Red Flags All Enrolled Agents Should Recognize

Because audits by the IRS have been more frequent over the past five years, it is important for enrolled agents, indeed any registered tax return preparer, to start brushing up on the types of issues that have been found to prompt audits by the IRS.

New Home Buyer Tax Credit: What Every Enrolled Agent Should Know

The 2007 mortgage meltdown and subsequent collapse of the financial system brought about significant change on practically every front.

The ABCs of The American Opportunity Tax Credit

The ever-changing landscape of taxation presents both opportunities and challenges for enrolled agents in their role as a registered tax return preparer.

How Enrolled Agents Can Dispel the Myth that Bonuses Don’t Pay

It is not uncommon for enrolled agents to encounter taxpayers, particularly from the corporate sector, who are tempted to give up their bonus pay because they think this extra money actually hurts them. 

The Latest News, Developments

In a move to improve both the quality and regulation of the tax preparation industry, the IRS has taken the first steps toward stopping tax preparers with criminal convictions, or with other injunctions, from practicing as tax return preparers.

Essential Information for a RTRP to Know About Vacation Homes

Your knowledge as a Registered Tax Return Preparer provides a solid foundation for presenting yourself as trusted adviser to taxpayers.

Aggressive, Out-of-the-Box Tax Planning

Enrolled agents have long advised clients to heed conventional tax wisdom — deferring income and accelerating expenses — in their conventional role as a registered tax return preparer.

HILL HAPPENINGS THE ENROLLED AGENT S LEGISLATIVE ROADMAP

Hill Happenings connects enrolled agents with the latest and most valuable news on the goings-on in the current legislative session.

Using Only Trusted Enrolled Agents for Offers in Compromise

There are several companies that falsely claim an ability to easily settle tax debts for pennies on the dollar using the IRS program for Offer in Compromise.

Tax Preparer Certification Guide for Taxable Social Security Benefits

Anyone who attains tax preparer certification is aware that Social Security benefits are sometimes taxable. The determination is made by comparing the benefit payments to a base amount that depends upon filing status.

Tax CPE Overview of Deducting Business Owner Health Insurance Costs

Tax CPE Overview of Deducting Business Owner Health Insurance Costs

Sizing Up the S Corp Election: What Enrolled Agents Need to Know

Now that more individuals are contemplating opening a business than just five years ago, enrolled agents and any other registered tax return preparer who wish to capitalize on this trend,

Rules from RTRP Training About Tax Returns When Someone Dies

Rules from RTRP Training About Tax Returns When Someone Dies

Professionals From Enrolled Agent Program Needed to Argue for IRS Penalty Abatements

Professionals From Enrolled Agent Program Needed to Argue for IRS Penalty Abatements

Enrolled Tax Agents Are Best Path for Negotiating Payment Agreements With the IRS

Enrolled Tax Agents Are Best Path for Negotiating Payment Agreements With the IRS

Tax Preparer Duties to Avert Audited Tax Returns

Tax Preparer Duties to Avert Audited Tax Returns

Plenty of Need for Tax Preparation Help by Hurricane Victims

Plenty of Need for Tax Preparation Help by Hurricane Victims

Paid Tax Preparer Training on Deductions for Individuals Who Itemize

Paid Tax Preparer Training on Deductions for Individuals Who Itemize

Paid Tax Preparer Study on Deductible Items Without Itemizing

Paid Tax Preparer Study on Deductible Items Without Itemizing

Details For Every Paid Tax Preparer to Tell Every Tax ClientDetails For Every Paid Tax Preparer to Tell Every Tax Client

Details For Every Paid Tax Preparer to Tell Every Tax Client

Registered Tax Return Preparer Classes Aim to Stop Frivolous Tax Claims

Registered Tax Return Preparer Classes Aim to Stop Frivolous Tax Claims

Enrolled Agent Study Guide 2011 Has Temporary Estate Tax Provisions

Enrolled Agent Study Guide 2011 Has Temporary Estate Tax Provisions

Completing Registered Tax Return Preparer School Dispels IRS Myths

Completing Registered Tax Return Preparer School Dispels IRS Myths

Answering the RTRP Exam Questions About Taxable Income Sources

Answering the RTRP Exam Questions About Taxable Income Sources

Tax on Investment Income of Children

The Internal Revenue Service imposes special tax consequences on investment income of dependent children. Parents who establish accounts for their children should be aware of the tax obligations related to receiving income from assets held in a child’s name.

