The Tax Professionals Blog
Are you a CRTP That Can No Longer Represent You...
If you failed to check the box in your IRS PTIN account that you would abide by Sub-part B of Circular 230 you can no longer represent your clients before...
Read MoreLate Filing & Late Payment Penalties Relief
The Internal Revenue Manual (IRM 20.1.1.3.6.1) provides a one-time administrative abatement of late filing and late payment penalties, commonly called the “first time abatement” (FTA) penalty relief, where a taxpayer...
Read MoreThe Christian Healthcare Ministry Exemption
Several students have submitted questions related to health care “insurance” obtained from the Christian Healthcare Ministry and the fact that no Form 1095-B or 1095-C has or will be issued.
Read MoreOverlooked Health Insurance Deductions Strategies
Self-employed individuals may take above-the-line deductions (generally limited to the net earnings from self-employment) for the amount paid during the tax year for medical insurance for the individuals, their spouses,...
Read MoreIRD Income and the Frequently Overlooked Estate...
When a client comes in with a 1099R or Schedule K-1 with income from an inherited individual retirement account (IRA), ask two very important questions
Read MoreForcing Itemized Deductions Can Reduce the Alte...
For Alternative Minimum Tax (AMT) purposes, only medical costs (net after the AGI reduction), acquisition debt interest, investment interest, charitable deductions, personal casualty losses, and tier-1 miscellaneous deductions are deductible....
Read More