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Practical tax insights for working tax professionals.
Written by tax professionals for CPAs, EAs, and tax preparers.

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My Tax Client Answered “Yes” on Virtual Currency – Now What?

My Tax Client Answered “Yes” on Virtual Currency – Now What?

This tax season, you may find that clients have a lot of questions on cryptocurrency and how to treat virtual income on their tax return. If your client answered “yes”…
A Narrow Window of Opportunity for Married Couples to Enhance Tax Credits

A Narrow Window of Opportunity for Married Couples to Enhance Tax Credits

It is common knowledge that some things just can’t be done on a tax return, such as changing a filed and accepted Married Filing Jointly (MFJ) return to a Married…
Revisiting Dependency: To Claim or Not To Claim

Revisiting Dependency: To Claim or Not To Claim

The question asking if an individual is a dependent or if they might file on their own as an independent taxpayer has always been an issue. In recent years this…
Why the 65-Day Rule & March 6 Is Important to Complex Trusts

Why the 65-Day Rule & March 6 Is Important to Complex Trusts

Why is March 6 important when dealing with trustees who are in control of complex trusts? March 6 becomes a very important date for the trustee of a complex trust…
Climbing IRS Schedule K-2 When Preparing Taxes

Climbing IRS Schedule K-2 When Preparing Taxes

Located in a remote part of Pakistan, K2 is the earth’s second-highest mountain and the most difficult to climb. Although it’s not as high as Mount Everest, K2 is more…
What Questions Should You Ask New Tax Clients?

What Questions Should You Ask New Tax Clients?

This week’s blog focuses on the importance of exercising due diligence when taking on new tax clients by asking questions regarding their previous tax returns that could impact current tax…