Quarterly Estimated Tax Payments

Although April 15 is the deadline for paying taxes on income from the prior year, the IRS does impose a penalty for failing to pay taxes throughout the year.

Origin / History of Enrolled Agents

Enrolled Agents are provided with special privileges for representing others in settling claims with the government. Since the implementation of the federal income tax in 1913, the job of an EA has involved representing taxpayers with the Internal Revenue Service.

Income Tax Returns For Divorced Individuals

Assisting a divorced taxpayer involves careful finesse relating to multiple issues. There are many misconceptions about preparation of tax returns following a divorce. This often leads to inaccurately filed tax returns.

Enrolled Agent Tax Topic: Amended Tax Returns

Taxpayers may need to submit amended tax returns when a mistake is discovered on a previously filed return. http://fastforwardacademy.com/blog/2011/01/03/enrolled-agent-tax-topic-amended-tax-returns/

Advantages of Online Continuing

Continuing education tax courses are required by a variety of official bodies. The new Register Tax Return Preparer system of the Internal Revenue Service mandates 15 hours of annual CPE. http://fastforwardacademy.com/blog/2011/01/03/advantages-of-online-continuing-professional-education-cpe/

About the National Association of Enrolled Agents

The National Association of Enrolled Agents (NAEA) is an organization whose members are tax professionals with an EA license

Tax Relief for Spouses

Some individuals are surprised to learn that the tax calculated on a joint tax return is a liability of each of spouse separately. This causes problems when one spouse underreports income and then ski more

Why is Continuing Professional Education in Important to Enrolled Agents

Most all professionals realize the importance of staying abreast of the most recent developments and changes that unfold within their fields. There is no profession where this understanding is more paramount than the tax profession, where amendments in current tax acts are introduced on a routine, and very often annual, basis.

Self-Paced Tax CPE All the Rage

Tax professionals are moving in droves toward the convenience of online tax cpe courses as a way of fulfilling continuing education requirements

Come Tax Time, Continuing Ed Can Pay for Enrolled Agents

Enrolled agents spending money this year on work-related education are in luck. Whether attempting to fulfill enrolled agent CPE requirements mandated by the IRS, or hoping to learn new tricks of the trade, EAs may be able to claim a “business expense deduction” for the cost of this work.

Choosing a Career as an Enrolled Agent

The Internal Revenue Service is an exceedingly complex organization that oversees an exceptionally complex, at times dizzying, system of taxation, one that requires well-trained and highly skilled tax professionals

Enrolled Agents Needed for More than Income Tax Matters

Your work as an enrolled agent is not limited to only addressing income tax issues. You also possess the expertise to help business owners with payroll tax matters. In fact, your status from having passed the enrolled agent test allows you to negotiate for taxpayers about their payroll tax problems with the IRS.

Simplifying Tax Preparer Jobs Dealing with Incentive Stock Options

The pinnacle of tax expertise seems to involve taxpayer situations with incentive stock options (ISOs). Even experienced CPAs are tripped up by the tax impact of these employee benefits. But you don’t need years of experience to accurately address incentive stock options.http://fastforwardacademy.com/blog/2011/06/30/simplifying-tax-preparer-jobs-dealing-with-incentive-stock-options/

Tax Preparer Jobs Involving the Earned Income Credit

Plenty of taxpayers fail to obtain the Earned Income Credit (EIC) despite their eligibility. This is a major fact to promote for building a growing tax practice. The EIC is often a substantial amount that the IRS will grant to anyone who is qualified. Making that determination and completing the correct forms is an especially rewarding part of tax preparer jobs.

