2018 January/February EA Journal Exam

4.93 (15 votes)

IRS Program Number: X9QQU-T-00462-17-S

Filing Requirements of Americans Abroad
By Rainer Fiege-Kollman, EA
Enrolled agents and tax professionals with clients who live abroad or regularly work abroad need to fully understand their clients’ filing obligations and how to keep them in compliance. After covering residency and applicability, the article highlights some key issues for international taxpayers in the areas of tax and reporting obligations, foreign accounts and assets, dual-status taxpayers, and compliance with requirements.

Basis and At-Risk Amounts for S-Corporations
By David Woods, EA
This article addresses limitations that exist for deducting losses on taxpayer returns. Some of the more overlooked areas in this regard are those of basis and at-risk limitations. This article sheds light on what are sometimes confusing issues for practitioners dealing with these topics.

Backdoor Roth Contribution for High-Net-Worth Clients
By Craig Smalley, EA
Clients who have maximized their retirement contributions and whose adjusted gross income (AGI) is over the Roth IRA contribution limitations can still benefit from a loophole in the Roth that involves conversion from a traditional IRA to a Roth IRA. This article explains the mechanism and rules to be aware of in more detail. 

2017–2018 Key Numbers
By David Mellem, EA
Many numbers we use in our profession are indexed for inflation. This piece compares IRS rates for 2017 and for 2018, covering numerous exemptions, credits, exclusions, phase-outs, penalties, and maximums.

Tax Court Corner
By Steven R. Diamond, CPA
In looking at Whistleblower 14377-16W, Petitioner v. Commissioner of Internal Revenue, Respondent (148 T.C. No. 25), this article explores the question: “May a tax whistleblower always file their claim anonymously so as to be protected from retaliation?”