Articles

Best Practices for Surviving (and Helping Your Client Survive) an IRS Audit

Leave a Comment / By Joshua Youngblood, EA, CTRS, CRETS, NTPI Fellow

Few things strike fear in our clients’ hearts more than an IRS notice, especially one that says a client’s tax return is being examined or audited. While this must be dealt with on a timely basis, it is not a reason for you, the tax professional, or the client to panic. Here, I’ll discuss a range of best practices to ensure the success of your client’s case, plus what to do when things go awry.

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If You Have an IRS Audit Coming Up, Make Sure You Have the Tax Law on Your Side

Leave a Comment / By Kim Larsen

When you have to go toe-to-toe with the IRS, make sure you keep the fight clean. The only way to succeed when arguing your case with an auditor is to follow the IRS’s own procedures. And, the primary way to do that is—you guessed it—keeping proper documentation. With this article, you’ll better understand where tax authority is derived, what rules the IRS must stick to, and what rules the IRS accepts.

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A Tax-Season “Cheat Sheet” to Avoid Getting Cheated

Leave a Comment / By Jeff Stimpson

Scams lurk around every corner year-round, but tax time is when they seem to flourish. The crooks that come out to swipe cash, credit card info, Social Security numbers and other personal details are nothing if not innovative, always ready to use any tech advancement, disaster headline or snake-oil sales tactic to worm their way into people’s wallets. Part of your role these days as a financial pro is to help protect clients against these cons. Here’s the latest to know.

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TAX COURT ROUNDUP – March 2025

Leave a Comment / By Lewis C. Taishoff

February brings us Groundhog Day, but there are always new developments in Tax Court, as well as refreshers to keep practitioners current.

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Renewable Energy Tax Credits: An Opportunity to Sustainably Optimize Taxes

Leave a Comment / By Ted Stotzer

Investment Tax Credits (“ITCs”) and Production Tax Credits (“PTCs”, and together with ITCs, “RETCs”) have existed for decades and reflect the U.S. government’s commitment to incentivizing clean energy solutions in industry and commerce. The availability of RETCs was most recently extended by the Inflation Reduction Act of 2022 (“IRA”), which fundamentally transformed policy in this space by tying such credits’ expiration to the U.S. reaching certain targets for greenhouse gas reductions. While the recent change in Executive Branch leadership casts doubt over the longevity of RETCs, a full repeal seems unlikely given the scope and scale of domestic projects which utilize and benefit from such credits. This article discusses how RETCs may benefit both buyers and sellers in an increasingly uncertain environment.

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DeFi-nitely Confusing: Final Regulations for Digital Asset DeFi Brokers

Leave a Comment / By Matt Metras, EA

Well, at least the treasury department is true to form. They have ruined yet another international trip for me, which is the third time if you’re keeping track at home. This time it was a weekend trip to Toronto, which coming from upstate New York is technically “international,” yet somehow substantially closer to home than New York City. Late afternoon on the Friday before New Year’s Eve, the Treasury released another 115 pages of Digital Asset Regulations, along with a 13 page notice for good measure. As we’ve discussed previously on TOTTB, the last set of regs punted on a number of more complex crypto issues. This most recent release is all about one of those issues, Decentralized Finance, better known as “DeFi.”

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Pig Butchering Can Slaughter Your Clients’ Finances

Leave a Comment / By Timalyn Bowens, EA

People use the online space to look for love, make business and financial decisions. And all of these decisions can have serious tax implications. That is why as trusted financial and tax advisors, it is important for us to be aware so we can help protect our clients. In 2024, the Federal Trade Commission released a report showing consumers reported losing $4.6 billion in investment scams. That’s only the amount reported, so our clients are at risk if they are online making financial decisions. Today, let’s look at a newer player in the online investment scam arena: pig butchering. If you’re like me, you’re probably thinking “what in the world does this have to do with taxes?” Unfortunately, everything. It leads to taxpayers receiving tax bills for money they withdrew but lost as victims of theft.

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