Your Understanding of Depreciation is Valuable for Promoting Your Enrolled Agent Services

The subject of depreciation is the least understood aspect of the income tax code among the general public. In addition, applying the rules for depreciation is complicated. People don’t need to learn all about depreciation from their tax adviser. But they do need to know that they’re dealing with a tax expert who can break through the confusion surrounding depreciation. http://fastforwardacademy.com/blog/2011/06/30/your-understanding-of-depreciation-is-valuable-for-promoting-your-enrolled-agent-services/

2011 July | IRS Enrolled Agent

One of the advantages individuals experience from using the services of someone with tax preparer certification is the capturing of uncommon income tax deductions. http://fastforwardacademy.com/blog/2011/07/

A RTRP Must Know Multiple Tax Effects of Children

Taxpayers with children are confronted with many tax considerations. They comprise the primary group of clients for a Registered Tax Return Preparer. http://fastforwardacademy.com/blog/2011/07/06/a-rtrp-must-know-multiple-tax-effects-of-children/

Enrolled Agent Continuing Education Aids in Explaining the AMT

The Alternative Minimum Tax (AMT) sneaks up on unsuspecting taxpayers who then need advice about how to avert it in the future. http://fastforwardacademy.com/blog/2011/07/06/enrolled-agent-continuing-education-aids-in-explaining-the-amt/

Reporting Put & Call Options Same as Income Tax Course Training for Other Types of Securities

Just because there’s no Form 1099 reporting sales of put and call options contracts doesn’t mean you permit taxpayers to ignore the tax implications of these securities. http://fastforwardacademy.com/blog/2011/07/06/reporting-put-call-options-same-as-income-tax-course-training-for-other-types-of-securities/

Self-Employment Tax Essentials for Enrolled Agents to Build Relationships With Entrepreneurs

People who start businesses have plenty of expertise in their professions; but, unless their business is a tax practice, they probably need help from an outsider with their tax matters. http://fastforwardacademy.com/blog/2011/07/06/self-employment-tax-essentials-for-enrolled-agents-to-build-relationships-with-entrepreneurs/

Sound Business Plan to Become A Tax Preparer in California

You have to execute a special certification process to become a tax preparer practicing in the state of California. The California Tax Education Council (CTEC) assures that everyone who prepares tax returns in the state is properly licensed.http://fastforwardacademy.com/blog/2011/07/06/sound-business-plan-to-become-a-tax-preparer-in-california/

Stock Transfers Call For Immediate Information You Possess from Tax CPE

Transfers of stock are common among family members. After passing the enrolled agent exam, you should help the public understand that tax advice is required whenever stock transfers occur. http://fastforwardacademy.com/blog/2011/07/06/stock-transfers-call-for-immediate-information-you-possess-from-tax-cpe/

Tax CPE Also Applicable to Tax-Exempt Organizations

Organizations that are tax-exempt still have tax issues to address. An enrolled agent can build a considerable group of clients providing tax services to so-called tax-exempt entities.

Spanish Language Resources Available From IRS but Not EA Exam

Spanish Language Resources Available From IRS but Not EA Exam

IRS Updates New Rules for Registered Tax Return Preparers

IRS Updates New Rules for Registered Tax Return Preparers

Deductions For Freelancing Taxpayers Learned in Paid Tax Preparer Study

Deductions For Freelancing Taxpayers Learned in Paid Tax Preparer Study

Rules from RTRP Training About Tax Returns When Someone Dies

Rules from RTRP Training About Tax Returns When Someone Dies

Professionals From Enrolled Agent Program Needed to Argue for IRS Penalty Abatements

Professionals From Enrolled Agent Program Needed to Argue for IRS Penalty Abatements

Enrolled Tax Agents Are Best Path for Negotiating Payment Agreements With the IRS

Enrolled Tax Agents Are Best Path for Negotiating Payment Agreements With the IRS

Tax Preparer Duties to Avert Audited Tax Returns

Tax Preparer Duties to Avert Audited Tax Returns

Plenty of Need for Tax Preparation Help by Hurricane Victims

Plenty of Need for Tax Preparation Help by Hurricane Victims

Paid Tax Preparer Training on Deductions for Individuals Who Itemize

Paid Tax Preparer Training on Deductions for Individuals Who Itemize

Paid Tax Preparer Study on Deductible Items Without Itemizing

Paid Tax Preparer Study on Deductible Items Without Itemizing

The Advantage of Becoming an Enrolled Agent

With the major changes to the tax code coming in 2011 due to tax law sunsets and renewals, health care legislation, and the new laws governing tax preparers, passing the EA Exam and becoming an enrolled agent has become an even more attractive option.

Injured Spouse Review for Enrolled Agents

During the preparation of tax returns or representation of a client for an Internal Revenue Service (IRS) issue, Enrolled Agents should be aware of the Injured Spouse Allocation.

