The Tax Professionals Blog

IRA-to-IRA Rollover Waiting Period Consequences

Posted by Lee Reams Sr., BSME, EA on

As sure as the sun rises every morning you stand a good chance of encountering a taxpayer who has violated the one rollover a year rule for IRAs. This article includes how that rule is applied, exceptions to the rule and the tax consequences.

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Governor Signs New bill affecting CRTP Tax Preparers

Posted by Lee Reams Sr., BSME, EA on


On September 20, 2018, Governor Brown signed into law Assembly Bill 3143 which modifies the laws affecting CTEC preparers.

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Surrogacy Fees and Taxes

Posted by Lee Reams Sr., BSME, EA on

You won’t run across it very often, because the number of surrogacies compared with conventional births is very small. Generally, surrogacy arrangements are made through surrogacy agencies. Surrogacy is a legal arrangement – the surrogate mother, the parents and the agency all have entered into a binding contract and in the event of a breach of that contract, can be held to the terms of the agreement.

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Mismatched W-2 Notices

Posted by Lee Reams Sr., BSME, EA on

Your business clients may begin receiving notices in 2019 from the Social Security Administration (SSA) related to Forms W-2 (Wage and Tax Statement) they submitted that contain name and Social Security number (SSN) combinations that do not match the SSA’s records. The SSA refers to these notices as Educational Correspondence (EDCOR).

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21% of Taxpayers Will Be Underwithheld For 2018

Posted by Lee Reams Sr., BSME, EA on

The Government Accountability Office (GAO), in a report assessing the impact of the Tax Cuts and Jobs Act provisions and the withholding allowances established by the IRS, has estimated 21% of taxpayers will be underwithheld for 2018, up from 18% in 2017.

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