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Surgent: Residential Mortgage Interest & Co-Ownership
By Anthony P. Curatola, Ph.D Section 163(h) of the Internal Revenue Code (IRC) provides, in part, that no deduction shall be allowed for personal interest paid or accrued during the taxable year by a taxpayer other than a corporation (i.e., an individual taxpayer). Thus, individual taxpayers can’t deduct interest paid on their credit cards, auto loans, […]Read more
Surgent: Foreign Gift or Bequest May Be Reportable
As people increasingly interact with individuals and businesses in other countries, tax preparers in the United States are undoubtedly becoming better acquainted with international tax issues. For example, most are aware that individuals who have a financial interest in or signature authority over a foreign financial account must comply with the Report of Foreign Bank […]Read more
Surgent: Six Reasons to Become an Enrolled Agent
Looking for opportunities to increase client engagement and billable hours? Consider becoming an enrolled agent (EA). EA certification is the highest tax credential awarded by the IRS. In fact, EAs are the only professionals that the U.S. government directly grants the right to practice. While having a PTIN (preparer tax identification number) allows you to […]Read more
Surgent: How to Become an IRS Enrolled Agent
Becoming an Enrolled Agent (EA) can take your career and practice to the next level, but what’s involved in getting an enrolled agent certification? Unless you were previously employed by the IRS for five years and working in a position where you interpreted tax code, you must pass a three-part comprehensive IRS test in order […]Read more
Surgent: U.S. Supreme Court Rules on Maryland Personal Income Tax
In Comptroller v. Wynne (Docket No. 13-485, May 18, 2015), the U.S. Supreme Court ruled that Maryland’s personal income tax scheme unfairly discriminates against interstate commerce. (ReadRead more