2011 Changes to the IRS Offer in Compromise

For any Attorneys, CPAs, or Enrolled Agents looking to pursue resolutions and offers in comprise for their clients or potential clients in 2011, large growth in the resolution industry is a possibility.

Installment Agreements

An Installment Agreement establishes a payment plan for paying federal income taxes, much like setting up payment agreements when purchasing a car, house or any other commodity.

Offer in Compromise Overview for Enrolled Agents

So you did your homework, took an Enrolled Agent Course or used an Enrolled Agent study guide and passed the Enrolled Agent Exam.

Important News: New IRS PTIN Registration System is Operational

The Internal Revenue Service has implemented its new registration system for tax preparers, which was announced earlier this year. Anyone involved in preparation of substantial elements of a tax retur more

Trends in Tax Continuing Education

Continuing education (CE) is necessary for tax and finance professionals that provide services to the public,Continuing education (CE) is necessary for tax and finance professionals that provide services to the public

Market Opportunities for Enrolled Agents

Tax professionals who have received the designation of Enrolled Agent (EA) are often looking for new ways to continue to grow their practice.

Software for Enrolled Agents

When a taxpayer is seeking out a qualified individual to prepare their income tax return, they should consider contacting an Enrolled Agent (EA).

Topics Covered Under the New Paid Preparer Exam

As a way to regulate the tax preparation industry further, the Internal Revenue Service has created a new set of rules and regulations that affect paid tax preparers.

NEW IRS RULES FOR TAX PREPARERS

In January 2010, the IRS announced a comprehensive set of new rules that will require tax prepares to be licensed.  The agency will phase in the changes, which are expected to improve tax compliance and reduce fraud, with the 2011 tax year.

The New IRS Tax Rules – Inconvenience or OPPORTUNITY?

As a paid tax-preparer, the New IRS rules will now require you to pass a Competency Exam and satisfy annual Continuing Education requirements in addition to any state requirements you may have.

Child Adoption Tax Credit and Enrolled Agents

Among the many unusual but not infrequent situations encountered in enrolled agent tax duties is a taxpayer’s adoption of a child.

Representing Real Estate Professionals With Rental Property

A taxpayer is usually limited from deducting the loss on rental property by the passive activity rules. However, there are some exceptions that can arise when an enrolled agent job involves representing a real estate professional.

Enhanced Tax Administration – Registered Tax Return Preparers (RTRP)

The tax administration environment in the US involves a wide range of third party assistance and it is important that the taxpayers are served effectively and competently by the industry so that compliance levels can be improved.

S Corporation Compensation Concerns for Small Business Owners

The owner of an S corporation who operates the company faces IRS restrictions in order to achieve a beneficial tax situation. A member of an enrolled agent association has the professional expertise to aid operating shareholders of S corporations.

Facts About Filing Deadline Extensions

A taxpayer who is unable to meet the April 15 deadline for filing a personal tax return can obtain an automatic six-month extension.

Tax Breaks From Hiring the Unemployed

One of the many benefits for businesses that retain consultation from enrolled agents is keeping up with new tax legislation. Knowing about added tax laws permits a business to capture financial advantages.

Employer Withholding Compliance

Even ordinary wage earners encounter problems with the IRS. The work of enrolled agents therefore encounters more than business owners and investors with substantial holdings.

New and Improved Tax Requirements for About to be Registered Tax Return Preparers

The Internal Revenue Service (IRS) has made an announcement of the intention to have a new application system online for Registered Tax Return Preparers (RTRP) by mid September 2010.

Proposed New Requirements for Tax Return Preparers: Frequently Asked Questions

Every single professional that preparers and files tax returns must pay the $64.25 fee annually and sign up for a PTIN using the new process even if you already have a Preparer Tax Identification Number (PTIN) number assigned from the IRS.

Adapting to the New IRS PTIN Requirements

Individuals that are charging customers a fee to process an income tax return will need to become acquainted with new changes.  The Internal Revenue Service has issued a new set of rules and regulations to govern individuals that generate tax returns.

Dependency Exemption for Non-Child

A dependency exemption permits a taxpayer to exclude a fixed amount of income from tax. Although dependent children constitute most exemptions, a qualifying relative is also a dependent.

Representing Real Estate Professionals With Rental Property

A taxpayer is usually limited from deducting the loss on rental property by the passive activity rules. However, there are some exceptions that can arise when an enrolled agent job involves representing a real estate professional.

