taxpayers, this means the...
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by John Everett, CPA, Ph.D. Know the Cardinal Rule of Studying - There are absolutely no shortcuts to passing the SEE. You must have an organized approach. Plan to study at least 50 hours for each part of the exam, at a pace of at least 10 to 15 hours per week.Take plenty of notes (in your own words) that provide shorthand references to the tax law for the more important provisions. Leave time to take a practice exam at least two weeks prior to the exam to highlight weak spots. Past exams are available at www.irs.gov, although these are in the old format. Still, they’ll give you a feel for the types of questions (and time pressure)...
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Tips from the IRS If you rent a home to others, you usually must report the rental income on your tax return. However, you may not have to report the rent you get if the rental period is short and you also use the property as your home. In most cases, you can deduct your rental expenses. When you also use the rental as your home, your deduction may be limited. Here are some basic tax tips that you should know if you rent out a vacation home: Vacation Home. A vacation home can be a house, apartment, condominium, mobile home, boat or similar property. Schedule E. You usually report rental income and rental expenses...
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Tips from the IRS The Internal Revenue Service today reminded taxpayers that a wide range of publications and online resources are available in six languages on IRS.gov, the agency’s popular web site. IRS.gov features online resources in Chinese, Korean, Russian and Vietnamese, as well as English and Spanish. These multilingual resources are available throughout the year, not just during tax season. Available resources include the agency’s cornerstone Taxpayer Bill of Rights document, Publication 1, titled “Your Rights as a Taxpayer.” The publication outlines the 10 key provisions that make up the Taxpayer Bill of Rights, including the right to:...
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Studying for the EA exam? Here are some topics you will want to focus on. To be even more prepared to pass the exam, register for NSA's Enrolled Agent Exam Review Course ! Requirements to File a Return Exemption Deductions – Gross Income Test Filing Status – Head of Household Statutory Fringe Benefit Exclusions Dividend Income – Dividend Reinvestment Plans Prepaid Rental Income and Deposits Reporting Rental Income – Vacation Rental Homes Social Security Income – Basic Computation Passive Activities – The $25,000 Real Estate Exception Investment Incomes – Mutual Funds and REITS...
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Posted by Pat Friesen You can get more value from your smartphone and tablet when you arm them with the right apps. Some of these are free, some have free versions, and others provide big benefits with modest price tags . MANAGE PASSWORDS SECURELY & EFFICIENTLY Accounting professionals typically have a lot of passwords to remember — everything from client logins to internal systems, even personal accounts. According to Allyson Kazmucha in Best apps for accountants and CPAs , 1Password is an efficient way to manage passwords and keep files secure with strong ones. “ 1Password is a safe and secure place to store them all without...
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Tips from the IRS Planning to tie the knot this summer? Arranging a wedding can be overwhelming, from choosing the venue to the flowers, but have you considered the tax planning involved? Here are some tips from the IRS that will help you prepare for next year's tax time and save you some stress down the road. Change of name. All the names and Social Security numbers on your tax return must match your Social Security Administration records. If you change your name, report it to the SSA. To do that, file Form SS-5, Application for a Social Security Card. The easiest way for you to get the form is to download and print it on SSA.gov...
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NSA Proposes Tax Practitioners Bill of Rights Proposed $838 million cut in IRS funding drives new initiative ALEXANDRIA, VA, June 16, 2015 — In the wake of a proposed $838 million cut in funding for the Internal Revenue Service (IRS), the National Society of Accountants (NSA) has issued a “Tax Practitioners Bill of Rights.” NSA hopes this Bill of Rights, developed during the past few months, will establish timely enactment of tax laws and regulations and reasonable levels of IRS service for tax practitioners, who file 60 percent of the tax returns received by the IRS each year. The U.S. House of Representatives Appropriations...
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The following handout will be used during our live webinar on Thursday, June 25 (" Schedule D in the Real World ").
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Our upcoming webinar, "Schedule D in the Real World," will be held on Thursday, June 25. It will be presented by Kathy Hettick, EA, ABA, ATP and Gene Bell, EA, ATA, CFP . Both of these popular speakers will represent the NSA at the 2015 IRS Tax Forums. The Schedule D got a major face lift a few years ago, along with the introduction of Form 8949. In this session we will discuss various aspects of reporting the sale of capital assets on Schedule D. When is the Schedule D required? When is Form 8949 required? How do I read that Form 1099-B? How do you use Form 8949 "Adjustment Codes"? We will present scenarios and provide resources you need so you can...
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