Loopholes

Striking a Balance: Pitching to the Umpires of Tax Law – Understanding US Tax Court Judges through the Art of Baseball Analogies

In this fascinatingly original article, we explore the striking parallels between America's pastime and the high-stakes world of tax litigation. Prepare to be surprised as we reveal the hidden connections between the umpires of the diamond and the judges of the Tax Court. From the precise strike zones of regular judges to the veteran expertise of senior judges, and the specialized skills of special trial judges, you'll gain a newfound appreciation for the officials who keep the game of tax law fair and balanced.

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CURRENT EDITION

The Tips Deduction and the Self-Employed: Potholes Everywhere

Jason Dinesen, CPA

By now, tax professionals and taxpayers are familiar with the fact that the One Big Beautiful Bill (OBBBA) created a new tax deduction for tips received. What we want to look at in this article is — how do self-employed taxpayers handle this deduction?

The Succession Plan You Keep Meaning to Write

Joshua Youngblood, EA, CTRS, CRETS, NTPI Fellow

I have a friend who has been retiring “in about two years” for the last five years. He is 67, runs a successful practice with about 400 returns, and specializes in tax planning. He has never had the practice valued. He also has no succession plan in the event he does not come back from his next fishing trip. This is not unusual. This is typical. The 2020 American Institute of Certified Public Accountants (AICPA) firm succession survey found that only 6% of solo and sole practitioners had a practice continuation agreement in place. Nearly half of those surveyed said they knew they needed one and had no idea how to start. That second figure is the one that gets me, because it is not denial. Our colleagues know exactly what is at stake and are stuck. Let us get unstuck.

Games Industry Lore 101: Basics Tax Practitioners Should Know

Rachel Presser

When building your book of business, especially small business clients that do the heavy lifting due to their recurring complex tax filings, you might ponder seeking out clients in the video games industry. Salivating at the prospect of capturing just a tiny sliver of that nearly half-trillion market valuation as your social media feeds flood with news and memes from a random indie game you’ve never heard of, you wonder how to attract and retain game developer clients. But there’s several things that tax practitioners should know about how the games industry works, and its innumerable oddities, before diving head-first into taking on game developers as business or individual clients. Ready to press play?

Striking a Balance: Pitching to the Umpires of Tax Law – Understanding US Tax Court Judges through the Art of Baseball Analogies

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CURRENT EDITION

The Tips Deduction and the Self-Employed: Potholes Everywhere

The Succession Plan You Keep Meaning to Write

Games Industry Lore 101: Basics Tax Practitioners Should Know

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