Enhanced Tax Administration – Registered Tax Return Preparers (RTRP)

The tax administration environment in the US involves a wide range of third party assistance and it is important that the taxpayers are served effectively and competently by the industry so that compliance levels can be improved.

S Corporation Compensation Concerns for Small Business Owners

The owner of an S corporation who operates the company faces IRS restrictions in order to achieve a beneficial tax situation. A member of an enrolled agent association has the professional expertise to aid operating shareholders of S corporations.

Facts About Filing Deadline Extensions

A taxpayer who is unable to meet the April 15 deadline for filing a personal tax return can obtain an automatic six-month extension.

Tax Breaks From Hiring the Unemployed

One of the many benefits for businesses that retain consultation from enrolled agents is keeping up with new tax legislation. Knowing about added tax laws permits a business to capture financial advantages.

Employer Withholding Compliance

Even ordinary wage earners encounter problems with the IRS. The work of enrolled agents therefore encounters more than business owners and investors with substantial holdings.

IRS Breaks New Ground with Spanish Speaking Taxpayers

On the 30th of January, the IRS joined television network Telemundo in a one-hour tax program specifically for Spanish speaking taxpayers.

Big Brother is Watching and His Name is PTIN

As most tax preparers know, 2011 marks the first-of-its-kind required and highly regulated tracking of individual tax preparers.

Choosing a Tax Professional

Individuals choosing a tax professional usually seek to hire someone who can provide any assistance required with taxes.

Enrolled Agent Study Guide Intro to Tax on Scholarships

The enrolled agent exam contains a concentration of questions based upon identifying taxable income. The money a taxpayer receives is usually considered either a gift or income.

Software for a Registered Tax Return Preparer

The right tax return preparation software moves the input for a single taxable transaction among various applicable lines within the tax return.

Tax Preparer Jobs Require Attention to Detail

In addition to the technical skills you acquire to become a tax preparer, you also need to develop an ability to make judgments about income and deductions.

Ethics CPE Particularly Applicable to Advising Businesses about Independent Contractor vs. Employee

In addition to using your expertise as an enrolled agent to represent taxpayers with IRS problems, there are many other situations requiring your help.

Enrolled Agents Are Top Choice to Prepare Tax Returns for Back Years

Failing to file tax returns present enormous problems if back taxes are due. Fortunately, when these troubled taxpayers learn of the skills provided by enrolled agents, they obtain professionals who can both prepare the delinquent tax returns and negotiate with the IRS.

Tax Class Necessities for Reporting Income Earned in California

A Registered Tax Return Preparer in any state can find many clients among taxpayers who earned some part of their income in California. This happens for a large number of individuals who are independent contractors working in various locations, including some temporary assignments in California.

Enrolled Agent Exam Facts to Aid Taxpayers with Passive Activities

The topics addressed in your enrolled agent study guide include an area of tax law that’s most apt to confuse the general public.

Tax Class Lessons From Celebrity Cases – Volume 1

Sometimes we can have fun while learning. One of those occasions occurs when gaining some enrolled agent continuing education insight from studying celebrity tax cases.

Enrolled Agent CPE Clarifies How the IRS Views Repair and Maintenance Costs

An easy way that many taxpayers get in trouble is by deducting the wrong costs as expenses for repair and maintenance.

Put Your Enrolled Agent Knowledge to Use When a Non-Child is Claimed as a Dependent

There are plenty of ways to put apply your skills after passing the enrolled agent examination. One of your common activities as a tax practitioner is preparation of tax returns.

Strategies Enrolled Agents Use to Reduce Debt Owed to the IRS

A slow economy causes many taxpayers to owe back taxes. Job loss, assistance to troubled family members, and low savings to navigate temporary setbacks has left about 26 million Americans beleaguered with IRS problems.

A RTRP Can Still Help Businesses Obtain Bonus Depreciation for 2011 Tax Returns

Business owners are faced with such a wide array of tax matters that most of them rely upon professional tax return preparers.

Tax CPE Covering Issues Related to Divorce

After following the counsel of a legal advisor, newly divorced individuals greatly benefit from professional advice about tax matters.

Simplifying Tax Preparer Jobs Dealing with Incentive Stock Options

The pinnacle of tax expertise seems to involve taxpayer situations with incentive stock options (ISOs). Even experienced CPAs are tripped up by the tax impact of these employee benefits.

