Lee Reams, BSME, EA
Insight
What Are the Tax Plans of the Major Parties' Presidential Candidates?
by
Lee Reams, BSME, EA
on
Aug 20, 2020
Here's a breakdown of the tax proposals from each 2020 presidential candidate.
Insight
Excess Contributions to Dependent Care Benefit Plan
by
Lee Reams, BSME, EA
on
Mar 5, 2020
Some dependent care contributions can escape Social Security and Medicare taxes. Learn more...
Insight
Press Release: Tax Pros Unite Against California's AB-1140 Legislation
by
Lee Reams, BSME, EA
on
Feb 18, 2020
CA tax pros are voicing opposition to Assembly Bill 1140, which would discriminate against CRTPs and restrict free trade
Insight
Important New Tax Information for Retirees
by
Lee Reams, BSME, EA
on
Feb 6, 2020
Learn about key tax changes for retirees that will take effect in the 2020 tax year.
Insight
Will Education Debt be Forgiven?
by
Lee Reams, BSME, EA
on
Jan 14, 2020
We discuss the tax implications of a student loan debt forgiveness plan like the one put forward by Senator Elizabeth Warren.
Insight
ALERT: IRS Warnings About New Fake Email Scam
by
Lee Reams, BSME, EA
on
Aug 22, 2019
Beware the latest scam rippling across the country: an IRS impersonation campaign spreading via email.
Insight
How Have Business Taxes Changed in the Last Two Years?
by
Lee Reams, BSME, EA
on
Mar 28, 2019
What are some of the biggest ways business taxes have changed over the past two years? Lee Reams, BSME, EA discusses a few key areas to be aware of.
Insight
Rental Property Will Be Classified As a Trade or Business for Tax Purposes, With Some Caveats
by
Lee Reams, BSME, EA
on
Jan 20, 2019
The IRS issued a notice which provided “safe harbor” conditions under which a rental real estate activity will be treated as a trade or business for purposes of the 199A deduction.
Insight
Has The Government Jumped The Gun On Opening Tax Season?
by
Lee Reams, BSME, EA
on
Jan 9, 2019
2018 has given taxpayers a historic change in tax law, the Tax Cuts and Jobs Act (TCJA), that rivals the complexity of the last major overhaul of the tax laws in 1986, which introduced a number of new complexities including the passive loss limitations. The TCJA, like the 1986 tax act, was billed as tax simplification; you may recall the TCJA touted a postcard tax return for most taxpayers. Several of my colleagues in the tax industry expressed concern that the new law would put them out of business. I reminded them that whenever Congress embarks on tax simplification it turns out to be just the opposite, and the 2018 tax reform has been no exception. To keep from having egg on their faces for not having the promised postcard size tax return, the IRS actually cut up the existing 1040 tax return into 2 large postcard size forms with six additional new back-up schedules, creating further complications. (While the TCJA was actually signed into law in December 2017, we are referring to it as 2018 tax reform because the vast majority of the provisions aren't effective until tax year 2018.)
Lee Reams, BSME, EA
Editor-in-Chief
Besides his role at CountingWorks as an educator and speaker to thousands of accountants nationwide, Lee manages a technical research service for a large group of tax accountants which sharpens his technical skills. Lee served on the Board of Blackline Systems, is a former Board of Director for the California Tax Education Council, is a Past President of the San Fernando Valley Chapter of Enrolled Agents, Member and Past Director for the California Society of Enrolled Agents.
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