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2021 March/April EA Journal Exam

March/April 2021
IRS Program Number: X9QQU-T-00731-21-S
4 CE

Excluding Certain Medicaid Waiver Payments from Income

Laurie W. Ziegler, EA
The Internal Revenue Service (IRS) has provided guidance on the tax treatment of certain payments to individual care providers for the care of eligible individuals under a state Medicaid waiver program. The types of payments and requirements to be eligible for the exclusion are described in greater detail in this article.

Anti-Money Laundering: A Primer
Ellie Nava-Jones, EA
Cash-intensive businesses provide a variety of challenges, making an accurate tax return difficult, but also invites the IRS to take a closer look under the auspices of money laundering.

Correcting Partnership Returns After the Centralized Partnership Audit Regime
David Woods, EA
Practitioners who make or find errors on a filed Form 1065 for their partnership clients may find themselves in for a bit of a shock when it comes to correcting those errors.

The Desirable (Yet Complex) Real Estate Professional Classification
Thomas J. Williams, EA, and Iris K. Palma, JD
Being a real estate professional has its tax advantages and the average landlord does not want to pass it up. Investing in rental real estate can be a lucrative venture when managed and operated efficiently.

Tax News Briefs (formerly Your Questions Answered)

This article discusses the IRS’s updates for small business accounting method regulations.

Tax Court
What Jurisdiction Does the Tax Court Have Over Passport Actions Under §7435(b)?

Sherrill Trovato, EA, USTCP

Vivian Ruesch (154 T.C. 13 (6/25/20)) provides the first Tax Court guidance on Internal Revenue Code (IRC) §7345, captioned “Revocation or Denial of Passport in Case of Certain Tax Delinquencies,” which was enacted in 2015 as part of the Fixing America’s Surface Transportation (FAST) Act.

Payroll Corner
SECURE Act Offers New Retirement Opportunities for Part-Time Workers

John R. Kirk, JD, and Alex S. Mattingly, JD
The Setting Every Community Up for Retirement Enhancement (SECURE) Act now requires
retirement plan benefits to be offered to a wider employee population by providing long-term, part-time employees with another avenue to participation. Plan sponsors will need to take action in 2021 to ensure compliance with the act’s new provision.

Webinar - Appeals: CDP vs CAP
This instructor-led seminar will provide a comprehensive overview of taxpayer’s right to appeal, with a focus on appealing collection enforcement. This seminar will explain when a taxpayer has appeal rights and based on the IRS Notice or IRS action, whether the appeal rights are for a Collection Due process Hearing (or Equivalency Hearing if deadline missed) or Collection Appeals Proceeding, or both. Participants will know important timelines for filing an appeal, which forms to file when requesting an appeal, time frame for a hearing and decision, effect of appeals decision (still have tax court rights?), and strategic approaches to client cases if, and when, appeal rights present themselves.