Past Preparers’ Biggest Goofs This Season

No doubt a good portion of your overwhelming workload over the past tax season involved correcting goofs from clients’ previous tax preparers. Mistakes seem to run the gamut from typos to tangibles, from basics to basis. “Depreciation: It’s crazy how many mistakes I see,” said Enrolled Agent Jeffrey Schneider in Port St. Lucie, Fla. “I’ve…

Details

Making Citizenship-Based Taxation Reform Easy

Making Citizenship-Based Tax Reform “Easy” Heitor David Pinto wants to “make it easy” for Congress to move from citizenship-based taxation (CBT) to residence-based taxation (RBT). Pinto thinks CBT is “absurd.” And he aims to help Congress change it. Because of CBT’s complexity and because it’s a low priority for Congress, Pinto was concerned Congress might…

Details

NFL Will End Its Tax-Exempt Status

The National Football League’s central office will become a taxable entity, ending its tax-exempt status in a move with minimal financial effect and significant symbolic value. “Every dollar of income generated through television rights fees, licensing agreements, sponsorships, ticket sales, and other means is earned by the 32 clubs and is taxable there,” Goodell wrote.…

Details