Enrolled Agent Course Makes Superior Choice Over Tax Resolution Scams

As the Internal Revenue Service continues to expand its enforcement efforts, taxpayers are confronted with a rising number of unethical tax resolution scams. http://fastforwardacademy.com/blog/2011/07/07/enrolled-agent-course-makes-superior-choice-over-tax-resolution-scams/

How Enrolled Agents Help Taxpayers Prepare for IRS Debt Resolution

Plenty of people are hit by unexpected adverse economic circumstances when owing taxes on prior period income.http://fastforwardacademy.com/blog/2011/07/07/how-enrolled-agents-help-taxpayers-prepare-for-irs-debt-resolution/

Independent Contractors Greatly Need Your Skills from Enrolled Agent CPE

Preparation of tax forms for businesses usually require some special knowledge, such as the details covered in an enrolled agent course.

RTRP Advice for Uncommon Small Business Tax Deductions

In order to capture some commonly overlooked tax deductions, small business owners need to provide extra details to their tax preparers.

The Most Important Tax Preparer Jobs Involve Determining Deductions

Nothing gets a taxpayer in deep trouble more easily than claiming inaccurate deductions. The IRS is ever vigilant in finding cases of deductions that are overstated.

Your EA CPE Needed by Individuals With Farm and Ranch Sidelines

In many locations of the US, suburban living has come to encompass owning some extra acreage for a farm or ranch sideline to subsidize income.

Criteria People Use When Choosing Professionals for Tax Preparer Jobs

The field of tax preparers is likely to become less populated as the IRS implements tax preparer certification. However, there are still differences in experience, aptitude, and specialty among tax preparers.

Ethics CPE Applies to Deductions of Charitable Donations

A couple of decades ago, the IRS implemented new rules to stop taxpayers from exaggerating their itemized deductions of charitable donations.

CPE Course Overview on Military Income Exclusions

Courses available for completing enrolled agent continuing education requirements every year include details about military income. For many tax professionals, this information is particularly applicable.

EA Continuing Education Overview for 2011 Rules on Gift Tax

Starting in 2011, enrolled agents must be aware of the new gift tax rules – until they are replaced with newer rules, as always seems to happen every few years. 

Income Tax Course Covers the Often Misunderstood Deduction of State and Local Taxes

A federally licensed tax professional is certain to encounter taxpayer confusion about the federal income tax deduction for state and local taxes.

PREPARING FOR THE ENROLLED AGENT EXAM

Taking a standardized test can be daunting. Chances are most people have done this at one point or another. The Iowa Achievement Test in grade school. The SAT or ACT in the junior year of high school.

Taking the Mystery Out of the Enrolled Agent

Not to be confused with an undercover agent of the more covert or sinister variety, an Enrolled Agent (otherwise called an EA) is a tax expert and practitioner who is authorized by the Treasury Department to represent taxpayers before the IRS for audits, collections and appeals.

Tax CPE Requirements for Enrolled Agents

Given the enrolled agent’s status as the only professional tax group overseen by the government, the IRS sets high standards continuing education in the field of taxation

Which Type of Tax Preparer is Best for You

Come tax time the question on most people’s minds is “Should I pony up the money to have my taxes done by a professional or should I do them myself?Here’s the skinny on the types of tax preparers available to tax payers and why some may be better than others depending on the circumstances:

Choosing a Career as an Enrolled Agent

The Internal Revenue Service is an exceedingly complex organization that oversees an exceptionally complex, at times dizzying, system of taxation, one that requires well-trained and highly skilled tax professionals

Come Tax Time, Continuing Ed Can Pay for Enrolled Agents

Enrolled agents spending money this year on work-related education are in luck. Whether attempting to fulfill enrolled agent CPE requirements mandated by the IRS, or hoping to learn new tricks of the trade, EAs may be able to claim a “business expense deduction” for the cost of this work.

Self-Paced Tax CPE All the Rage

Tax professionals are moving in droves toward the convenience of online tax cpe courses as a way of fulfilling continuing education requirements

Why is Continuing Professional Education in Important to Enrolled Agents

Most all professionals realize the importance of staying abreast of the most recent developments and changes that unfold within their fields. There is no profession where this understanding is more paramount than the tax profession, where amendments in current tax acts are introduced on a routine, and very often annual, basis.